Vancouver, British Columbia, Canada, August 23, 2022 (GLOBE NEWSWIRE) — Allied Copper Corp. (TSX-V: CPR, OTCQB: CPRRF) (the “Company” Where “copper alloy”), previously announced on February 10, 2022 that the Company has signed an option agreement (the “OK”) dated February 9, 2022 for the sole and exclusive right to acquire a 100% undivided legal and beneficial interest (subject to a 2% net smelter royalty) in the Stateline, CO/UT USA property from Cloudbreak Discovery Plc (“cloudbreaker(LSE: CDL), Cloudbreak Discovery Canada Ltd., Tarsis Resources US Inc. and Alianza Minerals Ltd. (“Alliance”) (TSX-V: ANZ) (collectively, the “Alliance”). The Company and the Alliance have now successfully executed an amending agreement dated August 5, 2022 with effect from February 9, 2022, amending the Agreement to delay any issuance of securities by the Company under the Agreement if this would result in the creation of a new insider (as defined in the policies of the TSX Venture Exchange). This press release follows the previous press release issued on February 10, 2022 regarding the Agreement.
Highlights of the Stateline Property Option Agreement
The option can be exercised by the Company as follows:
The Company is making a total of CA$315,000 in cash payments to Cloudbreak and Alianza pursuant to their prorated interest, of which CA$40,000 was paid on February 9, 2022 and an additional CA$50,000 will be due at closing with the balance of payments due on the first (C$50,000), second (C$75,000) and third (C$100,000) anniversaries of closing.
The Company incurs a total of C$3,750,000 in exploration expenditures on the property, of which C$500,000 will be spent prior to the first anniversary of the closing date and additional expenditures will be spent on the second (C$750,000 ), the third (CA$1,000,000) and fourth (CA$1,500,000) anniversaries of the closure.
The Company has issued a total of 4,250,000 common shares to Cloudbreak and Alianza pursuant to their pro rata ownership over a three-year period of which 500,000 common shares are due at closing, 750,000 common shares are due on the first anniversary of closing , 1,500,000 common shares are due on the second anniversary of closing and 1,500,000 common shares are due on the third anniversary of closing.
The Company may also issue an additional 1,500,000 common shares and 1,500,000 common share purchase warrants to Cloudbreak and Alianza in accordance with their pro rata interests upon the Company’s acquisition of an applicable interest in an area of determined interest. The number and type of securities will depend on the overall area of interest acquired.
If the option is exercised, a 100% undivided right, title and interest in and to the applicable property will automatically vest in the Company and Cloudbreak and Alianza will retain a 2% net smelter royalty which is not subject to a buyout clause.
The payment of option payments, the incurring of expenses and the issuance of the securities listed above are optional and the Company is under no obligation to make any such payment, expense or issue.
Cam Bartsch (P.Geo.) is the “Qualified Person” as defined by National Instrument 43-101 Disclosure Standards for Mining Projects who has reviewed and approved the technical information contained in this press release.
About Alloyed Copper
Allied Copper Corp. (“Allied Copper”) (TSX-V: CPR) (OTCQB: CPRRF), headquartered in Vancouver, British Columbia, Canada, is a mineral exploration company focused on the acquisition and development of scalable long-lived copper and/or gold potential. assets in the western United States The company’s strategy is to focus on low-cost, high-growth potential operations in low-risk jurisdictions. Allied Copper’s management is committed to operating efficiently and transparently in all areas of the business. Investors and/or readers may sign updates on the Company’s website: www.alliedcoppercorp.com
On behalf of the Allied Copper Corp. Board of Directors,
Mr. Warner Uhl
For any questions relating to investor relations or for further information, please contact:
CEO and Acting Director
Cell: +61 (431) 920 389
Email: [email protected]
Forward-Looking Statements – Safe Harbor
This press release contains certain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” under applicable Canadian securities laws. When used in this press release, the words “anticipate”, “believe”, “estimate”, expect”, “target”, “plan”, “expect”, “may”, “could” , “expect,” and similar words or phrases identify forward-looking statements or information.
Forward-looking statements and forward-looking information regarding any future mineral production, liquidity, improving value and capital markets profile of Allied Copper Corp., the potential for future growth of Allied Copper and its business, and future exploration plans are based on management’s reasonable assumptions. , estimates, expectations, analyzes and opinions, which are based on management’s experience and perception of trends, current conditions and expected developments, and other factors that management deems relevant and reasonable in the circumstances, but which may turn out to be incorrect. Assumptions were made regarding, among other things, the price of copper and other metals; no escalation in the severity of the COVID-19 pandemic; exploration and development costs; estimated development costs of exploration projects; Allied Copper’s ability to operate safely and efficiently and its ability to obtain financing on reasonable terms.
This press release contains “forward-looking information” within the meaning of Canadian securities laws. Statements, other than statements of historical fact, may constitute forward-looking information and include, but are not limited to, statements about: the anticipated timing and content of future work programs, geological interpretations, receipt of securities ownership and potential copper recovery processes; expected dates for receipt of permits, approvals and other milestones; Expected results of drilling programs, feasibility studies and other analyses; the expected availability and terms of future funding; future production, operating and capital costs; and operational or financial performance. Information regarding potential copper contingent resource estimates may also be considered forward-looking information to the extent that it reflects a prediction of the copper-bearing zones that would be encountered if a copper structure were developed and produced. With respect to the forward-looking information contained in this press release, the Company has made numerous assumptions regarding, among other things, the reliability of the geological, metallurgical, technical, financial and economic advice which the Company has received and which is based on industry standard practices and methodologies. Although the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. In addition, there are known and unknown risk factors that could cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained in the present. Known risk factors include, among others: fluctuations in commodity prices and exchange rates; uncertainties related to the interpretation of well results and the geology, continuity and grade of copper deposits; the uncertainty of capital and operating cost estimates, recovery rates, production estimates and estimated economic returns; the need for cooperation from governmental agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and the uncertainty as to the availability and terms of future financing; the possibility of delays in exploration or development programs or construction projects and uncertainty as to the achievement of planned program milestones; uncertainty as to the timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, skilled personnel and management. All forward-looking information contained herein is qualified in its entirety by this cautionary statement, and the Company undertakes no obligation to revise or update such forward-looking information or to publicly announce the outcome of any revision of any forward-looking information contained herein to reflect future results, events or developments, except as required by law.