to Consolidate the Lordsburg Property in New Mexico Vancouver, British Columbia--(Newsfile Corp. - January 13, 2022) - Cirrus Gold Corp. (CSE: CI) ("Cirrus" or the "Company") announces that it has entered into a binding letter agreement (the "Letter Agreement") with Pyramid Peak Mining, LLC. ("PPM"), a wholly owned subsidiary of Waterton Precious Metals Fund II Cayman, LP ("Waterton"), and Mason Resources (US) Inc., a wholly owned subsidiary of Hudbay Minerals Inc. ("Hudbay", and collectively with PPM, the "Vendors"), whereby Cirrus would consolidate adjacent mineral property interests, located in the State of New Mexico (collectively the "Lordsburg Property") from the Vendors for a combination of cash and Cirrus common shares (the "Proposed Transaction").
At the completion of the Proposed Transaction, the board of directors of Cirrus (the “Board”) is expected to consist of five directors being Rick Van Nieuwenhuyse as Chairman, Daniel Schieber, James Walchuck, Curt Freeman and Stuart Ross. Management is expected to consist of Daniel Schieber as Chief Executive Officer and Blaine Bailey as Chief Financial Officer.
Rick Van Nieuwenhuyse (Proposed Chairman) comments: "Finalizing this agreement with Waterton and Hudbay is a huge milestone for Cirrus. This deal consolidates an entire past producing high grade porphyry copper district located in a safe, mining friendly jurisdiction with excellent infrastructure. We are all thrilled about this agreement because we believe there is no better place to explore for and develop a high-quality copper-gold-silver project. Plans are already underway to complete district-wide 3D IP and Magnetotelluric surveys to identify large-scale porphyry and skarn related targets with plans to drill later this year."
About the Company
Cirrus is engaged in the business of mineral exploration and the acquisition of mineral property assets in Canada. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Chuchi South Property. The Chuchi South Property consists of thirteen mineral claims covering an area of 3,118.7 hectares located approximately 185 km northwest of the City of Prince George, within the Omineca Mining Division, British Columbia.
For more information, please refer to the Company's prospectus dated July 7, 2021, available on SEDAR (www.sedar.com).
https://www.newsfilecorp.com/release/110066