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District Copper acquires additional mineral claims in Newfoundland

Mining News - Published on Wed, 15 May 2019

Image Source: LinkedIn
District Copper Corp announced that it has entered into two separate arm’s length agreements to acquire 24 map staked minerals units located in the vicinity of Grand Falls, central Newfoundland. The acquisitions are subject to TSX Venture Exchange approval. The first agreement covers eight mining claim units encompassing 200 hectares of mineral exploration lands (the “Duffitt Claims”). These claims will be acquired for, and in consideration of, 300,000 common shares and will be subject to a 0.75% Net Smelter Return royalty from production. The second agreement, entered into with three separate arm’s length vendors, covers 16 mining claim units encompassing 400 hectares of mineral exploration lands (the “Island Pond Claims”). These claims will be acquired for, and in consideration of, USD 4,000 CDN and 400,000 common shares of District Copper. The claims are subject to a 2.0% Net Smelter Return royalty from production with a buy down provision that would allow District Copper to purchase one half of the reserved royalty for USD 1,000,000 CDN.

Mr Jevin Werbes, President & CEO, said that “The acquisition of these claims enables us to consolidate our existing land position in a highly prospective emerging gold district. These properties, obtained due to the strong indications of gold mineralization, provide our company additional coverage on several of our existing target areas. Mapping and prospecting of these targets will be completed within the current field program.”

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Posted By : Rabi Wangkhem on Wed, 15 May 2019
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