Ophir Receives Approval to Option the Pilipas Lithium Project in the James Bay Region, Quebec
Ophir Receives Approval to Option the Pilipas
Lithium Project in the James Bay Region,
Quebec
Vancouver, British Columbia--(Newsfile Corp. - December 28, 2023) - Ophir Gold Corp.
(TSXV: OPHR)
(OTCQB: OPHRF) (FSE: 80M)
(the "
Company
" or "
Ophir
") is pleased to announce that further to its
news release of December 11
th
, 2023
, the TSX Venture Exchange has approved its Option Agreement
(the "Agreement") with Azimut Exploration Inc. (TSXV: AZM) (OTCQX: AZMTF) (the "Optionor") to
acquire up to an undivided 70% interest in the Pilipas Lithium Property (the "Property"), located
approximately 50 km south of the Company's Radis Lithium Project in the James Bay Region of
Quebec.
Pursuant to the Option Agreement, the Company has the option to acquire a 70% direct interest in the
Property by making the following cash and share payments and incurring exploration expenditures:
Cash (CDN$)
Securities
Exploration or Other
Work Commitments
(CDN$)
Interest Earned
Exchange Approval
$20,000 (paid)
2,000,000 Shares (issued)
-
Year 1
$25,000
1,000,000 Shares
$400,000
Year 2
$25,000
1,000,000 Shares
$1,600,000
50%
Year 3
$30,000
2,000,000 Shares
$2,000,000
70%
Total
$100,000
6,000,000 Shares
$4,000,000
After satisfying the Year 2 commitments, the Company shall earn a 50% interest in the Property. After
satisfying the Year 3 commitments, the Company shall earn a 70% interest in the Property. If the
Company earns a 70% interest in the Property, the parties shall form a joint venture that is 70% held by
the Company and 30% by the vendor. If the Company earns a 50% interest in the Property but fails to
earn a 70% interest, the parties shall form a joint venture that is 50% held by the Company and 50% by
the vendor.
If after formation of the joint venture either party's interest is diluted below 10%, it shall be
converted into a 2% Net Smelter Royalty (NSR) on the Property.
The parties are dealing at arm's length and no finder's fee are payable in connection with the transaction.
About Ophir
Ophir Gold Corp. is a diversified mineral exploration company focused on the exploration and
development of the Radis and Pilipas Lithium Properties in James Bay, Quebec, and the past producing
Breccia Gold Property located in Lemhi County, Idaho. The Company holds an option to earn a 100%
interest in the Radis Property over a three-year period from Eastmain Resources Inc., a wholly owned
subsidiary of Fury Gold Mines Limited, an option to earn a 70% interest in the Pilipas Property over a
three-year period from Azimut Exploration Inc and an option to earn a 100% interest in the Breccia
Property from DG Resource Management Ltd.
About Azimut
Azimut is a leading mineral exploration company with a solid reputation for target generation and
partnership development.
Azimut holds the largest mineral exploration portfolio in Quebec (Canada). Its
wholly owned flagship project, the Elmer Gold Project, has advanced to the resource stage with a strong
exploration upside. Azimut also controls a strategic land position for copper-gold, nickel and lithium (see
the document: Azimut in Numbers).
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine™ expert system)
enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic
regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial
discipline and a strong balance sheet, with 85.2 million shares issued and outstanding.
On behalf of the Board of Directors
"Shawn Westcott"
Ophir Gold Corp.
For further information, please contact:
Shawn Westcott, CEO
Phone 1 (604) 365 6681
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
Cautionary Note
The information contained herein contains "forward-looking statements" within the meaning of applicable
securities legislation. Forward-looking statements relate to information that is based on assumptions of
management, forecasts of future results, and estimates of amounts not yet determinable and include
statements in this press release related to the exploration and discovery potential of the Property and the
Company's future plans with respect to the Property. Any statements that express predictions,
expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not
statements of historical fact and may be "forward-looking statements." Forward-looking statements are
subject to a variety of risks and uncertainties which could cause actual events or results to differ from
those reflected in the forward-looking statements, including, without limitation: risk related to the failure to
obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of
legal proceedings; political and regulatory risks associated with mining and exploration; risks related to
the maintenance of stock exchange listings; risks related to environmental regulation and liability; the
potential for delays in exploration or development activities or the completion of feasibility studies; the
uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology,
grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost
estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility
studies, and the possibility that future exploration, development or mining results will not be consistent
with the Company's expectations; risks related to commodity price fluctuations; and other risks and
uncertainties related to the Company's prospects, properties and business detailed elsewhere in the
Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary materially from those described in
forward-looking statements. Investors are cautioned against attributing undue certainty to forward-
looking statements. These forward-looking statements are made as of the date hereof and the Company
does not assume any obligation to update or revise them to reflect new events or circumstances, except
in accordance with applicable securities laws. Actual events or results could differ materially from the
Company's expectations or projections.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/192664