Bearclaw Capital Corp. Signs Option Agreement With Copper Mountain for Its Axe Property, an Advanced Stage Copper-Gold Porphy...
20 February 2014 - 9:47AM
Marketwired
Bearclaw Capital Corp. Signs Option Agreement With Copper Mountain
for Its Axe Property, an Advanced Stage Copper-Gold Porphyry
Deposit
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Feb 19, 2014) -
Bearclaw Capital Corp. (TSX:BRL)(FRANKFURT:5BQ) is pleased to
announce that it has entered into a option agreement with Copper
Mountain Mining Corp. dated February 12, 2014, whereby Copper
Mountain may acquire up to a 75-per-cent undivided interest in and
to 25 mineral claims located in British Columbia, Canada, known as
the Axe property. Bearclaw and Weststar Resources Corp. hold the
property as a joint venture, in which the parties hold a
30-per-cent and a 70-per-cent interest respectively.
Under the terms of the agreement, Copper Mountain can earn a
51-per-cent interest in the Axe property by incurring $3,000,000 of
expenditures in exploration activities on the property by the end
of the five year earn-in period, with a minimum of $100,000 being
incurred in each year, and to paying to the company and Weststar
(collectively, in proportion to their participating interest in the
Axe J.V.): $30000 on the first anniversary of the commencement
date; and $50,000, $100,000, $150,000 and $200,000 on the
succeeding anniversaries of the commencement date.
If Copper Mountain exercises the option, a joint venture will be
formed between Copper Mountain, Bearclaw and Weststar, with Copper
Mountain holding a 51-per-cent participating interest, and the
company and Westar holding 14.7-per-cent and 34.3-per-cent
participating interests, respectively.
Upon exercise of the option, Copper Mountain will have the
option to acquire an additional 24-per-cent undivided interest in
the property (increasing its interest to 75-per-cent, absent other
adjustments) by either completing a feasibility study on the
property or incurring no less than $12,000,000 in expenditures on
the property and providing the company and Westar with evidence of
such expenditures. In the event that Copper Mountain exercises the
second option and acquires an undivided 75-per-cent interest in the
property, then the company will have a 7.5-per-cent participating
interest and Westar a 17.5-per-cent participating interest in the
property, respectively. If at any time, Bearclaws' Participating
interest is diluted to less than a 7.5-per-cent Participating
Interest it shall be automatically converted to a 0.75-per-cent Net
Smelter Return royalty.
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release.
Bearclaw Capital Corp.Scott M. RossPresident604-682-2201 or
604-803-4883604-682-0318info@bearclawcapitalcorp.comwww.bearclawcapitalcorp.com
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