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Lady Lake, FL, Jan. 12, 2021 (GLOBE NEWSWIRE) -- via NewMediaWire -- Palayan Resources, Inc. (the “Company” or “Palayan”) (OTCMarkets: PLYN), a publicly traded, fully reporting emerging growth company, is pleased to announce that it has executed a Joint Venture Agreement (the “JV Agreement”) with Provenance Gold Corp. (“Provenance”) (CSE:PAU) (FSE:3PG) dated January 8, 2021 pertaining to certain mineral claims and rights in the State of Nevada. The transaction involves the formation of a joint venture to manage and direct all matters related to the previously disclosed Letter of Intent executed on December 4, 2020, which disclosure described 102 lode mineral claims, known as the Silver Bow Claims, and one (1) patented mining claim, identified as the Blue Horse Claim (collectively, the “Project”), all of which are located in Nye County in the State of Nevada and are subject to certain net smelter returns royalty. The Project consists of approximately 2,024 acres.
Per the terms of the Joint Venture Agreement, Palayan will have an equity participation of 49.5% in the joint venture in exchange for providing certain funding for the Project, subject to the full terms and conditions of the Joint Venture Agreement.
Palayan CEO James Jenkins commented: "The Silver Bow Claims and the Blue Horse Claim are an excellent example of Palayan’s business model, which is to identify and advance early-stage, potentially high-margin gold/silver deposits. Through the Joint Venture Agreement, we plan to advance the Project by providing significant project funding and adding Provenance’s technical expertise. This JV will enable the company to drill and explore a strongly mineralized gold and silver system that is exposed on the surface for at least 500 meters before it goes under a shallow alluvial cover. This wide mineralized zone occurs along a structure that has been intermittently traced for more than two kilometers. We further believe that the Project has great potential to yield high-grade gold/silver deposits, and we are pleased to have Provenance take the lead in advancing this project."
Palayan will timely file a current report on Form 8-K (the “Form 8-K”) with the Securities & Exchange Commission (the “SEC”) detailing and describing the Joint Venture Agreement. For additional information about the Joint Venture Agreement, please refer to such Form 8-K.
About Palayan Resources, Inc.
Palayan Resources, Inc. is an emerging growth company. The Company is focused on operating, developing, exploring and acquiring high-quality projects worldwide. Headquartered in Windermere, FL, Palayan Resources is aiming to build a portfolio of companies that generate revenue and profitability.
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Phone: (407) 536-9422
Cautionary Note to Investors
The United States Securities and Exchange Commission ("SEC") limits disclosure for U.S. reporting purposes to mineral deposits that a company can economically and legally extract or produce and that are compliant with SEC Industry Guide 7. Investors are cautioned not to assume than any part or all of the proposed project as contemplated herein and in the joint venture agreement contains any mineral deposits that will ever be converted into resources or that any inferred mineral resource or measured and indicated resources exists or is economically or legally mineable. The proposed project does not contain any known proven or probably ore reserves or mineral resource compliant with SEC Industry Guide 7 reporting standards.
Forward Looking Statements
This news release contains "forward-looking statements" which are not purely historical and may include any statements regarding beliefs, plans, expectations or intentions regarding the future. Such forward-looking statements include, among other things, the development, costs and results of new business opportunities and words such as "anticipate", "seek", intend", "believe", "estimate", "expect", "project", "plan", or similar phrases may be deemed "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with new projects, securing necessary financing, the future of the U.S. and global economies, the impact of competition, and the Company's reliance on existing regulations pertaining to the mining and exploration of mineral properties. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. The Company has no mineral resource or reserve estimate in any project at this time and may not have sufficient funding to thoroughly explore, drill or develop any mineral rights. Although we believe that any beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that any such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K, our quarterly reports on Form 10-Q and other periodic reports filed from time-to-time with the Securities and Exchange Commission. For more information, please visit www.sec.gov.
Source: Palayan Resources, Inc.