Pacton can the Copper project
Crikey what an embarrassing farce, surely they should have know about this before annoucing their intention to buy
VANCOUVER, BC / ACCESSWIRE / January 27, 2023 / Pacton Gold Inc. (TSXV:PAC)(OTC PINK:PACXF)(FSE:2NKM) (the "Company" or "Pacton") today announces that, further to the Company's news releases dated October 19, 2022, November 16, 2022 and December 6, 2022 in connection with the acquisition of the Adeline high-grade copper project in Labrador, Canada (the "Acquisition"), the parties have elected not to proceed with the Acquisition and have mutually agreed to terminate the property purchase agreement.
Nav Dhaliwal, Interim President and CEO of the Company, commented, "Pacton's decision to withdraw from the Adeline project agreement follows five months of detailed analysis of excellent prior geological work. The ‘Adeline Copper Belt' is one of the world's most prospective copper exploration projects, in terms of its large area and extraordinary number of surface copper showings. Regrettably, our geological team concluded that the immense scale of the project exceeds Pacton's capacity to take the project to the development level."
Pacton will not be proceeding with the non brokered private placement financing it announced on November 25, 2022 and intends to continue to focus on its existing projects in Red Lake, Ontario.