VANCOUVER, British Columbia, March 04, 2021 (GLOBE NEWSWIRE) -- Macarthur Minerals Limited (TSX-V: MMS) (ASX: MIO) (OTCQB: MMSDF) (“Macarthur”) and Timeless Capital Corp. (TSX-V: TLC.P) (“Timeless”) are pleased to announce that they have entered into a letter of intent in respect of a proposed transaction (the “Transaction”), whereby Timeless shall acquire: (i) from Macarthur, through its wholly owned subsidiary, Macarthur Lithium Pty Ltd (“MLi”), a portfolio of Macarthur's Pilbara, Western Australia tenements (“Pilbara Assets”) plus CAD$1.4 million in cash which Macarthur may choose to fund from the value derived from Macarthur's shareholding in FE Limited (collectively, the “Macarthur Contribution”), and (ii) from Zanil Pty Ltd. (“Zanil”), an Australian company, a portfolio of gold copper tenements, located near Leonora in Western Australia (“Central Goldfield Assets”), in exchange for equity of Timeless (collectively, the “Transaction”) which assets were optioned by Macarthur to undertake due diligence under the recently announced agreement with Zanil, (see announcement here).