Wolfden Secures USD 4.5 Million in Non- Dilutive Funding
Wolfden Secures USD 4.5 Million in Non-
Dilutive Funding
THUNDER BAY, ON
,
Jan. 15, 2020
/CNW/ -
Wolfden Resources Corporation
(WLF.V)
("Wolfden" or the "Company")
is pleased to announce it has secured up to
USD 4.5 million
in non-
dilutive funding for its exploration projects by selling-forward timber from its wholly owned Pickett
Mountain Zn-Pb-Cu-Ag-Au Project in
Maine, USA
.
Under the terms of a 5 year stumpage agreement with H.C Haynes of
Winn, Maine
, the company will
receive
USD 3 Million
upon closing and an additional
USD 1
. 5 Million between the 4
th
and 5
th
anniversary of the agreement. Haynes has the right to harvest
USD 5 Million
of timber from the
property over 5 years. The agreement has been signed and the deal is expected to close on or
before
January 22, 2020
. In addition, Haynes has also granted Wolfden an option to earn a 100%
interest (less an NSR) in the mineral rights of the property that adjoins Pickett Mountain as well as
long-term road access rights for the current forest road used reach the Pickett Mountain deposit.
"We are very pleased with this unique and non-dilutive form of financing for a publically listed junior
mining company and thankful to the continued support and relationship with H.C. Haynes who has
been doing an excellent job of cutting timber on our property and generating revenue for Wolfden for
the past two years," stated
Ron Little
Chief Executive Officer for Wolfden. "The funding will be
sufficient to execute our 2020 programs and allow us to be more aggressive in our exploration
efforts as we commence immediately to follow-up several recently discovered prospective drill
targets. Our goal is to significantly increase our total resources through exploration while we
technically advance and de-risk the project so that it can be developed into a high-grade, low cost
underground producing polymetallic mine."
About Wolfden
With the support of major investors Kinross Gold Corporation and Altius Minerals, Wolfden plans to
explore and develop its wholly owned
Pickett Mountain Project
in
Maine, USA
, which is one of the
highest-grade polymetallic projects in
North America
(Zn, Pb, Cu, Ag, Au) and located near excellent
infrastructure.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking information (within the meaning of applicable
Canadian securities legislation) that involves various risks and uncertainties regarding future
events. Such forward-looking information includes statements based on current expectations
involving a number of risks and uncertainties and such forward-looking statements are not
guarantees of future performance of the Company, and include, without limitation, statements
relating to information about future activities at the Pickett Mountain Project that include plans to
complete additional drilling and technical studies in 2019 to support a preliminary economic
assessment of an underground mining scenario on the Project. There are numerous risks and
uncertainties that could cause actual results and the Company's plans and objectives to differ
materially from those expressed in the forward-looking information in this news release, including
without limitation, the following risks and uncertainties: (i) risks inherent in the mining industry; (ii)
regulatory and environmental risks; (iii) results of exploration activities and development of mineral
properties; (iv) risks relating to the estimation of mineral resources; (v) stock market volatility and
capital market fluctuations; and (vi) general market and industry conditions. Actual results and
future events could differ materially from those anticipated in such information. This forward-
looking information is based on estimates and opinions of management on the date hereof and is
expressly qualified by this notice. Risks and uncertainties about the Company's business are more
fully discussed in the Company's disclosure materials filed with the securities regulatory authorities
in
Canada
at
www.sedar.com
. The Company assumes no obligation to update any forward-looking
information or to update the reasons why actual results could differ from such information unless
required by applicable law.
Neither 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.
SOURCE
Wolfden Resources Corporation
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http://www.newswire.ca/en/releases/archive/January2020/15/c8736.html
%SEDAR: 00033002E
For further information:
Please contact Ron Little, President & CEO, at (807) 624-1136.
CO: Wolfden Resources Corporation
CNW 10:50e 15-JAN-20