West Cirque Restructures Agreements with Freeport-McMoRan of Canada Ltd. and Bearclaw Capital
21.05.2014 | The Newswire
Vancouver, B.C. / TNW-ACCESSWIRE / May 21, 2014 / West Cirque Resources Ltd. (TSX-V; WCQ) ("West Cirque" or the "Company") and Freeport-McMoRan of Canada Limited ("FMCC") have agreed to amend their March 1, 2013 Earn-in Agreement ("EIA") (See press release of March 4, 2013 for terms of EIA). Additionally, the Company and Bearclaw Capital Corp. ("Bearclaw") have amended the December 5, 2011 option agreement covering the Castle property (the "Castle Option Agreement").Under the amended EIA, FMCC has the option of reallocating the balance of remaining mandatory expenditures exclusively to the Tanzilla property, a prospective, copper-gold porphyry target in northwest British Columbia. If so re-allocated, the mandatory expenditures are designated for funding the first ever drill program at Tanzilla.
The Tanzilla Property is in a region with several major mining development projects including Imperial Metals' Red Chris copper-gold project, 68 kilometres to the south, Hard Creek Nickel's Turnagain nickel project, 50 kilometres to the northeast, and Capstone Mining's Kutcho Creek polymetallic deposit, 75 kilometres to the east.
The property covers a 7.5 kilometre long trend of phyllic and advanced argillic alteration with associated copper in soil anomalies and copper-gold and polymetallic mineralization in Triassic volcanic and intrusive rocks. Two main alteration centers have been delineated to date, the Silica Ridge - Circle Trench Zone - Copper Ridge area and the West Gossan Zone.
The amended EIA also provides the Company with an unencumbered right to pursue and complete the acquisition of a 100% interest in the Castle property from Bearclaw and also requires that FMCC fund the final $75,000 cash payment to Bearclaw, the underlying owner and optionor of the Castle property.
The Company and Bearclaw have amended the Castle Option Agreement such that West Cirque may earn a 100% interest in the project by issuing 200,000 common shares and paying $75,000 to Bearclaw by June 28, 2014. Bearclaw has additionally waived West Cirque's obligation to incur any further exploration expenditures on the project. Bearclaw maintains a 2% Net Smelter Returns Royalty on the property, which may be purchased by West Cirque at any time for $4,000,000.
About West Cirque Resources Ltd.
West Cirque is a mineral exploration company focused on creating shareholder wealth by identifying, acquiring and defining resources in world class precious and base metal projects in the North American Cordillera.
West Cirque Resources Ltd.
Steve Vanry, CFA, President & CEO
(604) 558-4604
svanry@westcirqueresources.com
www.westcirqueresources.com
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