Western Metallica Announces Commencement of Exploration ON the Sierra ALTA Project
WESTERN METALLICA ANNOUNCES COMMENCEMENT OF
EXPLORATION ON THE SIERRA ALTA PROJECT
TORONTO, ONTARIO – September 29 , 2022 – Western Metallica Resources Corp.
(TSXV: WMS) (“Western Metallica” or the “ Company”) is pleased to announce that it
will commence an exploration program on the Sierra Alta Gold Project (the “ Sierra Alta
Project”) in the “Navelgas Gold Belt” in Asturias, Spain . Western Metallica holds an
option to acquire 55% of the Sierra Alta Project pursuant to an option agreement, as
amended, (the “Sierra Alta Option Agreement ”) between its wholly owned subsidiary,
Western Metallica Corp., and Emerita Resources Corp. (“ Emerita”). In addition, the
Company will today file a technical report in respect of the Sierra Alta Project titled
“Technical report on the Sierra Alta Project, Pola de Allende -Tineo, Asturias Region,
Spain” (the “Sierra Alta Technical Report ”). For additional information in regard to the
Sierra Alta Project, please refer to the Sierra Alta Technical Report, which will be available
under the Company’s SEDAR profile at www.sedar.com. In satisfaction of a condition in
the Sierra Alta Option Agreement, the Company today issued 786,632 common shares
to Emerita. These shares will be subject to a four -month and one day hold period under
applicable securities laws in Canada.
Western Metallica is also pleased to announce the appointment of Soo -Whan Kim as
Chief Financial Officer effective immediately. Mr. Kim has over 12 years of experience
working in the resource sector in senior finance positions of publicly traded companies.
Mr. Kim serves as the Corporate Controller of Consolidated Uranium and Labrador
Uranium. He previously held roles as Director of Treasury & Planning at Americas Gold
& Silver and Corporate Controller at Andean Precious Metals and Polar Star Mining. Mr.
Kim began his career at BDO Canada where he worked with a variety of companies. Mr.
Kim is a Chartered Pro fessional Accountant (CPA, CA) and holds a Bachelor of
Commerce from the Ted Rogers School of Management at Toronto Metropolitan
University.
Mr. Kim replaces Mr. Khalid Naeem in the role of Chief Financial Officer. The Corporation
wishes to thank Mr. Naeem and wish him well in his future endeavours.
The Company received conditional approval from Exchange to proceed with the
aforementioned share issuance and to incur mineral exploration expenditures on the
Sierra Alta Project on September 13, 2022. The acquisition of the interest pursuant to the
Sierra Alta Option Agreement is a Non -Arm’s Length Transaction under the policies of
the Exchange as the CEO of the Company acts as the CFO of Emerita and a director of
the Company is a director of Emerita.
About Western Metallica Resources Corp.
Western Metallica is a British Columbia company with its head office in Toronto, Ontario.
Western Metallica is in the business of mineral resource exploration and development, its
principal asset is its 100% owned Penedela Gold Property in the “Navelgas Gold Belt” in
Asturias, Spain. Western Metallica also has an interest in two other Spanish gold projects
in the “Navelgas Gold Belt” in Asturias (Valledor and Sierra Alta) and one project located
in Andalucia (Nueva Celti).
Further information of the Company can be found at: www.westernmetallica.com.
Contact
CEO and Director, Gregory Duras: [email protected]
or
Investor Relations: [email protected]
Cautionary Note Regarding Forward-Looking Information
This news release contains forward -looking information that involves substantial
known and unknown risks and uncertainties, most of which are beyond the control
of Western Metallica Corp. Forward looking statements include statements
regarding the acquisit ion of an interest in the Sierra Alta Project and the timing
thereof , timing of filing of Sierra Alta Technical Report and final approval of the
Exchange . 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, including risks related to factors beyond the control of
the Company. Although Western Metallica Corp. believes that the assumptions and
factors used in preparing the forward -looking information in this news release are
reasonable, undue reliance should not be placed on such information, which only
applies as of the date of this news release, and no assurance can be given that
such events will occur in the disclosed time frames or at all. Western Metallica
Corp. disclaims any intention or obligation to update or revise any forward -looking
information, whether as a result of new information, future events or otherwise,
other than as required by law.
This News Release contains forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as "may", "should", "expects", "plans",
"anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative
of these terms or other c omparable terminology. These statements are only predictions
and involve known and unknown risks, uncertainties and other factors that may cause our
or our industry's actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity, performance or achievements
expressed or implied by these forward-looking statements.
Although the Company believes that the assumptions and factors used in preparing the
forward-looking information in this ne ws release are reasonable, undue reliance should
not be placed on such information, which only applies as of the date of this news release.
The Company disclaims any intention or obligation to update or revise any forward -
looking information, whether as a result of new information, future events or otherwise,
other than as required by law.
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.