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Omineca Mining and Metals Executes Option Agreement for The Wingdam Gold Project, Barkerville, British Columbia, Canada
Omineca Mining and Metals Executes Option Agreement for The Wingdam Gold Project, Barkervi...
About this update from Omineca Mining And Metals Ltd.
[{"type":"text","content":"\n\n\n\nOmineca Mining and Metals Executes Option Agreement for The Wingdam Gold Project, Barkerville, British Columbia, Canada\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, SK, June 7, 2019\n\n\n\nSASKATOON, SK, June 7, 2019 /CNW/ - Omineca Mining and Metals Ltd. (TSXV: OMM) (\"Omineca\" or the \"Company\") announces that, further to the Company's news release dated March 1, 2019, it has signed an Option Agreement (the \"Agreement\") with KR Investments Corp. (\"KR Investments\") of Saskatoon, Saskatchewan, wherein KR Investments is granted the sole and exclusive option to acquire an undivided 50% interest in the Wingdam Project's placer tenures (the \"Property\").  KR Investments can exercise its option to acquire the 50% interest by completing, at its sole cost and expense, all the development work required to prepare the Property for a bulk sampling program on or before December 31, 2019.  \nThe required development work by KR Investments will be considered complete when the first mining room is ready to be opened for bulk sampling.  Activities required to complete this include, but are not limited to, the following:\nDewatering of existing mine workings Obtaining permits, licenses and posting bonds required (not including maintenance of existing permits) Expanding drift wall access Shaft sinking, crosscutting, drifting and ventilation raises Initial freeze drilling Setting up of freeze plant and freezing of the bulk sample zones Providing work crews, supplies, facilities, machinery and equipment necessary for the development work Acquisition, construction and transportation of all facilities Funding wages, fees, salaries and expenses including food and lodgingUpon the exercise of KR Investment's option, the Agreement provides that the parties will operate the Property as a joint venture pursuant to a formal joint venture agreement incorporating the joint venture terms set out in the Agreement. The Agreement is subject to TSX Venture Exchange approval.\nHCC Mining and Demolition Inc. (\"HCC\") a diversified contract mini...