TORONTO, ONTARIO–(Marketwired – Aug. 30, 2016) – Rupert Resources Ltd. (“Rupert” or the “Company”) (TSX VENTURE:RUP), is pleased to announce that it has exercised its option to acquire the Pahtavaara gold mine, mill and exploration permits in Lapland, Finland.

“We are very pleased to begin finalizing the purchase of the fully permitted Pahtavaara mine,” said Brian Hinchcliffe, Rupert’s President and CEO. “In addition to its solid mining infrastructure, we are excited about the exploration potential of the 124km² property, as recently announced in our first drill results. We plan to continue building, through additional exploration, the mine’s resource base with the intention of returning it to profitable, low-cost production.”

The purchase price for the acquisition is US$2,500,000, structured as a US$500,000 cash payment upon the exercise of the option (less the US$100,000 deposit payments already made). A 1.5% production royalty, capped at US$2,000,000, is also payable on go-forward revenues generated when gold production resumes. In addition, Rupert will be required to place environmental collateral amounting to approximately EUR 560,000.

The Pahtavaara mine is located in the Central Lapland gold belt and has been in production for 15 out of the last 20 years. As disclosed in the Company’s July 20, 2016 press release, the Company has undertaken a drilling and exploration campaign on the property, with encouraging results. It has also engaged in other work programs on the property — including trenching and open-pit mapping and sampling.