Teako Minerals Signs Letter of Intent with The Coring Company; C$3,000,000 Joint Venture
Teako Minerals Signs Letter of Intent with The
Coring Company; C$3,000,000 Joint Venture
Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) -
TEAKO MINERALS CORP. (CSE:
TMIN)
(the "
Company
" or "
Teako
") announces that it has entered into a non-binding letter of intent (the
"
LOI
") on June 18, 2024, with The Coring Company AS ("
TCC
"), through the Company's wholly-owned
subsidiary, Teako Minerals Norway AS, to negotiate a joint venture agreement for exploration and
development of seven mineral projects (see
table
1) located in Helgeland, Norway (the "
Projects
"). The
Projects are 100% owned by the Company and were acquired in its extensive 2024 staking program
based on past work conducted by BP Minerals, formerly known as the Helgeland project.
The LOI:
The terms of the LOI are as follows:
TCC would commit to paying C$3,000,000 in aggregate cash payments (the "
TCC
Contribution
") over 2.5 years for an immediate 50% ownership in the Projects (the "
Teako
Contribution
").
Teako would be the operator of the Projects (the "
Operator
") and would be entitled to receive
$225,000 as an operating fee from the gross C$3,000,000 on or before closing and a further
$225,000 on or before July 31, 2025.
Teako and TCC would establish a joint venture company (the "
Newco
"), whereas in consideration
for the Teako Contribution and the TCC Contribution, each party would be issued 50% of the
shares in the capital of Newco.
Further details regarding the proposed transaction with TCC, as well as project information, will be
provided in a comprehensive news release if and when the parties enter into a definitive agreement.
There can be no guarantees that the proposed transaction will be completed as contemplated or at all.
Project Overview:
Project
District
Size km²
Minerals
Primary
Secondary
Others
BJELLATINDEN
FAR NORTH
215,00
Molybdenum
Copper
REE, niobium, tungsten,
gold
SVARTHOLA
FAR NORTH
78,80
REE
Uranium
Lead
VELFJORD
NORTH
311,75
Copper
Gold
Zinc, nickel, lead,
tungsten, silver
ROSTA
NORTH
96,00
Copper
Cobalt
Nickel, zinc, lead, gold,
silver
HUSVIKA
NORTH
92,50
Silver
Copper
Cobalt, zinc, lead
LYSFJORD
NORTH
54,00
Gold
Copper
Zinc, lead, silver
STORTUVA
NORTH
39,63
Gold
Copper
Zinc, lead, silver
Table 1: Joint Venture Projects
The Projects represent 12,2% of the Company's project portfolio in Norway and have incurred staking
costs of C$12,875.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring,
exploring, and developing mineral properties in Norway & Finland exploring for copper, cobalt, gold,
molybdenum, and rare earth elements (REE). The adoption of technologies such as the SCS Exploration
Product aligns with its strategy to remain at the forefront of the rapidly evolving mining industry.
ON BEHALF OF TEAKO MINERALS CORP.
"Sven Gollan"
CEO
T: +1 (604)-871-4301
Email:
Forward-Looking Information:
This press release may include forward-looking information within the meaning of Canadian securities
legislation, concerning the business of Teako. Forward-Looking information is based on certain key
expectations and assumptions made by the management of Teako. In some cases, you can identify
forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan,"
"seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and
variations of these terms and similar expressions, or the negative of these terms or similar expressions.
Forward-Looking statements in this press release include statements related to the approvals of the
Projects, formation of the joint venture, entry into a definitive agreement, and the Company's business
plans and operations. Although Teako believes that the expectations and assumptions on which such
forward-looking information is based are reasonable, undue reliance should not be placed on the
forward-looking information because Teako can give no assurance that they will prove to be correct.
Since forward-looking statements address future events and conditions, by their very nature they involve
inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due
to a number of factors and risks. These include but are not limited to, risks associated with the mineral
exploration industry in general (e.g., operational risks in development, exploration and production; the
uncertainty of mineral resource estimates; the uncertainty of estimates and projections relating to
production, costs and expenses, and health, safety and environmental risks), constraint in the availability
of services, commodity price and exchange rate fluctuations, changes in legislation impacting the mining
industry, adverse weather conditions and uncertainties resulting from potential delays or changes in
plans with respect to exploration or development projects or capital expenditures. These and other risks
are set out in more detail in Teako's annual Management's Discussion and Analysis, January 31, 2024.
Neither the Canadian Securities Exchange nor its Market Regulator (as such term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or
accuracy of this press release.
Not for dissemination in the United States or through U.S. newswires
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/213558