Mich Resources Announces Termination of Agreements to Acquire Pecoy Copper Project and Pursuit of New Business Opportunities
MICH RESOURCES LTD.
SUITE 3123 – 595 BURRARD STREET
VANCOUVER, BC V7X 1J1
TEL: 604-609-6110
MICH RESOURCES ANNOUNCES TERMINATION OF AGREEMENTS TO ACQUIRE THE
PECOY COPPER PROJECT AND PURSUIT OF NEW BUSINESS OPPORTUNITIES
November 1, 2022 CSE – MICH
Vancouver, British Columbia – Mich Resources Ltd. (CSE – MICH) (the “Company”) announced
that it has terminated agreements with Pembrook Copper Corp. (“Pembrook”), Minera Andina de
Exploraciones SAA (“MinAndex”) and Carlos Mauricio Carlessi Vargas (“Carlessi” and together with
Pembrook and MinAndex, the “Vendors”) to acquire and consolidate 100% of the Pecoy Copper
Project (the “Pecoy Project”).
On June 27, 2022, the Company announced that it had entered into updated definitive agreements with
the Vendors to acquire and consolidate 100% of the Pecoy Project, a copper porphyry project located
in Southern Peru (the “Pecoy Transaction”). Management has determined it is not in the best interest
of the Company to pursue the Pecoy Transaction under the present terms and financial market
conditions and is working with potential buyers to recover a portion of the costs incurred in the pursuit
of closing the Pecoy Transaction.
The Company is committed to creating value for its shareholders and is therefore actively seeking new
acquisition opportunities of properties endowed with ‘battery metals’ with a jurisdictional focus in the
Americas. The C ompany is currently in discussions to acquire such assets and will make further
announcements with respect to these efforts as soon as practically possible.
The Company also announces the resignation of April Hashimoto and Miguel Cardozo, who were
appointed to the Company’s board of directors at the Company’s Annual General Meeting on August
9, 2022, as well as Dr. David Stone who was appointed Chief Operating Officer in January 2022, in
anticipation of the closing of the Pecoy Transaction. The Company w ishes to thank Ms. Hashimoto,
Dr. Cardozo and Dr. Stone for their service and wishes them success in their current and future
endeavours.
About the Company
The Company is a British Columbia public company with a registered office at 25th Floor, 700 West
Georgia Street, Vancouver, BC, V7Y 1C3. The Company’s common shares are listed on the Exchange
under the trading symbol “MICH” and reporting in British Columbia and Ontario. The Company is
principally engaged in the acquisition and exploration of mineral properties.
On behalf of Mich Resources Ltd.
“David Suda”
President and Chief Executive Officer
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For more information, please contact:
Szascha Lim
CFO & Corporate Secretary
Tel: 604.609.6110
Neither the Canadian Securities Exchange nor its Regulation Service Provider (as that term is defined in
the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Forward Looking Information
Certain statements and information herein, including all statements that are not historical facts, contain
forward-looking statements and forward-looking information within the meaning of applicable securities
laws. Such forward- looking statements or information include but are not limited to statements or
information with respect the Pecoy Transaction and general business and economic conditions. The
foregoing list of assumptions is not exhaustive.
Although management of the Company believe that the assumptions made and the expectations represented
by such statements or information are reasonable, there can be no assurance that forward -looking
statements or information herein will prove to be accurate. Forward -looking statements and information
by their nature are based on assumptions and involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements, or industry results, to be materially
different from any future results, p erformance or achievements expressed or implied by such forward -
looking statements or information. These factors in clude, but are not limited to: the Transaction may not
close on the terms set forth herein, or at all; risks relating to the availability of financing for the Resulting
Issuer; risks relating to the receipt of all requisite approvals for the Transaction, including the approval of
the Exchange; risks associated with the business of the Company; business and economic conditions in the
mining industry generally; the supply and demand for labour and other project inputs; changes in interest
and currency exchange rates; risks relating to unanticipated operational difficulties (including failure of
equipment or processes to operate in accordance with specifications or expectations, cost escalation,
unavailability of materials and equipment, government action or delays in the receipt of government
approvals, industrial disturbances or other job action, and unanticipated events related to health, safety
and environmental matters); political risk and social unrest; changes in general economic conditions or
conditions in the financial markets; changes in laws (including regulations respecting mining concessions);
risks related to the direct and indirect imp act of COVID -19 including, but not limited to, its impact on
general economic conditions, the ability to obtain financing as required, and causing potential delays in
the supply of equipment and services; and other risk factors as detailed from time to time.
The Company does not undertake to update any forward- looking information, except in accordance with
applicable securities laws.