Power Ore Receives 6 Month Extension on All Opemiska Terms
Power Ore Receives 6 Month Extension on All
Opemiska Terms
TORONTO
,
May 6, 2020
/CNW/ - Power Ore Inc. ("Power Ore" or the "Company") (TSX.V: PORE)
is pleased to announce that it has received a 6-month deferral on all of its remaining milestone
obligations outlined in the Opemiska Copper Complex acquisition news release dated
December 12,
2018
.
Power Ore has already completed all of its work obligations up until
May 22, 2022
, and as a result of
this new agreement, can opt to defer its
$150,000
payment to Ex-In until
May 22, 2021
. Although
Power Ore is funded and able to make this payment, in light of the exploration restrictions in place
due to Covid-19, the Company asked for and received this 6 month deferral to all commitments within
the agreement.
"Time is always an ally in resource development, so we are happy to announce this extension and
thank our partners at Ex-In. We look forward to continuing our exploration at the Opemiska Copper
Complex as soon as it is safe and pragmatic for everyone involved," said
Stephen Stewart
, Power
Ore's CEO.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to the town of
Chapais, Quebec
within the
Chibougamau
region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of
the Province of
Quebec's
Plan Nord which promotes and funds infrastructure and development of
natural resource projects. The Opemiska property covers 9,852 hectares and covers the past
producing Springer, Perry, Robitaille and Cooke mines which were owned and operated by
Falconbridge
. The project has excellent in place infrastructure including a power station and direct
access to Highway 113 and the Canadian National Railway.
And please follow us on Twitter @PowerOre
N
either 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. Certain information in this press release may contain forward-looking statements. This
information is based on current expectations that are subject to significant risks and uncertainties
that are difficult to predict. Actual results might differ materially from results suggested in any
forward-looking statements. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. assumes
no obligation to update the forward-looking statements, or to update the reasons why actual results
could differ from those reflected in the forward looking-statements unless and until required by
securities laws applicable to PowerOre Inc. Additional information identifying risks and uncertainties
is contained in filings by PowerOre Inc. with Canadian securities regulators, which filings are
available under PowerOre Inc. profile at
www.sedar.com
.
SOURCE
Power Ore
View original content:
http://www.newswire.ca/en/releases/archive/May2020/06/c1020.html
%SEDAR: 00045293E
For further information:
Stephen Stewart, Chief Executive Officer, Phone:
416.644.1571, Email:
[email protected]; www.powerore.com
CO: Power Ore
CNW 07:00e 06-MAY-20