ISIN: CA1389093040 Canuc Announces LOI with Macdonald Mines Exploration Inc.
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FOR IMMEDIATE RELEASE TSX-V: CDA | CNUCF | WKN: A14 ZX4
3rd December 2024 Shares Outstanding: 160,006,150
ISIN: CA1389093040
Canuc Announces LOI with Macdonald Mines Exploration Inc.
Canuc Resources Corporation (“Canuc” or the “Company”) (TSX -V: CDA) (OTCQB: CNUCF)
is pleased to announce that it has signed a letter of intent ("LOI") with Macdonald Mines
Exploration Inc. (TSXV: BMK) ("Macdonald Mines"), whereby Canuc will acquire all issued and
outstanding shares of Macdonald Mines.
Under the terms of the LOI, Canuc Resources Corporation will issue 72,000,000 common shares
of Canuc to the shareholders of Macdonald Mines as consideration for the acquisition. The LOI is
in place until April 30, 2025. The transaction represents a significant step forward in Canuc’s
strategy to expand its portfolio of exploration assets with potential for iron -oxide-copper-gold
(“IOCG”) and affiliated critical and precious metal deposits , and to consolidate high quality
exploration prospects in leading North American extractive jurisdictions.
The proposed acquisition is subject to the approval of shareholders from both companies and the
requisite regulatory authorities, including the TSX Venture Exchange , and the satisfactory
completion of due di ligence by Canuc . Upon securing these approvals, Canuc and Macdonald
Mines will proceed to finalize and execute a definitive agreement, further solidifying this strategic
transaction.
Commenting on the announcement, Christopher Berlet, CEO of Canuc Resources Corporation,
stated:
"This proposed acquisition aligns with Canuc’s growth strategy and underscores our commitment
to delivering long -term value for our shareholders by consolidating high quality advanced
exploration assets in premier jurisdictions . We look forward to collaborating with the team at
Macdonald Mines and progressing towards completion of this milestone transaction."
Further details about the transaction will be provided as the process advances.
About MacDonald Mines Exploration Ltd.
Founded in 1935, MacDonald Mines Exploration Ltd. is a mineral exploration company focused
on the evaluation, acquisition, and development of precious and critical metals properties in
Ontario. The company’s flagship project, the 100% owned SPJ Project, spans 19,710 hectares and
is situated approximately 40 kilometers northeast of the prolific Sudbury Mining Camp. and near
to the extensive infrastructure of the adjacent Sudbury Mining District.
The SPJ Project encompasses several centers of critical and precious metal mineralization
interpreted to be related to a mineral system that can form IOCG and affiliated critical and precious
mineral deposits. Included within the Project is the historical Scadding Gold Mine and associated
gold mineralized system and gold bearing tailings. Minerals of interest on SPJ include copper (Cu),
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gold (Au), cobalt (co), nickel (Ni) and rare earth elements (REE). MacDonald Mines Exploration
Ltd. is committed to responsible and sustainable operations, prioritizing environmental
stewardship, safety, and community engagement.
About Canuc
Canuc Resources Corporation is a junior resource company focusing on the San Javier Silver-Gold
Project in Sonora State, Mexico. The Company also generates cash flow from natural gas
production at its MidTex Energy Project located in Central West Texas, USA where Canuc has an
interest in eight (8) producing natural gas wells and has rights for further in field developments.
For further information please contact:
Canuc Resources Corporation.
(416) 525 – 6869
Forward Looking Information
This news release contains forward -looking information. All information, other than information of historical fact,
constitute “forward -looking statements” and includes any information that addresses activities, events or
developments that the Corporation believes, expects or anticipates will or may occur in the future including the
Corporation’ s strategy, plans or future financial or operating performance.
When used in this news release, the words “estimate”, “project”, “anticipate”, “expect”, “intend”, “believe”,
“hope”, “may” and similar expressions, as well as “will”, “shall” and other indications of future tense, are intended
to identify forward-looking information. The forward-looking information is based on current expectations and applies
only as of the date on which they were made. The factors that could cause actual results to differ materially from those
indicated in such forward -looking information include, but are not limited to, the ability of the Corporation to fund
the exploration expenditures required under the Agreement. Other factors such as uncertainties regarding government
regulations could also affect the results. Other risks may be set o ut in the Corporation’ s annual financial statements,
MD&A and other publicly filed documents.
The Corporation cautions that there can be no assurance that forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those anticipated in such information. Accordingly,
investors should not place undue reliance on forward-looking information. Except as required by law, the Corporation
does not assume any obligation to release publicly any revisions to forward -looking information contained in this
press release to reflect events or circumstances after the date hereof.
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responsibility for the adequacy or accuracy of this news release.