QUARTZ MOUNTAIN COMPLETES PURCHASE OF BC MINERAL PROJECT
Exhibit 99.1
![](https://www.sec.gov/Archives/edgar/data/811522/000165495421007681/qzm_logo.jpg)
QUARTZ MOUNTAIN COMPLETES PURCHASE OF BC MINERAL
PROJECT
July 7, 2021 Vancouver, BC -
Quartz Mountain Resources Ltd. ("Quartz Mountain" or the "Company")
(TSX-V: QZM: OTCBB: QZMRF) has completed the acquisition
transaction announced on June 10, 2021. Under a mineral claims
purchase agreement (the “Agreement”) dated June 8, 2021
between the Company and Impala Capital Corp. (the
“Vendor”), the Company will acquire a 100% interest in
nine mineral claims located near Houston, British Columbia (the
“Property”). Under the terms of the Agreement, the
Company acquired a 100% interest in the Property by making $105,000
in cash payments and issuing 1,000,000 shares to the Vendor, which
are subject to a 4 month resale restricted period. The Property is
subject to a pre-existing 2.5% net smelter returns royalty held by
an unrelated arm’s length third party, of which 1.5% can be
purchased for $1.5 million.
The claims have been the subject of about 4000 m of previous
drilling which showed encouraging grades over significant
intervals. The Company will review and compile the previous results
in the course of planning a 2022 exploration program and preparing
a technical report on the project.
For further details, contact Investor Services at (000) 000-0000 or
within North America at 0-000-000-0000.
On behalf of the Board of Directors
Xxxxxx Xxxxxxxxx
Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy
of this
release.
This release includes certain
statements that may be deemed
"forward-looking-statements". All statements in
this release, other than statements of
historical facts are forward-looking-statements. These
statements include expectations about the likelihood of completing the private placement and share consolidation and the
ability of the Company to secure regulatory acceptance for
the private placement and share
consolidation. Though the
Company believes the expectations expressed in its forward-looking-statements
are based on reasonable assumptions, such statements are subject
to future events and
third party discretion such as
regulatory personnel. For more information on the Company,
and the risks and uncertainties connected with its business, investors should review
the Company's home jurisdiction filings as xxx.xxxxx.xxx .