ArcWest Exploration Inc. Signs Definitive Agreement to Acquire the Sparrowhawk Project
Vancouver, March 20, 2019 - ArcWest Exploration Inc. (TSXV: AWX) ("ArcWest") is pleased to announce that, further to its press release dated January 22, 2019, it has signed a Definitive Agreement dated February 26th, 2019, with Rolland Menard (the "Vendor") with respect to the acquisition by ArcWest of 100% of the Sparrowhawk Property (the "Property"). The Property is situated 65 km northeast of Smithers in north-central British Columbia, adjacent to Glencore Canada's Bell and Granisle mine property and Pacific Booker's advanced stage Morrison property. The terms of transaction set out in the Definitive Agreement include:
- ArcWest will acquire 100% of the Property;
- ArcWest will make a cash payment to the vendor of CAD$5,000;
- ArcWest will issue 87,000 common shares to the vendor;
- The vendor will retain a 1% net smelter return royalty, which can be purchased by ArcWest for a cash payment of $2,000,000.
ArcWest President & CEO Tyler Ruks commented: "The Babine area is a significant porphyry copper-gold district in British Columbia which includes Glencore's past-producing Bell and Granisle mines, and Pacific Booker's advanced stage Morrison project. The Sparrowhawk property is situated in between the Bell-Granisle and Morrison deposits, with mineral claims that are contiguous with both Glencore's and Pacific Booker's land positions. Importantly, the Sparrowhawk project is situated along a prospective corridor which contains both the controlling structures for Babine-district porphyry copper-gold deposits, and associated, widespread porphyry copper-gold occurrences and high grade breccias, all of which remain untested by drilling. We are looking forward to exploring the project in 2019."
The Proposed Transaction is subject to receipt of all necessary regulatory approvals including approval of the TSX Venture Exchange.
For further information please contact: Tyler Ruks, President and CEO at +1 (604) 638 3695
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 accuracy or adequacy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43553