VANCOUVER, British Columbia, Sept. 27, 2023 (GLOBE NEWSWIRE) -- NorthWest Copper Corp. (TSXV: NWST) (OTCQX: NWCCF) (“NorthWest” or the “Company”) is pleased to provide an update on the transition of the Company under the stewardship of its newly elected Board of Directors (the “Board”). The Board has elected Mr. Grant Sawiak as its Chair.
The Board will be working closely with existing management to address the concerns of the shareholders and to move the Company forward in the interest of all stakeholders. To this end, the Board has formed a Technical Committee comprising Messrs. Jim Steel and John Theobald to urgently review all available technical information of NorthWest’s Copper properties (the “Projects”). The Technical Committee will work with senior management to recommend the Company’s technical strategy that will ensure that the Projects’ full potential is established through a well-defined and targeted program that recognises both the Company’s stage of development and access to capital. The Board expects to update the market on its revised strategy during the fourth quarter of 2023.
Mr. Braam Jonker was elected as Lead Independent Director and Chair of the Audit Committee. Mr. Jonker, working with the Chief Financial Officer will review the finance strategy and cost structure of the Company to recommend changes that will ensure that the financial needs of the Projects are met in ways that better align with the interests of all stakeholders and that non-Projects related expenses are appropriate for the size of the Company.
Mr. Sawiak, Chair of the Board commented; “We are very pleased with the outcome of the shareholder vote and appreciate the urgency, complexity and importance of the task that lies ahead.
“We want to unlock the value of the Projects and restore the confidence of shareholders in the Company through focusing our efforts on a value driven exploration program and deploying capital where shareholders can get maximum return on their investment. The latter will also involve a review of the cost structure of the Company and ensuring that our costs are appropriate for a Company our size.
“We will work closely with our management team, local communities, regulatory authorities, and all other stakeholders in an effort to deliver the full potential of the Projects. We will keep the market informed through regular communication of our progress as we embark on this new chapter in the evolution of Northwest.”
On Behalf of the Board of Directors of NorthWest Copper Corp.
“Grant Sawiak”
Chair of the Board
For further information, please contact:
Peter Lekich, Director Investor Relations
Tel: 778-389-2446
Email: plekich@northwestcopper.ca
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, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to statements with respect to the plans and intentions of the Company.
All statements, other than statements of historical fact, included herein, constitutes forward-looking information. Although NorthWest 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 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’s periodic filings with Canadian securities regulators. Forward-looking information are 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’s expectations include risks associated with the business of NorthWest; risks related to reliance on technical information provided by NorthWest; 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’s filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.com).
Forward-looking information is based on estimates and opinions of management at the date the information are made. NorthWest 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.
