VANCOUVER, BC, July 19,
2024 /CNW/ - Capella Minerals Ltd (TSXV: CMIL)
(OTCQB: CMILF) (FRA: N7D2) ("Capella" or the "Company") announces
that the Company and Polar Transition Minerals AS ("Polar";
formerly NickelX AS), following the elapse of the long stop date,
have agreed an immediate termination of the asset sale agreement
(the "Transaction") as previously announced on October 17, 2023 and subsequently amended on
April 9, 2024. Under such
Transaction, Polar would have acquired Capella's central
Norway copper portfolio by the
agreed long stop date of July 7,
2024.
Eric Roth, Capella's President
and CEO, commented: "Whilst we believed that this transaction was
worth pursuing, as we share a similar strategic vision to Polar, we
have decided that, at this stage, both companies are better served
by terminating the asset sale agreement and moving forward
independently.
Capella now regains a 100% interest in its portfolio of
high-grade copper-cobalt projects in the former Løkken and Røros
mining districts, Trøndelag Province, and will move forward with
alternative strategies for advancing these projects with particular
focus on the drill-ready targets at Åmot and Hessjøgruva".
On Behalf of the Board of Capella Minerals Ltd.
"Eric Roth"
___________________________
Eric Roth, Ph.D., FAusIMM
President
& CEO
About Capella Minerals Ltd
Capella is a Canadian exploration and development company with a
focus on copper-gold projects in the Central Lapland Greenstone
Belt of northern Finland &
copper-cobalt projects in Norway.
In northern Finland, the
Company's portfolio consists of 5 copper-gold projects – including
the priority Killero East and Killero West projects, both of which
were former Anglo American targets
but never drill tested – which are located about 40km SW of Agnico
Eagle's Kittilä Gold Mine, currently the largest gold producer in
Europe. Capella also retains a direct interest in the Perho
lithium-REE project in south-central Finland.
In the Trøndelag province of central Norway, the Company's focus is on the
discovery of high-grade copper-cobalt massive sulfide (VMS)
deposits in the former mining districts of Løkken and Røros. The
Company's portfolio includes: i) the advanced exploration-stage
Hessjøgruva copper-cobalt project and adjacent Kongensgruve and
Kjøli projects in the northern Røros mining district, and ii)
satellite copper-cobalt VMS targets around the past-producing
Løkken copper mine, including the drill-ready Åmot
target.
Capella holds equity positions in Teako Minerals (TSXV: TMIN),
Prospector Metals (TSXV: PPP), European Energy Metals (TSXV: FIN),
and Unico Silver (ASX: USL) as a
direct result of the recent divestiture of non-core assets. Capella
also retains direct participation (29.6%) in a Joint Venture with
Agnico Eagle Mines Ltd (TSX/NYSE: AEM) at the Domain Gold Project,
Manitoba.
Cautionary Notes and Forward-looking
Statements
This news release contains forward-looking information within
the meaning of applicable securities
legislation. Forward-looking information is typically
identified by words such as: believe, expect, anticipate,
intend, estimate, postulate and similar expressions, or are those,
which, by their nature, refer to future events. Such
statements include, without limitation, statements regarding the
future results of operations, performance and achievements of
Capella, including the timing, completion of and results from the
exploration and drill programs described in this release.
Although the Company believes that such statements are
reasonable, it can give no assurances that such expectations will
prove to be correct. All such forward-looking
information is based on certain assumptions and analyses made by
Capella in light of their experience and perception of historical
trends, current conditions and expected future developments, as
well as other factors management believes are appropriate in the
circumstances. This information, however, is subject to a variety
of risks and uncertainties and other factors that could cause
actual events or results to differ materially from those projected
in the forward-looking information. Important factors that could
cause actual results to differ from this forward-looking
information include those described under the heading "Risks and
Uncertainties" in Capella's most recently filed MD&A. Capella
does not intend, and expressly disclaims any obligation to, update
or revise the forward-looking information contained in this news
release, except as required by law. Readers are cautioned not to
place undue reliance on forward-looking information.
Neither the TSXV nor its Regulation Services Provider (as
that term is defined in the policies of the TSXV) accepts
responsibility for the adequacy or accuracy of this
release.
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SOURCE Capella Minerals Limited
