Sun PEAK Metals Corp Provides Update ON Crisis IN Ethiopia
SUN PEAK METALS CORP PROVIDES UPDATE ON CRISIS IN ETHIOPIA
November 27, 2020 – Vancouver - Sun Peak Metals Corp (the “ Company” or “Sun Peak”, TSX-V: PEAK)
reports that a state of emergency declared on November 4, 2020 in the Tigray Region by the Federal
Democratic Republic of Ethiopia government remains in place.
Sun Peak has invoked force majeure on all four of the exploration licenses comprising the Shire Project by
notification to Ethiopia’s Ministry of Mines and Petroleum. Work on the Shire Project was suspended as
of November 4, 2020 and will remain suspended until the state of emergency is revoked and the region is
deemed safe.
Sun Peak has further invoked force majeure pursuant to the Joint Venture agreement between Sun Peak
and Ezana Mining Development plc (“Ezana”) by notification to Ezana. Work that would otherwise go
towards earn-in has been suspended and will remain suspended until the state of emergency is removed.
The purpose of invoking force majeure is to ensure that any delays as a result the current crisis in Ethiopia,
which is not in the Company’s control, do not adversely impact the Company’s ability to execute on the
agreements it has in place and to allow Sun Peak to continue its exploration program where it left off. The
Company expects that work commitments on both the exploration licenses and toward the joint venture
agreement will be suspended until the crisis is over.
Sun Peak continues to communicate with the Ethiopian Ministry of Mines and looks forward to resuming
work, although the length of time for the suspension is still unknown. The Company’s top priority remains
the continued safety of all employees and contractors.
ON BEHALF OF THE BOARD OF DIRECTORS OF SUN PEAK METALS CORP.
Greg Davis
President, CEO & Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Kaeli Gattens
Vice President, Corporate Development
(T): +1 (778) 558 2404
(E): [email protected]
Neither 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.
PRESS RELEASE
NR 2020-06
For Immediate Release
November 27, 2020
Vancouver, British Columbia
Disclaimer for Forward-Looking Information
Certain information and statements in this news release may be considered forward -looking information or forward -looking
statements for purposes of applicable securities laws (collectively, “forward-looking statements”), which reflect the expectations
of management regarding its disclosure and amendments thereto. Forward -looking statements consist of information or
statements that are not purely historical, including any information or statements regarding beliefs, plans, expectations or
intentions regarding the future. Such information or statements may include, but are not limited to, statements with respect to
the state of emergency in Ethiopia being revoked and the extent that COVID-19 may impact the planned timing and scope of the
exploration programs on the Shire Projects. Such statements are subject to risks and uncertainties that may cause actual results,
performance or developments to differ materially from those contained in the statements. No assurance can be given that any
of the events anticipated by the forward- looking statements will occur or, if they do occur, what benefits Sun Peak will obtain
from them. These forward -looking statements reflect management's current views and are based on certain expectations,
estimates and assumptions, which may prove to be incorrect. A number of risks and uncertainties could cause actual results to
differ materially from those expressed or implied by the forward -looking statements, including without limitation: the risk that
the results of the planned exploration programs at the Shire Project to not meet expected results. These forward -looking
statements are made as of the date of this news release and, except as required by applicable securities laws, Sun Peak assumes
no obligation to update these forward- looking statements, or to update the reasons why actual results differed from those
projected in the forward-looking statements. Additional information about these and other assumptions, risks and uncertainties
are set out in the "Risks and Uncertainties" section in the Prospectus filed with Canadian security regulators.