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Omineca Executes Binding Letter Agreement to Commence Bulk Sample Operations at the Wingdam Project
Omineca Executes Binding Letter Agreement to Commence Bulk Sample Operations at the Wingda...
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":"\n\n\n\nOmineca Executes Binding Letter Agreement to Commence Bulk Sample Operations at the Wingdam Project\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nSASKATOON, March 1, 2019\n\n\n\nSASKATOON, March 1, 2019 /CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) (\"Omineca\" or the \"Company\") announces that it has executed a binding letter agreement (the \"Agreement\") with an arms length private company based in Saskatchewan (\"Privco\") to commence a bulk sample program (the \"Bulk Sample\") running 300 meters down the length of the paleochannel, as a follow-on to the initial smaller scale bulk sample completed in 2012 at the Company's Wingdam gold project, 45 km east of Quesnel, British Columbia.  Under the terms of the agreement, Privco will incur 100% of the costs associated with the preparation work required to commence operations, inclusive of all equipment and consumables required, as well as the development of the access drift and the establishment of the freeze cap.  In exchange for completing the preparatory work, Privco will earn a 50% interest in the Wingdam project.\nOMM is pleased to execute this Agreement and looks forward to the rapid advancement of the project. Omineca has a detailed understanding and plan for completing the Bulk Sample at Wingdam using modern freeze mining technology, as is evidenced by the completion of the 2.4m x 2.4m x 23m bulk sample cross cut completed in 2012, successfully recovering 5.4 kilograms (173 troy ounces) of placer gold.  \nOMM and Privco will enter into a definitive joint venture agreement in due course, which shall incorporate the basic terms outlined in the Agreement.  OMM further anticipates that preparatory work at Wingdam will commence in the second quarter of 2019.  This Agreement and subsequent joint venture or option is subject to regulatory and TSXV Exchange review and acceptance.\nAbout Omineca Mining and Metals Ltd.\nOmineca Mining and Metals Ltd. controls a 100% interest in the Wingdam Project through its wholly owned subsidiary CVG Mining Ltd.  The 2...