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    BWR   CA05606A1049

BWR EXPLORATION INC.

(BWR)
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BWR Exploration Inc. Signs Contribution Agreement with Manitoba Mineral Development Fund, Completes 'Camp Cleanup' at Little Stull Lake

11/18/2021 | 09:59am EST

TORONTO - BWR Exploration Inc. (the 'Company' or 'BWR') (TSXV: BWR) is pleased to announce the Company has recently signed a 'Contribution Agreement' dated October 25, 2021 with MMDF Corporation and acknowledges receipt of the first $100,000 tranche of the total $300,000 grant from the Manitoba Mineral Development Fund ('MMDF'), details of which were previously announced on January 7, 2021.

The first tranche has facilitated a baseline clean-up program at BWR's Little Stull Lake camp, located in Northeastern Manitoba.

Early in 2021, 'in-person meetings' were not permitted under Provincial COVID-19 guidelines. Consequently, in March 2021, BWR met virtually with MSCN Chief and Council, along with a few Elders as well as MSCN legal counsel, to plan for upcoming community consultation. This virtual meeting was an information session only, as insufficient members of the community were able to participate. In October, after COVID-19 precautions for Manitoba relaxed, an in-person meeting was held between BWR and MSCN Chief and Council. MSCN Chief and Council requested that BWR prioritize the clean-up and provided authorization by way of a Band Council Resolution ('BCR') dated October 20, 2021 to commence a clean-up program.

BWR's proposal to Chief and Council included hiring 3 community members for a pre-winter clean-up program to ensure continued safe use and storage of fuel already at the camp from previous operators and safe occupancy of the camp. The program also entailed the repurposing of several unused full fuel drums left by previous operators, thus alleviating the environmental concern expressed by the Community during earlier information session(s). Accordingly, the clean-up program also included a campsite-wide soil sampling program, testing for hydro-carbons to determine the nature and scope of any fuel spillage (if any) in the Little Stull Lake camp area by previous operators, in order to establish a baseline environmental analysis of the campsite. The clean-up program was designed to identify and create an environmentally safe and accessible space for fuel storage and usage for future use of the camp. Three MSCN community members worked alongside two representatives of BWR on this program. This clean-up and sampling work was completed over the past week, and the five-man field crew have returned to their homes.

The first tranche proceeds received from the MMDF grant have partially gone towards the baseline clean-up program at the existing exploration camp located at Little Stull Lake. 35 soil samples are being submitted for hydro-carbon content analysis. These samples were collected from the base camp area (1 hectare campsite). Results will be reported to MSCN Chief and Council once available.

BWR's 2022 exploration proposal involves diamond drilling several exploratory holes, the start of which is contingent upon following the Consultation Protocol roadmap as may be agreed to between MSCN and the Crown, and receiving the required permissions from Manitoba and the community and leadership of MSCN. In this regard, BWR anticipates attending in-community meetings over the next few months. The meetings should open the door for entering into an early-stage exploration agreement with MSCN. MSCN is also exploring options to create a community-operated exploration camp / service company based at Little Stull Lake, that could provide cultural camp experiences for its members and exploration support services to BWR or other companies seeking to start early exploration work within their Ancestral Land. BWR is looking forward to establishing an amicable arrangement with MSCN regarding camp usage; the recent baseline camp clean-up program involved community members engaged in the care and maintenance of the camp at Little Stull Lake as well as in the soil sampling program. BWR is committed to continue to engage with MSCN over the coming months to identify and respond to Community questions and guidance about the proposed exploration work and possible camp management relationships.

Neil Novak, President and CEO, stated, 'Receipt of the grant from the Manitoba Mineral Development Fund represents a strong endorsement by the Crown for the Little Stull Lake Gold Project and the surrounding exploration area.' Mr. Novak continued, 'BWR is encouraged by Manto Sipi Cree Nation's demonstration of interest in advancing the project, by way of a Band Council Resolution as the first step in building a relationship with Manto Sipi Cree Nation that will stand the test of time and we look forward towards entering into a partnership that is centered upon the management and ownership of the existing exploration camp at Little Stull Lake.'

About BWR Exploration Inc.

BWR Exploration Inc. is a public company focused on exploring for base and precious metals, with its flagship Little Stull Lake Gold Project in NE Manitoba along with other exploration projects in Northern Ontario, and Northern Quebec, Canada. Management of BWR includes an accomplished group of exploration/mining specialists with many decades of operational experience in the junior resource sector in Canada and abroad. There are 101,442,461 shares currently issued.

Contact:

Neil Novak

Tel: (416) 848 6866

Email: nnovak@bwrexploration.com

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2020 - - -
Net income 2020 -0,62 M -0,48 M -0,48 M
Net cash 2020 0,34 M 0,26 M 0,26 M
P/E ratio 2020 -3,00x
Yield 2020 -
Capitalization 3,04 M 2,39 M 2,39 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float 89,1%
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Managers and Directors
Neil D. Novak President, Chief Executive Officer & Director
Victor Johan Hugo Chief Financial Officer
Norman E. Brewster Non-Executive Chairman
Earl S. Coleman Independent Director
Felix Lee Independent Director
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