VANCOUVER, British Columbia, May 05, 2021 (GLOBE NEWSWIRE) — West Mining Corp. (“West” or the “Company”) (CSE: WEST) (OTC: WESMF) is pleased to announce that it has completed its acquisition of a 100% interest in its Kena and Daylight properties (collectively, the “Kena Project” or the “Project”) located in the Nelson Mining District in southeastern British Columbia.
“Securing 100% ownership of our flagship Kena Project is a monumental step for the Company,” stated Nicholas Houghton, President and CEO of West. “Historic gold production at Daylight bodes well for its future development. Coupled with data from over 37,000 metres of drilling and results of previous exploration programs outlining the copper potential at the Kena Copper Zone, West Mining Corp. is in an excellent position to advance the project with our first class Geological team and the treasury we have in place.”
West now holds a 100% interest in the Project, subject to the NSR granted to Apex described below and to the underlying NSRs described in the Company’s press release respecting the Project dated January 26, 2021. See the Company’s press release dated April 12, 2021 for further details respecting the transaction.
Purusant to an asset purchase agreement dated as of April 7, 2021 with Apex Resources Inc. (“Apex”), the Company acquired Apex’s interest in the Project from Apex in exchange for consideration of: aggregate cash payments of $300,000; an aggregate of 1,500,000 common shares of the Company (each, a “Share”); and granting Apex a 1.0% net smelter returns royalty on the Project, with West having the right to repurchase the NSR for $500,000 at any time prior to the commencement of commercial production on the Project.
In conjunction with closing the transaction with Apex, pursuant to an amending agreement dated April 7, 2021 with Boundary Gold and Copper Mining Ltd. (“Boundary”), and Boundary’s wholly-owned subsidiary, 1994854 Alberta Ltd. (“1994854”), which amended a share option agreement dated as of January 25, 2021 between the parties, West acquired all of the issued and outstanding shares of 1994854 from Boundary. 1994854 is party to an underlying property option agreement respecting the Project with Apex dated September 23, 2016, as amended June 26, 2019, which provides 1994854 with the option to acquire an 80% interest in the Project. To acquire the shares of 1994854 from Boundary, West made a cash payment of $800,000 to Boundary and issued an aggregate of 7,361,112 Shares to Boundary.
About West Mining Corp.
West Mining Corp. is a mineral exploration company acquiring and developing advanced and prospective early stage exploration projects. It is fully focused on its 100% owned 8000 hectare Kena Project located near Nelson, British Columbia. Over 37,000 metres of drilling completed to date on the project. The Kena Project comprises three adjoining Properties: Kena, Daylight and Athabasca. The Kena Property hosts the Kena Gold, Gold Mountain and Copper King showings together with the historic Euphrates and Gold Cup gold mines. The Daylight property contains the historic past producing Daylight, Starlight, Victoria and Great Eastern gold mines. Along trend to the north is the Athabasca Property, with the historic Athabasca Gold Mine. The historic mines and known mineralized zones on these three properties are structurally controlled along a 15 kilometre strike as identified by strong geophysical signatures.
For additional information, please refer to the Company’s public disclosure record available on SEDAR at www.sedar.com.
West Mining Corp.
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
Certain statements contained in this press release constitute “forward-looking information” as such term is defined in applicable Canadian securities legislation. The words “may”, “would”, “could”, “should”, “potential”, “will”, “seek”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions as they relate to the Company, are intended to identify forward-looking information. All statements other than statements of historical fact may be forward-looking information. Such statements reflect the Company’s current views and intentions with respect to future events, and current information available to them, and are subject to certain risks, uncertainties and assumptions, including, without limitation: the potential of the Company’s mineral properties; the estimation of capital requirements; the estimation of operating costs; the timing and amount of future business expenditures; and the availability of necessary financing. Many factors could cause the actual results, performance or achievements that may be expressed or implied by such forward-looking information to vary from those described herein should one or more of these risks or uncertainties materialize. Such factors include but are not limited to: changes in economic conditions or financial markets; increases in costs; litigation; legislative, environmental and other judicial, regulatory, political and competitive developments; and exploration or operational difficulties. This list is not exhaustive of the factors that may affect forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Should any factor affect the Company in an unexpected manner, or should assumptions underlying the forward-looking information prove incorrect, the actual results or events may differ materially from the results or events predicted. Any such forward-looking information is expressly qualified in its entirety by this cautionary statement. Moreover, the Company does not assume responsibility for the accuracy or completeness of such forward-looking information. The forward-looking information included in this press release is made as of the date of this press release and the Company undertakes no obligation to publicly update or revise any forward-looking information, other than as required by applicable law.