Marketwire
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 6, 2013) - Bearclaw Capital Corp. (TSX VENTURE:BRL)(FRANKFURT:5BQ) is pleased to announce that it has entered into a letter of intent dated August 23, 2013, with Copper Mountain Mining Corp., whereby Copper Mountain will, subject to a sixty day due diligence period, enter into an exclusive option agreement to acquire up to a 75-per-cent undivided interest in and to 25 mineral claims located in British Columbia, Canada, known as the Axe property. Bearclaw and Weststar Resources Corp. hold the property as a joint venture, in which the parties hold a 30- per-cent and a 70- per-cent interest respectively.
Under the terms of the LOI, Copper Mountain can earn a 51- per-cent interest in the Axe property by incurring $3,000,000 of expenditures in exploration activities on the property by the end of the four year earn-in period and paying to the company and Weststar (collectively, in proportion to their participating interest in the Axe J.V.): $5000 immediately upon signing the LOI: $25,000 on the commencement date; and $50,000, $100,000, $150,000 and $200,000 on the succeeding anniversaries of the commencement date.
If Copper Mountain exercises the option, a joint venture will be formed between Copper Mountain, the company and Weststar, with Copper Mountain holding a 51-per-cent participating interest, and the company and Westar holding 14.7 per-cent and 34.3 per-cent participating interests, respectively.
Upon exercise of the option, Copper Mountain will have the option to acquire an additional 24 per- cent undivided interest in the property (increasing its interest to 75 per-cent, absent other adjustments) by either completing a feasibility study on the property or incurring no less than $12,000,000 in expenditures on the property and providing the company and Westar with evidence of such expenditures. In the event that Copper Mountain exercises the second option and acquires an undivided 75 per-cent interest in the property, then the company will have a 7.5 per-cent participating interest and Westar a 17.5 per-cent participating interest in the property, respectively.
Change of Officer
Bearclaw Capital Corp. announces that effective August 27, 2013, Mr. Robert B. MacGillivray has resigned as corporate secretary of the company and has been replaced, by resolution of the Board of Directors, by Mr. Arthur W. Lilly, who serves as a director of the company and the company's CFO. Mr. MacGillivray still serves as a director of the company.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.