Business
American Copper Options Chuchi South and Chuchi West Properties to Pacific Ridge Exploration
Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - American Copper Development Corporation (CSE: ACDX) (OTCQB: ACDXF) ("ACDX" or the "Company") i
About this update from American Copper Development Corporation
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - March 6, 2023) - American Copper Development Corporation (CSE: ACDX) (OTCQB: ACDXF) (\"ACDX\" or the \"Company\") is pleased to announce that it has entered into a mineral property option agreement with Pacific Ridge Exploration Ltd. (\"PEX\") and Ronald Bilquist which amends and restates the original mineral property agreement between the Company and Mr. Bilquist dated February 10, 2020 (the \"Mineral Property Agreement\") whereby, among other things, Mr. Bilquist shall grant the Company and PEX the right to earn an interest in the Chuchi South Property, and the Company shall grant PEX the right to earn up to a 75% interest in the Chuchi West Property by expending $8 million. Daniel Schieber comments: \"Our Chuchi South and Chuchi West projects now complete the whole package for Pacific Ridge (PEX.V) - Blaine Monaghan CEO of PEX has done a great job getting his company fully funded and will be dedicating a more intense plan of exploration towards the entire Chuchi package. With our Chuchi South and West properties being part of a larger, well executed exploration play, we believe this to be the best way to add value for ACDX shareholders. Meanwhile, ACDX will continue to focus on exploring its 100% owned Lordsburg Copper project in New Mexico where we plan to drill later this month.\" Transaction Terms Under the Mineral Property Agreement, the Company and PEX are entitled to earn an interest in the Chuchi South Property, such that upon the Company and PEX collectively incurring at least $4,200,000 in exploration expenditures, paying $480,000 in cash to Mr. Bilquist; and issuing 1,500,000 common shares of the Company to Mr. Bilquist (of which, 500,000 common shares have been issued), then the Company and PEX shall have jointly acquired a one hundred percent (100%) interest in the Chuchi South Property, with the allocation of ownership interest being fifty-one percent (51%) PEX and forty-nine percent (49%) ACDX, subject to the rights of Bilquist to receive a two percent (2.0%) net smelter royalty. Further, under the Mineral Property Agreement, the Company has granted PEX an option to acquire a fifty-one percent (51%) interest in the Chuchi West Property, in consideration for PEX fulfilling specified earn-in requirements relating to the Chuchi South Property, and has gra...