North PEAK Provides Operational Update
NORTH PEAK PROVIDES OPERATIONAL
UPDATE
CALGARY, AB
,
Oct. 27, 2022
/CNW/ -
North Peak Resources Ltd.
(TSXV: NPR) (the "
Company
"
or "
North Peak
") announced
September 1
st
2022, that it had amended its contract for the Black
Horse gold property in
Ely Nevada
with Minex LLC such that all rights for the property reverted to
Minex and the Company relinquished its option over the property in return for various considerations
. The Company's remaining obligation is to complete the reclamation program on the Black Horse
property following the three drill programs the Company carried out in the spring of this year for
which it had previously posted a
US$21,949
bond with the Bureau of Land Management . Pursuant
to these amended terms the Company has received the
US$500,000
from Minex LLC and it is
expected that the return of the 1 million Company shares will take place once the reclamation
program is completed in November.
In addition, the company has come to an agreement with
Jerod Eastman
, to step down as COO of
the Company and move to a part time consultancy basis effective
October 31
, 2022. This reflects
the company's decreased operational activity as it focuses on preserving its cash balance of in
excess of
$8m
as of
30 September 2022
and seeking alternative properties.
"The Spring 2022 work programs brought home clearly how the drilling and other exploration costs in
Nevada
demand a strategy of seeking properties with sufficiently high insitu metal values per ton of
potential ore whether open or underground and so the Company has reverted to an aggressive
search mode," said Brian Hinchcliffe Company CEO. " In that context we have agreed with Mr.
Jerod Eastman Company COO who executed the Black Horse work programs to shift his position
from a full time to a part time consultancy basis assisting in these property search efforts and the
Company thanks him for his efforts to date."
About North Peak
The Company is a Canadian based gold exploration and development company that is listed on the
TSX Venture Exchange under the symbol "NPR". The Company is focused on acquiring historic sites,
with low cost producing gold and other metals properties, with near term production potential and 8+
year mine life in the northern hemisphere.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
:
This news
release includes certain "forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not limited to,
the plans, intentions, beliefs,
and current expectations of the Company with respect to the future business activities and
operating performance of the Company that may be described herein
. Forward-looking statements
consist of statements that are not purely historical, including any statements regarding beliefs,
plans, expectations or intentions regarding the future. Such information can generally be identified
by the use of forwarding-looking wording such as "may", "expect", "estimate", "anticipate", "intend",
"believe" and "continue" or the negative thereof or similar variations. Readers are cautioned not to
place undue reliance on forward-looking statements, as there can be no assurance that the plans,
intentions or expectations upon which they are based will occur.
By their nature, forward-looking statements involve numerous assumptions, known and unknown
risks and uncertainties, both general and specific, that contribute to the possibility that the
predictions, estimates, forecasts, projections and other forward-looking statements will not occur.
These assumptions, risks and uncertainties include, among other things, the state of the economy
in general and capital markets in particular,
accuracy of assay results, geological interpretations
from drilling results, timing and amount of capital expenditures; performance of available
laboratory and other related services, future operating costs, and the historical basis for current
estimates of potential quantities and grades of target zones,
as well as those risk factors discussed
or referred to in the Company's Management's Discussion and Analysis for the year ended
December 31, 2021
, and the period ended
June 30, 2022
available at
www.sedar.com
, many of
which are beyond the control of the Company. Forward-looking statements contained in this press
release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this press release are made as of the date of this
press release. Except as required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements, whether as a result of new
information, future events or otherwise. Additionally, the Company undertakes no obligation to
comment on the expectations of, or statements made by, third parties in respect of the matters
discussed above.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
SOURCE
North Peak Resources Ltd.
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For further information:
Brian Hinchcliffe, CEO, Phone: +1-647-424-2305, Email:
[email protected], Website: www.northpeakresources.com; Chelsea Hayes, Director,
Phone: +1-647-424-2305, Email:
CO: North Peak Resources Ltd.
CNW 10:14e 27-OCT-22