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Aurwest Resources Enters Purchase & Sale Agreement for Sale of Stars Porphyry Copper-Moly Project
CALGARY, AB / ACCESSWIRE / October 7, 2024 / Aurwest Resources Corporation ("Aurwest" or the "Company") (CSE:AWR) is pleased to announce that the Company has en
About this update from Aurwest Resources Corp.
[{"type":"text","content":" CALGARY, AB / ACCESSWIRE / October 7, 2024 / Aurwest Resources Corporation (\"Aurwest\" or the \"Company\") (CSE:AWR) is pleased to announce that the Company has entered into a Purchase & Sale Agreement (the \"Purchase & Sale Agreement\") dated October 4th, 2024 with Interra Copper Corp. (CSE:IMCX) (OTCQB:IMIMF)(FRA:3MX) (\"Interra\") pursuant to which, and subject to the terms and conditions contained therein, the Company will sell 100% right, title, and interest in the Stars Property (the \"Property\"), an early-stage porphyry copper-molybdenum discovery, covering 3,761 hectares (\"ha\") in central British Columbia (the \"Acquisition\"). Highlights Upon closing, Aurwest will receive an aggregate cash and equity consideration of approximately $1.1 million(1) comprised of $250,000 in cash, 10 million common shares and 2.5 million common share purchase warrants of Interra. As a result of the Acquisition, Aurwest will be a significant shareholder of Interra and upon closing of the Acquisition, Interra will appoint Cameron MacDonald to its board of directors. The Acquisition will be subject to the approval of Aurwest shareholders and a shareholder meeting is expected to be called and held in due course. The Stars discovery exhibits several historical exploration drill holes with significant copper and molybdenite mineralization that requires further development better suited for a strong technical team with a proven track record of resource development, which Interra brings to this project. Interra Copper's leadership and advisory teams are comprised of senior mining industry executives who have a wealth of technical and capital markets experience and a strong track record of discovering, financing, developing, and operating mining projects on a global scale. Having held various senior roles including in, Aurelian Resources Inc. (sold to Kinross for $1.2B in 2008), Lion Energy Corp. (sold to Lundin's African Oil Corp. in 2011), Glencore, Freeport-McMoRan, Gold Royalty Corp., Goldcorp Inc., Hudbay Minerals and Agnico-Eagle Mines Limited. Further background on the leadership available www.interracoppercorp.com Total consideration is calculated using Interra Copper closing share price of $0.085 as of October 4, 2024. Cameron MacDonald, CEO of Aurwest, commented: \"I am looking forward to assisting Interra's senior management,...