VANCOUVER, British Columbia, March 11, 2022 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (“NorthWest Copper” or “the Company”) (TSX-V: NWST) (OTCQX: NWCCF) is pleased to announce that it has received 267,159 common shares from Alpha Copper Corp (“Alpha”) (CSE: ALCU) representing the first payment under a property option agreement dated January 13, 2022 among Eastfield Resources Ltd., Alpha and the Company (the “Option Agreement”).
The common shares have an aggregate value of $250,000 and are subject to a statutory hold period of four months and one day from the date of issuance.
Pursuant to the terms of the Option Agreement, Alpha may acquire a 100% interest in a series of mineral claims located in the province of British Columbia commonly referred to as the “Okeover Copper (molybdenum) Project” (the “Property”), subject to 2% net smelter return to be retained by the Company (the “NSR Royalty”), by issuing the following additional common shares and incurring the following expenditures:
- Issuing common shares with a value of $500,000 on or before the date which is 12 months from the closing date;
- Issuing common shares with a value of $750,000 on or before the date which is 24 months from the closing date;
- Issuing additional common shares such that NorthWest holds a 10% interest in Alpha on or before the date which is 36 months from the closing date; and
- Incurring staged expenditures of not less than $5,000,000 on or before the date which is 36 months from the closing date.
The issuance of the next $500,000 in common shares and the first $500,000 in expenditures are obligations of Alpha pursuant to the Option Agreement. The NSR Royalty will entitle the Company to a 2% royalty on the sale of all ores, doré, concentrates, metals, minerals and mineral by-products that are produced or extracted by or on behalf of Alpha from the Property, which may be bought down by Alpha by one half with a cash payment of $1,000,000.
Okeover Property Description
The Property is located near Powell River on the southern British Columbia coast. It consists of 12 contiguous claims totaling 4,614 hectares and is beneficially owned 100% by NorthWest, subject to the Option Agreement.
About NorthWest Copper:
NorthWest Copper is a new copper-gold explorer and developer with an exciting pipeline of projects in British Columbia. With a robust portfolio in a tier one jurisdiction, NorthWest Copper is well positioned to participate fully in a strengthening global copper market. We are committed to working collaborative with Indigenous and local communities to create economic opportunities while conducting our work in a culturally and environmentally responsible manner. Additional information can be found on the Company’s website at www.northwestcopper.ca.
On Behalf of the Board of Directors of NorthWest Copper Corp.
“Peter Bell”
Director, President and CEO
For further information, please contact:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements in this news release about anticipated future events or results constitute forward-looking information. Forward-looking information is often, but not always, identified by the use of words such as “seek”, “anticipate”, “believe”, “plan”, “estimate”, “expect” and “intend” and statements that an event or result “may”, “will”, “should”, “could” or “might” occur or be achieved and other similar expressions. All statements, other than statements of historical fact, included herein constitutes forward-looking information, including, but not limited to, statements with respect to: the closing of the Option Agreement; the future exercise of the option by Alpha, including receipt of the consideration payable and the occurrence of the expenditures by Alpha required for it to exercise the option; and any earnings in connection with the NSR Royalty. Although NorthWest Copper believes that the expectations reflected in such forward-looking information and/or information are reasonable, undue reliance should not be placed on forward-looking information since NorthWest Copper can give no assurance that such expectations will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in NorthWest Copper’s periodic filings with Canadian securities regulators. Forward-looking information is subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking information. Important factors that could cause actual results to differ materially from NorthWest Copper’s expectations include risks associated with the business of NorthWest Copper; risks related to reliance on technical information provided by NorthWest Copper; risks related to exploration and potential development of the Company’s mineral properties; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and First Nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in NorthWest Copper’s filings with Canadian securities regulators on SEDAR in Canada (available at www.sedar.com). Forward-looking information is based on estimates and opinions of management at the date the statements are made. NorthWest Copper does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Investors should not place undue reliance on forward-looking information.
