Crown Mining Completes Oversubscribed $160,000 Private Placement
CROWN MINING COMPLETES OVERSUBSCRIBED $160,000 PRIVATE PLACEMENT
TORONTO, CANADA, January 18, 2019 – Crown Mining Corp., (“ Crown” or the
“Company”) (TSX Venture: CWM) is pleased to announce that it has completed a non-brokered
private placement previously announced on December 14, 2018 (the “Private Placement”) for
aggregate gross proceeds of $160,000. The Private Placement involved the issuance of
1,600,000 units (“Units”) at a price of $0.10 per Unit for gr oss proceeds of $160,000. Each Unit
consists of one common share in the capital stock the Company (a “Common Share”) and one
warrant. Each warrant will en title the holder to purchase one Common Share for $0.16 at any
time within 2 years after closing subject to an acceleration clause . All securities issued pursuant
to this Private Placement will be subject to a four-month hold period.
Insiders of the Company acquire d directly and indirectly a to tal of $30,000 worth of Units or
300,000 Units in the Private Placement on the same basis as other participants. The direct and
indirect participation in the Private Placement by an insider of the Company constitutes a “related
party transaction” as su ch term is defined under Multilater al Instrument 61-101 – Protection of
Minority Security Holders in Special Transactio ns (“MI 61-101”). The Company is relying on
the exemptions from the formal valuation and minority approval requirements under MI 61-101.
A material change report in connection with th e Private Placements will be filed less than 21
days before the closing of th e Private Placement. The Company believes this shorter period is
reasonable and necessary in the circumstances as the Company wished to complete the Private
Placements in a timely manner.
The Company will use the proceeds of the Pr ivate Placement for general working capital
purposes.
About Crown Mining Corp.
Crown controls approximately 15 square miles of patented and unpatented federal mining claims
in the Light’s Creek Copper District in Plumas County, NE California; essentially, the entire
District. The District contains substantial copper (silver) sulf ide and copper oxide resources in
three deposits – Moonlight, Superior and Engels, as well as several partially tested and untested
exploration targets.
The Superior and Engels Mines operated from about 1915-1930 producing over 161 million
pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold
credits.
The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960’s. A
Preliminary Economic Assessment Study ("PEA"), prepared by Tetra Tech Inc., had the
following highlights:
After-tax NPV of US$179M at a 8% discount rate and a $3.15 copper price.
After tax IRR of 14.6%
Initial Capital Cost: US$513M, including a contingency provision in the amount of
US$71M
Plant Processing Rate: 60,000 tons per day (STPD)
Average Copper Recovery: 86.0%
Mine Life: 17 years, based on the existing Mineral Resource estimate
Life of mine copper production of 1.5 billion pounds
Please note the PEA is preliminary in nature an d includes inferred mineral resources that are
considered too speculative geologically to have th e economic considerations applied to them that
would enable them to be categorized as mineral reserves. Furthermore, there is no certainty that
the preliminary economic assessment will be real ized. Mineral resources that are not mineral
reserves do not have demonstrated economic vi ability. Readers are encouraged to read the
technical report when it is filed.
Further details of the PEA and the resources on Crown’s property and th e parameters used to
calculate them can be found in the "Technical Report and Preliminary Economic Assessment for
the Moonlight Deposit, Moonlight-Superior Copper Project, California, USA" dated April 12,
2018 on both the company’s website at www.crownminingcorp.com or on www.sedar.com under
the Crown Mining Corp profile.
Mr. George Cole is the Qualified Person pursu ant to NI 43-101 responsible for the technical
information contained in this news release, and he has reviewed and approved this news release.
For more information please see the Crown website at www.crownminingcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, President, CE O and Director, Crown Mining Corporation (416) 361-2827 or
email [email protected].
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 press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S.
securities laws and regulations, including statements regarding the future activities of the Company. Forward-
looking statements reflect the current beliefs and expectat ions of management and are identified by the use of words
including “will”, “anticipates”, “expected to”, “plans”, “p lanned” and other similar words. Actual results may
differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of
risks, including those described in the Company’s manag ement discussion and analysis as filed with the Canadian
securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue
reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any
jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of
1933 and may not be offered or sold in the United St ates absent registration or applicable exemption from the
registration requirements.