TORONTO, Dec. 13, 2018 /CNW/ - Orefinders Resources Inc. ("Orefinders" or the "Company") (TSX.V: ORX) is pleased to advise that, as a significant shareholder in Power Ore Inc. ("Power Ore"), we are keeping our shareholders aware of their recent, transformational acquisition of the Opemiska Copper Mine Complex ("Opemiska"). Today Power Ore announced that they have entered into an agreement to acquire a 100% interest in Opemiska from a privately owned arms length company. Opemiska consists of two past producing underground copper mines in Springer and Perry and neighbours the town of Chapais, Québec. Falconbridge operated Opemiska from 1953 to 1991 where it produced a total of 23 million tonnes at 2.4% copper, 0.3 gpt gold.
"Orefinders believes that the Opemiska Copper Mine Complex is one of the best copper development opportunities in Québec and specifically within the world renowned Chibougamau region. Being a copper project, this acquisition falls in line with Power Ore's electrification metals focus and has the potential to be fast tracked, given its location in a favourable jurisdiction, access to infrastructure and a host of other advantages it offers, as detailed in their December 12, 2018 news release. Orefinders owns over 5 million shares in Power Ore and is happy to have such a significant equity exposure to the company. We expect Power Ore's value to grow substantially as a result of this transformative acquisition", said Stephen Stewart, Orefinders' CEO.
The technical information contained in this news release has been reviewed and approved by Charles Beaudry, P.Geo, Director and Vice President Exploration for Orefinders Resources Inc., who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects." The statistics on past production at Opemiska were taken from the literature and are thought to be reasonable estimates of the previous production on the property.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused exclusively within the Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX.
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. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Orefinders' assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders' profile at www.sedar.com
SOURCE Orefinders Resources Inc.
For further information: To Speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: [email protected], www.orefinders.ca