CSE – MICH
About the
The combined
In 2018 Pembrook engaged
These assumptions led to two historical mineral resource estimates as shown in Table 1 below.
Table 1 |
Historical Inferred Mineral Resource Estimates as reported by |
Scenario | k Tonnes1 | Cu (%) | Mo(%) | Au (ppm) | Ag (ppm) |
Pembrook Only | 473,000 | 0.33 | 0.012 | 0.03 | 1.18 |
Pembrook/Ocaña | 721,000 | 0.34 | 0.011 | 0.05 | 1.27 |
Notes: |
1 – above a cutoff of 0.25% Cu |
2 – based on the following metal prices – Cu ( |
3 – based on the following metal recoveries - Cu (88-90%), Mo (70-72%), Au (40-54%), Ag (52-80%) |
4 – the Qualified Person for this estimate is |
5 – Effective date of the resource estimate is |
The Micon estimate was prepared to CIM (
The Company considers the Micon 2018 estimate to be a historical estimate since it was never filed on SEDAR. It should be noted that a qualified person has not done sufficient work to classify the historical estimate as current mineral resources, and the Company is not treating the historical estimate as current mineral resources.
The Company intends to verify the historical estimate and complete an updated Technical report with current mineral resources prior to the closing of the Transaction. Verification of the Micon 2018 resource is expected to be straightforward as the core and pulps are available at the Pecoy site, the drilling database is available along with original surveys and assay certificates.
Transaction Details
As an RTO the Transaction is a fundamental change pursuant to the polices of the Canadian Securities Exchange (the "Exchange"). As consideration for Pembrook and Minandex's interests in the
Upon completion of the Transaction, the Resulting Issuer will continue to carry on the business of exploration and development of the
Completion of the Transaction is subject to a number of conditions, including but not limited to the execution of definitive agreements, mutual due diligence, the approval of all regulatory bodies having jurisdiction in connection with the Transaction (including the approval of the Exchange), and approval of both the Company's shareholders and the shareholders of Pembrook. The Company intends to apply for an exemption from any sponsorship requirements of the Exchange. There can be no assurance that the Transaction will be completed as proposed or at all.
In connection with the announcement of the Term Sheet and Transaction, trading of the common shares of the Company on the Exchange has been halted, and will remain halted until closing of the Transaction which is currently targeted for the fourth quarter of 2021.
The Term Sheet has been approved by each of the Company, Pembrook, Minandex and UMS. Further details of the Transaction and related transactions, including the proposed executive management and board of directors of the Resulting Issuer will be disclosed in a material change report to be filed within 10 days at www.sedar.com and in future news releases.
The Qualified Person responsible for the technical content in this release is Dr
About the Company
The Company is a
About
About Pembrook
Pembrook is a
About Minandex
Minandex a Peruvian public company with a head office located at Calle Arnaldo Alvarado Degregori #39, Surco,
On behalf of
"Mark T. Brown"
Chief Executive Officer
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain forward-looking statements and forward-looking information within the meaning of applicable securities laws. Such forward-looking statements or information include but are not limited to statements or information with respect to: the proposed Transaction; the satisfaction of the conditions and closing of the Transaction (including Exchange and shareholder approvals); transfer of the
Although management of the Company believe that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements or information herein will prove to be accurate. Forward-looking statements and 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 statements or information. These factors include, but are not limited to: the Transaction may not close on the terms set forth herein, or at all; risks relating to the availability of financing for the Resulting Issuer; risks relating to the receipt of all requisite approvals for the Transaction, including the approval of the Exchange; risks associated with the business of the Company; business and economic conditions in the mining industry generally; the supply and demand for labour and other project inputs; changes in interest and currency exchange rates; risks relating to unanticipated operational difficulties (including failure of equipment or processes to operate in accordance with specifications or expectations, cost escalation, unavailability of materials and equipment, government action or delays in the receipt of government approvals, industrial disturbances or other job action, and unanticipated events related to health, safety and environmental matters); political risk and social unrest; 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 including, but not limited to, its impact on general economic conditions, the ability to obtain financing as required, and causing potential delays in the supply of equipment and services; and other risk factors as detailed from time to time.
The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
SOURCE
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