Opawica Announces Yukon Massive Sulphide Project Acquisition, Completion of
Financing, and New President and CEO
1. Yukon Massive Sulphide Bro Project -------------------------------------
The Company has obtained regulatory consent and made the required payment of 2,000,000 shares of the Company, under the Bro Property option agreement, for the Company to acquire a 100% interest in the 4 claim unit Bro Property located about 120 road kilometres southeast of Faro, Yukon Territory,
The Bro Property is primarily a massive sulphide, silver, lead, zinc prospect with exploration potential for gold and copper. Historical work on the property including surface work and diamond drilling, carried out by Noranda Mining Inc. between 1975 and 1979, and other operators to 1994, confirmed that the property hosts the above noted base and precious metal mineralization.
Several historical geological reports conclusion was to conduct more drilling to determine the source of the
+/- 40 meter wide massive gossan zone with high values of up to : 5.5 % copper, 34 % lead, 1.4 % zinc, 550 grams per ton silver, and 2.7 grams per ton gold.
Prior Noranda diamond drilling returned gold values as high as .33 ounces (11 grams) per ton gold over 5.3 feet.
Opawica paid a finder's fee of 150,000 shares in connection with the Acquisition.
2. Completion of Private Placement -----------------------------------
The Company has also closed the private placement announced by the Company on
All securities issued in connection with the above private placements, the Acquisition and finder's fee are subject to a 4 month hold period ending
3. New CEO, President and Director ----------------------------------
Following the closing of the above transactions the Company has appointed
4. Diamond Drilling Planned to Expand Resources at 100 % owned Atikwa ------------------------------------------------------------------ Lake Gold Project -----------------
The Company has now initiated metallurgical test work and is planning resource upgrade diamond driling on one of its gold projects, the Atikwa Lake Gold Project.
The 100% owned Atikwa Lake Gold Project located in Ontario currently has:
total indicated resources of 78.088 million pounds of copper and 215,000 ounces gold; plus, total inferred resources of 40.6 million pounds of copper and 237,000 ounces gold. (* see NP 43-101 Technical Report by Robert Laakso, P.Eng. of Shaft & Tunnel Engineering Services, filed on SEDAR)
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.
%SEDAR: 00003958E
For further information: Jon Samuda, Director, (604) 681-3170
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