Toronto, Ontario – (November 3, 2022) – Idaho Champion (CSE: ITKO) (OTCQB: GLDRF) (FSE: 1QB1) (“Idaho Champion” or the “Company“) is pleased to announce that it has entered into a definitive purchase and sale agreement (the “Agreement“) with Quebec Precious Metals Corporation (“QPM“) with respect to the Blanche and Charles lithium pegmatite projects (the “Projects“) in the Eeyou Istchee James Bay territory of Quebec.
Terms of the Agreement
On September 19, 2022, Idaho Champion announced entering into a binding memorandum of understanding (“MOU“) with respect to the acquisition of the Projects and the terms thereof. The Agreement replaces the MOU and reflects the terms described therein, including that Idaho Champion will acquire 100% of the Projects from QPM in return for $100,000 in cash and 12,000,000 common shares of the Company, of which 50% will be subject to escrow for 18 months. QPM will retain a 2% net smelter return royalty (“NSR“) on the claims constituting the Projects. The Company will have the option to repurchase 1% of the NSR from QPM for $1 million.
Closing of the acquisition remains subject to customary conditions for a transaction of the type contemplated by the Agreement. The parties are diligently engaged in satisfying in any remaining conditions with closing expected to occur as soon as possible, but in no case later than an agreed outside date of November 30, 2022.
The Company will provide additional information on the completion of the acquisition.
About Idaho Champion Gold Mines Inc.
Idaho Champion is a discovery-focused exploration company that is committed to advancing its highly prospective cobalt properties located in Idaho, United States and lithium properties in Quebec, Canada. In addition, the Company owns the Baner gold project in Idaho County and the Champagne polymetallic project in Butte County near Arco.
The Company’s shares trade on the CSE under the trading symbol “ITKO”, on the OTCQB under the trading symbol “GLDRF”, and on the Frankfurt Stock Exchange under the symbol “1QB1”. Idaho Champion strives to be a responsible environmental steward, stakeholder and contributing citizen to the local communities where it operates, taking its social license seriously, employing local community members and service providers at its operations whenever possible.
ON BEHALF OF THE BOARD OF IDAHO CHAMPION
“Jonathan Buick”
Jonathan Buick, President and CEO
For further information, please visit the Company’s SEDAR profile at www.sedar.com or the Company’s corporate website at www.idahochamp.com.
For further information, please contact:
Nicholas Konkin, Marketing and Communications
Phone: (416) 567- 9087
Email: nkonkin@idahochamp.com