Omineca Mining and Metals Ltd. Terminates Agreement to Acquire Gravitas Metals
20.09.2012 | FSCwire
Cranbrook, British Columbia CANADA, September 20, 2012 /FSC/ - Omineca Mining and Metals Ltd. (OMM - TSX Venture), announces that it has delivered formal notice to Gravitas Metals Corp. ("Gravitas" a private British Columbia Corporation), terminating an agreement announced March 21st, 2012 whereby Omineca held the exclusive right (subject to regulatory approval) to acquire all issued and outstanding shares of Gravitas. The primary asset held by Gravitas is the option to earn an 80% interest in the Sully group of claims, located near Fort Steele in southeastern British Columbia.Tim Termuende, P.Geo, President and CEO of Omineca stated,"Omineca is well positioned to take advantage of opportunities as they present themselves in this current economic climate. The Company has experienced management, maintains a solid share structure (18 million shares outstanding) and is well funded, with over $2,200,000 in its treasury."
About Omineca Mining and Metals
Omineca Mining and Metals was created by way of a Plan of Arrangement on May 20th, 2011. Shareholders of Copper Canyon Resources Ltd. approved the plan to reorganize the Company's mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, two of Copper Canyon's projects, Abo (Harrison) Gold and Kiwi, were transferred into Omineca on a one-for-four share basis.
On behalf of the Board of Directors
Signed: "Tim J. Termuende"
President and CEO
For further information, please contact:
Omineca Mining and Metals Ltd.
Mike Labach at 1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at www.ominecamining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.