Concurrent with completion of the Transaction, it is anticipated that the Company will complete a 5 for 1 share consolidation (the 'Consolidation') and change its name to
The Transaction will result in the Company holding 100% of Pecoy, which is host to an inferred mineral resource estimate of 865 million tonnes at a grade of 0.34% Cu, 0.012% Mo, 1.33 g/t Ag and 0.05 g/t Au. The Company will additionally hold the highly prospective Tororume claims ('Tororume') located to the North of Pecoy, which is currently under option to a major Canadian mining company (the 'Major') with anticipated expenditures by the Major of
Pecoy is an advanced copper exploration project located 177 km northwest of Arequipa within the Cretaceous copper porphyry belt of
Pecoy is located within the Peruvian coastal desert region which grades into the Atacama desert further south in
The combined Pecoy project area consists of approximately 13,300 hectares. Exploration on the property dates back to 2009, and consists of 48,500 m of diamond drilling in 121 drill holes completed by previous operators including Pembrook. The project database includes 1,222 downhole surveys and 23,210 assays. The average drill spacing is about 118 m in the main mineralized zone on the Pembrook side of the property, and 80 m on the MinAndex side. The project database also includes quality control data including blanks, standards and duplicates.
The Pecoy project to be acquired by the Company comprises all rights and title to Pecoy currently held by the Vendors. Additionally, MinAndex is the owner of certain lands adjoining Pecoy which will be optioned to the Company concurrent with the closing of the Transaction and others that will be subject to an agreement of purchase and sale in favour of the Company.
In addition to the principal Pecoy project being acquired, the Company will also hold ownership of the Tororume copper project ('Tororume'), located to the north of Pecoy, which is currently under option to the Major with anticipated expenditures of
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Tel: 604-928-3101
Web: www.mikocopper.com
Forward Looking Information
Except for the statements of historical fact, this news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws (collectively, 'forward-looking information'). Such forward-looking information include but are not limited to information with respect to: the proposed Transaction, Consolidation and Offering, and the satisfaction of the conditions thereon and closing; the NI 43-101 mineral resource estimate; the potential for long term growth and business goals and objectives.
Forward-looking information by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. These factors include, but are not limited to: the Transaction, Consolidation and Offering may not close on the terms or timelines set forth herein, or at all; risks relating to the receipt of all requisite approvals for the Transaction, Consolidation and Offering, including the approval of the exchange; the approval of Pembrook shareholders; business and economic conditions in the mining industry generally; the need for additional financing, and the risk that such financing may not be available on terms satisfactory to the Company, or at all; no mineral resources may be economically mined on the Company's properties; the Company may not operate profitably in the near term, or at all; a decline in commodity prices or other market factors may have a significant negative impact on the Company's operations; the volatility of commodity prices; changes in general economic conditions or conditions in the financial markets; changes in laws (including regulations respecting mining concessions); risks related to the direct and indirect impact of COVID-19 and ongoing international conflicts and other risk factors as detailed from time to time.
The forward-looking information in this news release reflects the current expectations, assumptions and/or beliefs of the Company based on information currently available to the Company. In connection with the forward-looking information contained in this news release, the Company has made assumptions about the Company's ability to complete the Transaction, Consolidation and Offering (including receipt of required approvals); profitable use of the Company's assets going forward; the Company's ongoing partnerships with third parties and ongoing challenges related to the COVD-19 pandemic. The Company has also assumed that no significant events occur outside of the Company's normal course of business. Although the Company believes that the assumptions inherent in the forward-looking information are reasonable, forward-looking information is not a guarantee of future performance and accordingly undue reliance should not be put on such information due to the inherent uncertainty therein.
Any forward-looking information in the news release speaks only as of the date on which it is made and, except as may be required by applicable laws, the Company disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise.
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