VANCOUVER, BC, Jan. 30,
2023 /CNW/ - Awalé Resources Limited
("Awalé" or the "Company") (TSXV: ARIC)
announces that the Company and Colossal Gold Resources Limited
("Colossal") have mutually agreed to terminate the letter
agreement dated September 12, 2022,
as amended (the "Agreement") (refer to the Company's news
releases of September 13,
October 11, November 8,
December 1 and December 20, 2022 for further details of the
Agreement).
The Company has made the strategic decision to prioritize the
exploration and development of its core projects in Côte d'Ivoire,
specifically those properties surrounding and along the structural
setting from the Odienne JV area with Newmont. Awalé,
Colossal and the shareholders of Colossal (collectively, the
"Parties") have mutually agreed it is in the Parties'
interests to terminate the Agreement and not to further extend the
January 31, 2023 Outside Date without
further obligation or liability to each other Party.
About Awalé Resources
Awalé is an exploration company focused on the discovery of
large high-grade gold and copper-gold deposits. The Company
currently undertakes exploration activities in the underexplored
parts of Côte d'Ivoire. Awalé's success to date at the Odienné
Project in the Northwest of Côte d'Ivoire has culminated in a fully
funded earn-in Joint Venture with Newmont (the "Newmont JV")
covering the Odienné Project where two primary targets for
world-class discoveries have been made: i) the gold-rich Empire
corridor and ii) the recently defined Charger, Sceptre and now Lando Iron Oxide Copper Gold
("IOCG") targets. Parts of the remaining 200km2
of granted tenure and 400km2 under application remains
underexplored and offers significant IOCG potential. The Newmont JV
forms the solid foundation for the Company to continue looking at
new opportunities in new jurisdictions which offers significant
potential for district scale discoveries.
ON BEHALF OF THE BOARD
AWALE RESOURCES LIMITED
"Derk Hartman" – Independent Director and Chairman of the
Special Committee
Derk
Hartman, Director
Forward-Looking
Information
This press release contains forward-looking information within
the meaning of Canadian securities laws (collectively
"forward-looking statements"). Forward-looking statements
are typically identified by words such as: believe, expect,
anticipate, intend, estimate, plans, postulate and similar
expressions, or are those, which, by their nature, refer to future
events. All statements that are not statements of historical fact
are forward-looking statements. Forward-looking statements in this
press release include but are not limited to statements regarding
the Company's presence in Côte d'Ivoire and ability to achieve
results, creation of value for Company shareholders, achievements
under the Newmont JV, planned drilling and commencement of
operations. Although the Company believes any forward-looking
statements in this press release are reasonable, it can give no
assurance that the expectations and assumptions in such statements
will prove to be correct.
The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future results or
performance and that actual results may differ materially from
those in forward-looking statements as a result of various factors,
including the potential inability to obtain required regulatory
approvals and satisfy other applicable closing conditions; possible
adverse impacts due the global outbreak of COVID-19; the Company's
inability to generate sufficient cash flow or raise sufficient
additional financing requirements; volatility in metals prices; the
ability of the Company to retain its key management employees and
skilled and experienced personnel; conflicts of interest;
litigation or other administrative proceedings brought against the
Company; actual or alleged breaches of governance processes or
instances of fraud, bribery or corruption; exploration, development
and mining risks and the inherently dangerous nature of the mining
industry, and the risk of inadequate insurance or inability to
obtain insurance to cover these risks and other risks and
uncertainties; property and mineral title risks including defective
title to mineral claims or property; changes in national and local
government legislation, taxation, controls, regulations and
political or economic developments in Canada and Côte d'Ivoire; equipment shortages
and the ability of the Company to acquire necessary access rights
and infrastructure for its mineral properties; environmental
regulations and the ability to obtain and maintain necessary
permits, including environmental authorizations and water use
licences; extreme competition in the mineral exploration industry;
delays in obtaining, or a failure to obtain, permits necessary for
current or future operations or failures to comply with the terms
of such permits; risks of doing business in Côte d'Ivoire,
including but not limited to, labour, economic and political
instability and potential changes to and failures to comply with
legislation; the Company's common shares may be delisted from the
TSX Venture Exchange if it cannot maintain compliance with the
applicable listing requirements; and other risk factors described
other filings with Canadian securities regulators, which may be
viewed at www.sedar.com . Any forward-looking statement speaks only
as of the date on which it is made and, except as may be required
by applicable securities laws, the Company disclaims any intent or
obligation to update any forward-looking statement, whether because
of new information, future events or results or otherwise.
Cautionary Statement
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
SOURCE Awalé Resources Limited