THUNDER BAY, ON, Jan. 15, 2020 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or the
"Company") is pleased to announce it has secured up to
USD 4.5 million in non-dilutive
funding for its exploration projects by selling-forward timber from
its wholly owned Pickett Mountain Zn-Pb-Cu-Ag-Au Project in
Maine, USA.
Under the terms of a 5 year stumpage agreement with H.C Haynes
of Winn, Maine, the company will
receive USD 3 Million upon closing
and an additional USD 1. 5 Million
between the 4th and 5th anniversary of the
agreement. Haynes has the right to harvest USD 5 Million of timber from the property over 5
years. The agreement has been signed and the deal is expected to
close on or before January 22, 2020.
In addition, Haynes has also granted Wolfden an option to earn a
100% interest (less an NSR) in the mineral rights of the property
that adjoins Pickett Mountain as well as long-term road access
rights for the current forest road used reach the Pickett Mountain
deposit.
"We are very pleased with this unique and non-dilutive form of
financing for a publically listed junior mining company and
thankful to the continued support and relationship with H.C. Haynes
who has been doing an excellent job of cutting timber on our
property and generating revenue for Wolfden for the past two
years," stated Ron Little Chief
Executive Officer for Wolfden. "The funding will be sufficient to
execute our 2020 programs and allow us to be more aggressive in our
exploration efforts as we commence immediately to follow-up several
recently discovered prospective drill targets. Our goal is to
significantly increase our total resources through exploration
while we technically advance and de-risk the project so that it can
be developed into a high-grade, low cost underground producing
polymetallic mine."
About Wolfden
With the support of major investors Kinross Gold Corporation and
Altius Minerals, Wolfden plans to explore and develop its wholly
owned Pickett Mountain Project in Maine,
USA, which is one of the highest-grade polymetallic projects
in North America (Zn, Pb, Cu, Ag,
Au) and located near excellent infrastructure.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking
information (within the meaning of applicable Canadian securities
legislation) that involves various risks and uncertainties
regarding future events. Such forward-looking information includes
statements based on current expectations involving a number of
risks and uncertainties and such forward-looking statements are not
guarantees of future performance of the Company, and include,
without limitation, statements relating to information about future
activities at the Pickett Mountain Project that include plans to
complete additional drilling and technical studies in 2019 to
support a preliminary economic assessment of an underground mining
scenario on the Project. There are numerous risks and uncertainties
that could cause actual results and the Company's plans and
objectives to differ materially from those expressed in the
forward-looking information in this news release, including without
limitation, the following risks and uncertainties: (i) risks
inherent in the mining industry; (ii) regulatory and environmental
risks; (iii) results of exploration activities and development of
mineral properties; (iv) risks relating to the estimation of
mineral resources; (v) stock market volatility and capital market
fluctuations; and (vi) general market and industry conditions.
Actual results and future events could differ materially from those
anticipated in such information. This forward-looking information
is based on estimates and opinions of management on the date hereof
and is expressly qualified by this notice. Risks and uncertainties
about the Company's business are more fully discussed in the
Company's disclosure materials filed with the securities regulatory
authorities in Canada at
www.sedar.com. The Company assumes no obligation to update any
forward-looking information or to update the reasons why actual
results could differ from such information unless required by
applicable law.
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 Wolfden Resources Corporation