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    PNGC   CA69356K1003

PNG COPPER INC.

(PNGC)
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Golden Birch Resources Inc. Announces Results of AGM, Updates Shareholders on the Upcoming Keveri Project Drill Program

07/20/2021 | 12:55pm EST

Timmins, Ontario--(Newsfile Corp. - July 20, 2021) - Golden Birch Resources Inc. (CSE: GBRX) ("Golden Birch" or the "Company") is pleased to announce the results of its annual general meeting of shareholders ("AGM") held today.

Shareholders approved all matters recommended by management, including:

  • the election of David Drinkwater, Iain Martin, Stephen Grey, Chris Cornelius and Steve Balch as directors of the Company;
  • the reappointment of McGovern Hurley LLP as the Company's auditors; and
  • the change of the Company's name to "PNG Copper Inc.".

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The Company anticipates that its name change will occur within the next two weeks, and at the same time it will adopt a new trading symbol of PNGC. The Company will issue a further news release advising shareholders of the timing of the effectiveness of the name change.

At the AGM, the Company's President also outlined the activities and milestones of the past year, the current activities and plans for the upcoming 3,000m drill program to earn-in 51% of the Company's two Exploration Licenses with a further 10,000m of drilling to earn-in up to 85%. Our director Steve Balch briefly outlined the drill program and the Company's overall Exploration strategy. It is anticipated that the drill program will commence on or about August 1, 2021 and be completed towards year end 2021.

About Golden Birch Resources Inc.

Golden Birch Resources Inc. is a mineral exploration company focused on acquiring, exploring, and developing quality mineral properties in Papua New Guinea. The Company's core values are respect for the Community, the Landowners, the environment and operating a safe workplace for its employees. The Company is also committed to best practice standards of Corporate Governance.

For further information please visit the Company's website at www.goldenbirchresources.ca or contact:

Golden Birch Resources
Iain Martin, Director, interim CEO and President
Tel: +1 705 288 0249
martiniainr@gmail.com

Neither the Canadian Securities Exchange nor its Market Regulator (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 Statements

This Press Release contains forward-looking information within the meaning of applicable securities laws. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Forward-looking information in this news release includes, but is not limited to, information concerning the proposed name change and drill program, the Company's objectives, goals or future plans, statements. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties which may cause actual results to differ materially from the statements made.

These assumptions include assumptions relating to the likelihood of the name change being completed, industry assumptions relating to, the price of copper, gold and other metals, currency and interest rate fluctuations, and assumptions concerning mineralization, mineral recoveries, the ability to conduct exploration activities in Papua New Guinea, and assumptions concerning COVID-19. Factors that could cause actual results to vary from the Company's stated expectations include, but are not limited to, demand for the private placement being weaker than expected, such that the name change might not be completed, mineral price and exchange rate fluctuations, increased competition and general economic and market factors, potential mineralization not being as anticipated, uncertainties inherent in the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates.

Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/90772


ę Newsfilecorp 2021
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Financials
Sales 2020 - - -
Net income 2020 -2,86 M -2,28 M -2,28 M
Net cash 2020 1,44 M 1,15 M 1,15 M
P/E ratio 2020 -4,13x
Yield 2020 -
Capitalization 8,37 M 6,71 M 6,67 M
EV / Sales 2019 -
EV / Sales 2020 -
Nbr of Employees -
Free-Float -
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Managers and Directors
Ian David Lindley Chief Executive Officer
Alan Martin President & Executive Director
Paul Rokeby Chief Financial Officer & Treasurer
Christopher Cornelius Director
Iain Martin Secretary
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