Warrants: 13,236,000 @ $0.12 wt. avg.
Shares Issued: 50,911,868
Stock Options: 300,000 @ $0.07 wt. avg.
Restricted Shares: 10,360,000
VANCOUVER, Oct. 28 /CNW/ - Opawica Explorations Inc. ("Opawica"/the "Company") announces that it has entered into an agreement to acquire a 100% interest in the 4 claim unit Bro Property (the "Acquisition") located about 120 road kilometres southeast of Faro, Yukon Territory, Canada.
The Bro property is primarily a silver, lead, zinc prospect with exploration potential for gold and copper. Historical work on the property including surface work carried out by Noranda between 1975 and 1979, and other operators to 1994, confirmed that the property hosts the above noted base and precious metal mineralization.
The property is located in the Ketza-Seagull district of the Cassiar Terrane. The Ketza-Seagul district is underlain by thick successions of miogeoclinal clastic, volcanic and carbonate rocks, ranging in age from Upper Proterozoic to Mississippian that were deformed during the Mesozoic arc-continental collision. Fonseca (1998) attributes mineralization in the Ketza Mine area, (Minefile Occurrence 105F019) consisting of gold rich manto, magnetite-gold scarns and oxide gold occurrences and deposits. Similar mineralizing events may be present in the Seagul area where the Bro property is located.
Opawica may acquire its 100% interest in the Bro property by issuing 2,000,000 shares of the Company. The vendors wil retain a 2% NSR of which Opawica may acquire 1% NSR from the vendors at any time for $1,000,000.
Opawica proposes to pay a finders fee of 150,000 shares in connection with the Acquisition.
In connection with the Acquisition, Opawica proposes to carry out non- brokered private placements of 1,600,000 Flow Through Share ("FT") units at $0.05 per unit and 400,000 Non Flow Through Share ("Non-FT") units at $0.05 per unit. Each unit of the above placements is comprised of one FT or Non-FT share, respectively, and a half share purchase warrant attached to each share. One whole warrant entitles the holder to acquire one further Non-FT share of the Company at $0.10 per share for a two year term for both placements. Insiders are subscribing for at least 50% of all Units from the two private placements.
All securities to be issued in connection with the above private placements and the Acquisition are subject to a 4 month hold period. The Acquisition, private placements and finder's fee are subject to the approval of the TSX.V.
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. The forgoing information may contain forward-looking statements relating to the future performance of the Company. Forward looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
SOURCE OPAWICA EXPLORATIONS INC.
For further information: For further information: Jon Samuda, Director, (604) 681-3170