SASKATOON, March 1, 2019 /CNW/ - Omineca Mining and Metals
Ltd. (TSXV: OMM) ("Omineca" or the "Company") announces that it has
executed a binding letter agreement (the "Agreement") with an arms
length private company based in Saskatchewan ("Privco") to commence a bulk
sample program (the "Bulk Sample") running 300 meters down the
length of the paleochannel, as a follow-on to the initial smaller
scale bulk sample completed in 2012 at the Company's Wingdam gold
project, 45 km east of Quesnel,
British Columbia. Under the terms of the agreement, Privco
will incur 100% of the costs associated with the preparation work
required to commence operations, inclusive of all equipment and
consumables required, as well as the development of the access
drift and the establishment of the freeze cap. In exchange
for completing the preparatory work, Privco will earn a 50%
interest in the Wingdam project.
OMM is pleased to execute this Agreement and looks forward to
the rapid advancement of the project. Omineca has a detailed
understanding and plan for completing the Bulk Sample at Wingdam
using modern freeze mining technology, as is evidenced by the
completion of the 2.4m x 2.4m x 23m bulk
sample cross cut completed in 2012, successfully recovering 5.4
kilograms (173 troy ounces) of placer gold.
OMM and Privco will enter into a definitive joint venture
agreement in due course, which shall incorporate the basic terms
outlined in the Agreement. OMM further anticipates that
preparatory work at Wingdam will commence in the second quarter of
2019. This Agreement and subsequent joint venture or option
is subject to regulatory and TSXV Exchange review and
acceptance.
About Omineca Mining and Metals Ltd.
Omineca Mining and Metals Ltd. controls a 100% interest in the
Wingdam Project through its wholly owned subsidiary CVG Mining
Ltd. The 2700 ha Wingdam Project is located 45 km east of
Quesnel B.C. on the Barkerville
highway. The property overlies both placer and hard-rock
tenures along the Lightning Creek valley, where topographic
conditions have created a deep overburden accumulation which
effectively resulted in a large portion of the channel being
excluded from conventional surface placer mining activity.
Further information can be found at
www.ominecaminingandmetals.com
Qualified Person
Dr. Stewart A. Jackson, PGeo, is
a qualified person (QP) within the context of National Instrument
43-101, and has prepared, read and approved the technical aspects
of this news release.
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.
Forward Looking Statements
This release includes forward-looking statements regarding
Omineca and its business. Such statements are based on the
current expectations and views of future events of Omineca's
management. In some cases the forward-looking statements can
be identified by words or phrases such as "may", "will", "expect",
"plan", "anticipate", "intend", "potential", "estimate", "believe"
or the negative of these terms, or other similar expressions
intended to identify forward-looking statements. The
forward-looking events and circumstances discussed in this release
may not occur and could differ materially as a result of the
failure to consummate the project financing, the economic
feasibility of the Wingdam Project, known and unknown risk factors
and uncertainties affecting Omineca, including risks regarding the
resource industry, economic factors and the equity markets
generally and many other factors beyond the control of
Omineca. No forward-looking statement can be
guaranteed. Forward-looking statements and information by
their nature are based on assumptions and involve known and unknown
risks, uncertainties and other factors which may cause our actual
results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statement
or information. Accordingly, readers should not place undue
reliance on any forward-looking statements or information.
Forward-looking statements speak only as of the date on which they
are made and Omineca undertakes no obligation to publicly update or
revise any forward-looking statement, whether as a result of new
information, future events, or otherwise, except as required by
applicable securities laws.
SOURCE Omineca Mining and Metals Ltd