West Melville Metals Inc.: Amendment to Fraser Bay Option Agreement
February 17 2014 - 8:30AM
Marketwired
West Melville Metals Inc.: Amendment to Fraser Bay Option Agreement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 17, 2014) - West
Melville Metals Inc. (TSX-VENTURE:WMM) ("West Melville" or "the
Company") has elected to exercise its right under the amendment to
the Fraser Bay Option Agreement (the "Agreement") between West
Melville and Roche Bay plc ("Project Vendor") executed on May 10,
2013 by issuing 200,000 shares to the Project Vendor (see News
Release WMM13-05, May 14, 2013). Under the terms of the Amendment,
the dates by which the first and second options must be exercised
have been extended from September 30, 2013 to December 1, 2014 for
the first option and from December 31, 2015 to April 15, 2017 for
the second option.
"We very much appreciate the cooperation of Roche Bay in
concluding this arrangement," stated Dr. Rory Moore, President and
CEO of West Melville Metals. "Both parties recognised that it would
be challenging to finance a significant exploration program at
Fraser Bay under current market conditions and concluded that
delaying exploration work and preserving the capital structure of
West Melville would be in the best interests of all stakeholders in
the long term."
The Fraser Bay Project
The Fraser Bay property is located on the west side of the
Melville Peninsula, 180 kilometres southwest of the community of
Hall Beach in Nunavut, Canada. It consists of a single mineral
lease covering 3,228 acres that is favourably located 12 kilometres
from tidewater at Committee Bay and 120 kilometres from a proposed
deep water port at Roche Bay. The property lies within 16
kilometres of the CAM 5 airstrip at Mackar Inlet (a former defence
early warning site) and an all-season road from the airstrip
terminates less than 10 kilometres from the property boundary. This
infrastructure provides a significant logistical benefit to the
project. The lease is currently owned by Roche Bay plc, with West
Melville having an exclusive option to earn up to a 70-per-cent
interest in the property by meeting a series of work and
expenditure commitments, and making certain share payments. For
additional details on the Fraser Bay Option Agreement please follow
the link to the Company's website:
www.westmelville.com/projects/fraser-bay-project/agreement/.
About West Melville Metals Inc.
West Melville is an exploration company focused on identifying
low cost opportunities that offer high potential to build
shareholder value. It has an experienced management team with a
track record of discovery success and a Board of Directors with
expertise covering the essential fields of geology, engineering and
finance. The Company owns the Isortoq iron-titanium-vanadium
project in Greenland, has an option to earn a 70% interest in the
Fraser Bay iron ore project in Nunavut and an option to acquire a
100% interest in the Alex copper project in Sonora, Mexico.
On behalf of the Board of Directors
Rory O. Moore, Ph.D., President and CEO, West Melville
Metals Inc.
For further information about West Melville Metals Inc. or this
news release, please visit our website at www.westmelville.com.
West Melville Metals Inc. is a member of the Aurora Mineral
Resource Group of companies. For more information please visit
www.auroraresource.com.
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 release.
Certain disclosures in this release, in particular regarding the
economic potential of the Fraser Bay Project and the Company's
interest therein, constitute forward-looking statements that are
subject to numerous risks, uncertainties and other factors relating
to West Melville's operations as a mineral exploration company that
may cause future results to differ materially from those expressed
or implied in such forward-looking statements, including risks as
to the completion of the plans and projects. Readers are cautioned
not to place undue reliance on forward-looking statements. Other
than as required by applicable securities legislation, West
Melville expressly disclaims any intention or obligation to update
or revise any forward-looking statements whether as a result of new
information, future events, or otherwise.
West Melville Metals Inc.Investor Relations604.646.4527 or Toll
Free:
1.888.331.2269604.646.4526info@westmelville.comwww.westmelville.com