VANCOUVER, BC, Nov. 1, 2021 /CNW/ - Barsele Minerals
Corp. – (TSX.V: BME) (the "Company" or
"Barsele") announces that the non-binding letter of intent
with Agnico Eagle Mines Limited ("Agnico Eagle") dated
May 10, 2021 (as amended, the
"LOI") to acquire Agnico Eagle's indirect 55% interest in
the Barsele Project has terminated in accordance with its
terms. The termination of the LOI is the result of
current market conditions which have made it difficult to meet the
requirements of the LOI.
Gary Cope, President and CEO of
Barsele commented: "While both companies are disappointed that
a transaction was not possible at this time, Barsele looks forward
to continuing the joint venture with Agnico Eagle with respect to
the Barsele Project. Barsele remains excited about the
potential of the Barsele Project and will continue to work with
Agnico Eagle to explore mutually beneficial ways to advance and
unlock the value of the project."
About the Barsele Project
The Barsele Project is located on the western end of the
Proterozoic "Skellefte Trend", a prolific volcanogenic massive
sulphide deposits belt, that intersects with the "Gold Line" in
Northern Sweden. Both polymetallic deposits and intrusive
hosted orogenic gold deposits are present in this region and on the
property. Current and past producers in the region include
Boliden, Kristineberg, Bjorkdal, Svartliden and Storliden.
About Barsele Minerals Corp.
Barsele is a Canadian-based junior exploration company managed
by the Belcarra Group, comprised of highly qualified mining
professionals. Barsele's main property is the Barsele Gold
Project in Västerbottens Län, Sweden, a joint venture with Agnico
Eagle. An amended NI 43-101 Technical Report on the Barsele
Project with an effective date of February
21, 2019, was filed on SEDAR on December 16, 2020.
On Behalf of the Board of
Directors
Gary Cope
President and CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements
This news release contains forward-looking information under
the provisions of applicable Canadian securities legislation.
All statements in this news release, other than statements of
historical fact, are forward-looking information with respect to
Barsele, including but not limited to, comments regarding
alternative transactions between the Company and Agnico with
respect to the Barsele Project. Forward-looking information
is necessarily based upon a number of factors and assumptions that,
if untrue, could cause the actual results, performances or
achievements of the Company to be materially different from future
results, performances or achievements expressed or implied by such
statements. Such statements and information are based on
numerous assumptions regarding present and future business
strategies and the environment in which the Company will operate in
the future, including the price of gold, anticipated costs and
ability to achieve goals. Forward-looking statements address
future events and conditions and therefore involve inherent risks
and uncertainties. Such factors include, among other things:
risks and uncertainties relating to alternative transactions with
respect to the Barsele Project; the ability of the Company to
obtain additional financing, the need to comply with environmental
and governmental regulations, fluctuations in the prices of
commodities, operating hazards and risks, competition and other
risks and uncertainties, including those described in the Company's
financial statements, management discussion and analysis
("MD&A") and current annual information form available
on www.sedar.com. The risk factors identified in the
financial statements, MD&A and annual information form are not
intended to represent a complete list of factors that could affect
the Company. Actual results may differ materially from those
currently anticipated in such statements and the Company undertakes
no obligation to update such statements, except as required by
law.
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SOURCE Barsele Minerals Corp.
