InZinc Receives Final Payment of $2.7 Million and 13 Million Shares as West Desert Option Agreement Closes
InZinc Receives Final Payment of $2.7 Million
and 13 Million Shares as West Desert Option
Agreement Closes
Vancouver, British Columbia--(Newsfile Corp. - December 7, 2021) -
InZinc Mining Ltd. (TSXV: IZN)
("InZinc" or the "Company") is pleased to announce the closing of the West Desert Option Agreement
with American West Metals Ltd. ("American West"). InZinc has now received all required payments and
American West has earned a 100% interest in the West Desert project. In addition to the initial payments
of
US$ 625,000 received
, additional final payments to InZinc consisted of:
1
.
CDN $1,000,000 cash;
2
.
US $1,225,000 cash;
3
.
13,385,000 shares
(approximately
CDN $2,430,000
in value) of American West; and
4
.
US $96,577
cash
as reimbursement of the surety bond for the West Desert project.
American West has received conditional approval to list on the Australian Securities Exchange under the
ticker symbol ASX:AW1, subject to close of the West Desert option and other conditions precedent.
InZinc will receive 50% of the revenue from the sale of indium mined from the West Desert project
determined on a Net Smelter Return ("NSR") basis. American West will have the right to reduce the NSR
to 25% by paying InZinc US $5,000,000 in cash at any time prior to the first sale of indium from the West
Desert project.
"We would like to congratulate American West on its successful IPO funding and upcoming listing on the
Australian Securities Exchange and, as a significant shareholder of American West, we look forward to
the exploration activities on its portfolio of zinc-copper projects in North America," commented Wayne
Hubert, CEO of InZinc. "The coming years will be tremendously exciting for InZinc as we are now very
well positioned to plan initial drill testing on the 8.2 km of new, accessible base and precious metal
targets at Indy in central British Columbia."
About American West
American West is a progressive mining company focused on developing mines that have a low-footprint
and support the global energy transformation. American West has acquired interests in the following
three polymetal / base metal projects in North America which it believes have the potential to generate
significant economic resource inventories and robust mining proposals:
1
.
The West Desert Project in Utah, USA;
2
.
The Storm Copper and Seal Zinc Projects in Nunavut, Canada; and
3
.
The Copper Warrior Project in Utah, USA.
American West anticipates listing on the Australian Securities Exchange ("ASX") in early December
2021 under the ASX code 'AW1'. For further information on American West, see
www.americanwestmetals.com
.
About InZinc
InZinc is focused on growth through exploration and advancement of its interest in multiple North
American base metals projects. The road-accessible Indy project (100% option), located in central
British Columbia, has potential for the discovery of a new, regional scale mineralized belt. Indy
comprises discoveries of near surface mineralization and vast, untested base and precious metal
exploration targets along a 25-km long trend. InZinc is a significant shareholder in American West which
is advancing the West Desert project, Storm Copper project and Copper Warrior project in North
America. InZinc will receive 50% of the revenue from the sale of indium mined from West Desert.
InZinc Mining Ltd.
"Wayne Hubert"
CEO and Director
Phone: 604.687.7211
Website:
www.inzincmining.com
For further information contact:
Joyce Musial
Vice President, Corporate Affairs
Phone: 604.317.2728
Email:
Qualified Person
Brian McGrath, B.Sc., P.Geo. a Qualified Person as defined in National Instrument 43-101 -
Standards
of Disclosure for Mineral Projects
, has approved the technical content of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively,
"forward-looking statements") within the meaning of applicable securities legislation. All statements,
other than statements of historical fact, included herein are forward-looking statements. Forward-looking
information includes, but are not limited to, statements that address activities, events or developments
that the Company expects or anticipates will or may occur in the future, including such things as the
successful completion of American West's Initial Public Offering on the Australian Securities Exchange.
Although the Company believes that such statements are reasonable, it can give no assurance that such
expectations will prove to be correct. Forward-looking statements are typically identified by words such
as: "believe", "expect", "anticipate", "intend", "estimate", "plan", "design", "postulate" and similar
expressions, or are those, which, by their nature, refer to future events. The Company cautions investors
that any forward-looking statements by the Company are not guarantees of future results, performance,
or actions and that actual results and actions may differ materially from those in forward-looking
statements as a result of various factors, including, but not limited to, those risks and uncertainties
disclosed in the Company's Management Discussion and Analysis for the year ended December 31,
2020 and for the nine months ended September 30, 2021 filed with certain securities commissions in
Canada and other information released by the Company and filed with the appropriate regulatory
agencies. All of the Company's Canadian public disclosure filings may be accessed via
www.sedar.com
.
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 adequacy or accuracy of this
release.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/106903