Vancouver, British Columbia--(Newsfile Corp. - March 1, 2024) - CopAur Minerals Inc. (TSXV: CPAU) (OTCQX: COPAF) ("CopAur" or the "Company") is pleased to announce that it has granted a three phase option (the "Option")to Omega Pacific Resources Inc. ("Omega") to earn up to a 100% interest in the Williams Property located in the Toodoggone region of Northern British Columbia under the terms of an option agreement dated February 29, 2024 (the "Option Agreement"). The Option is subject to regulatory approval. The objective is to advance the Williams Property, and provide CopAur with a share position in Omega and additional cash to continue to advance its exploration efforts in Nevada.
Under the first option, Omega can earn a 51% interest in the Williams Property by paying to CopAur C$1 million in cash, issuing 3 million shares to CopAur upon Canadian Securities Exchange approval of the Option Agreement and incurring C$3 million in exploration expenditures on or before the first year anniversary of the Option Agreement. If Omega exercises the first option, Omega has a second option to acquire an additional 29% interest (for a total of 80%) by completing another $3 million in exploration expenditures and paying $500,000 in cash and issuing 2 million shares to CopAur on or before the second anniversary of the Option Agreement. If Omega exercises the second option, Omega will have a third option to acquire the remaining 20% by paying an additional amount to CopAur equal to the fair market value of the remaining 20% as determined by an independent valuator, which Omega may satisfy by the payment of cash or the issuance of additional shares of Omega on or before the third year anniversary of the option agreement.
In the event that Omega does not exercise the second option to acquire the additional 29% interest, Omega will relinquish and transfer back to CopAur a 1.01% interest in the Williams Property so that CopAur will hold a 51% interest and Omega will hold a 49% interest and the parties will form a an initial 51/49% joint venture. If Omega exercises the second option but does not exercise the third option to acquire a 100% interest, the parties will be deemed to form an initial 80/20% joint venture to continue to advance the Williams Property.
The Williams property is a consolidated land package comprised of mining claims totalling 9,731 hectares. The property has substantial gold and copper discovery potential and hosts two large exploration targets, the T-Bill prospect, which is prospective for mesothermal style gold mineralization, and the GIC porphyry prospect, which is prospective for porphyry copper-gold-molybdenum style mineralization.
CEO Jeremy Yaseniuk stated, "We have successfully finalized a deal on the Williams Property with Omega Pacific, a new company that will advance the Williams Property and provide CopAur with enough cash and shares to fund CopAur's Nevada exploration while retaining an interest in the potential of the Williams property. This eliminates the immediate need for financing at today's dilutive prices and provides us with working capital for over a year. Additionally, this transaction will leave CopAur with 20% of the entire project for the long term unless Omega exercises the third option. If completed, this structure will inject 1.5 million dollars into CopAur. If the first and second options are fully exercised, CopAur will receive 5 million shares of Omega and 6 million dollars to advance the project, while retaining a 20% interest. This is an outstanding deal for CopAur shareholders. It will enable our management team to focus on expanding our Nevada portfolio, particularly the Kinsley Gold property, and allow our shareholders to continue benefiting from the value of Williams."
About CopAur
CPAU is an exploration company focused on developing projects within the emerging, mineral-rich mining regions of Nevada and British Columbia. The Company is backed by a dynamic and experienced team of resource professionals advancing multiple holdings across both regions; the flagship being Kinsley Mountain Gold Property, a Carlin-style project located 90 km south of the Long Canyon Mine (currently in production under the Newmont/Barrick Joint Venture, Nevada Gold Mines) and its 100% owned Williams Project that points to significant gold-copper potential within the prolific Toodogoone region of northern British Columbia, Canada. CPAU remains dedicated to delivering substantial growth and value creation for our shareholders through strategic asset development and management. We look forward to the opportunities that lie ahead and will continue to provide updates on our progress.
Qualified Person The scientific and technical information contained in this news release regarding Copaur Minerals Inc. has been reviewed and approved by Kristopher J. Raffle, P.Geo. (British Columbia), principal and consultant, of Apex Geoscience Ltd. of Edmonton, Alta., and a qualified person as defined in National Instrument 43-101 (Standards of Disclosure for Mineral Projects).
For more information, please contact:
CopAur Minerals Inc.
Jeremy Yaseniuk, Chief Executive Officer & Director Tel: +1 (604) 773-1467 Email: [email protected]
Neither the 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 news release.
Forward-Looking Information
This news release contains forward-looking statements. These statements relate to future events or the Company's future performance including obtaining the necessary regulatory approvals for and completion of an option agreement on the Williams property with Omega Pacific Resources Inc. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements including if Omega Pacific will be able to raise sufficient funding to exercise the options on the Williams Property or if it will exercise any of the options granted under the option agreement. Forward-Looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revised any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.
