Quartz Completes Buck Property Acquisition As Well As Private Placement And Graduates To TSX Venture Exchange
12/30/2011
December 30, 2011, Vancouver, BC - Quartz Mountain Resources Ltd. ("Quartz" or the "Corporation") (TSX-V: QZM; OTCBB: QZMRF) announces that it has completed its previously reported acquisition of an option (the "Option") to acquire a 100% interest in the Buck gold-silver property (the "Buck Property") located in central British Columbia from Hunter Dickinson Resources Ltd. ("HDRL"). In connection with the completion of the acquisition, Quartz is paying $100,000 in cash and has issued 1,200,000 common shares to HDRL, with up to six million additional common shares to be issued to HDRL upon achievement of certain milestones. In connection with the exercise of the Option on the date hereof, Quartz is paying $20,000 in cash and has issued 100,000 common shares to the owners of the Buck Property (the "Option Grantors"). Under the terms of the Option, the Corporation will pay up to $85,000 in cash and issue up to 550,000 common shares to the Option Grantors within the next three years.