Business
PNG Copper Announces Various Important Developments
Toronto, Ontario--(Newsfile Corp. - February 13, 2023) - PNG COPPER INC. (CSE: PNGC) ("PNG C" o...
About this update from Loyalist Exploration Limited
[{"type":"text","content":"PNG Copper Announces Various Important DevelopmentsToronto, Ontario--(Newsfile Corp. - February 13, 2023) - PNG COPPER INC. (CSE: PNGC) (\"PNG C\" or the \"Company\") is pleased to announce that the Company has given notice terminating the Mount Suckling option agreement relating to the exploration properties in Papua New Guinea. All activity in that regard will cease. As a result, Steve Grey and Andrew Morris have resigned as Directors of the Company and David Lindley has resigned as interim Chief Executive Officer. Steve Grey has indicated the intention to sell the approximately 10 million shares of the Company that he controls. The Company is not aware of the intentions of David Lindley and Andrew Morris in relation to the approximately 10 million shares of the Company that they jointly control. The Company would like to express its appreciation to Messrs. Grey, Lindley and Morris for their contribution to the Company during its now completed PNG phase. The Company is pleased to announce that John O'Donnell has been appointed to the board of Directors and named interim Chief Executive Officer. John is an experienced businessperson and lawyer with extensive experience in Canadian mining, exploration and development. John along with director Steve Balch will lead the Company's new focus on Canadian opportunities. The Company has determined that a better path forward would be to shift the Company's focus to Canadian exploration opportunities. Accordingly, the Company is also pleased to announce that it has entered into an option agreement with a private arms' length vendor to earn a one hundred per cent (100%) interest in one hundred and thirty-eight (138) mineral claims situated in the Oba area of the Province of Ontario, generally referred to as the \"Lost Molly\" Property (the \"Claims\").During the term of the option in respect of the Lost Molly Property, the Company will have the exclusive and irrevocable right to access, explore and develop the Claims at its sole and absolute discretion.The Lost Molly Property is comprised of 139 contiguous mining claims covering 2,534 hectares in Walls Township and is located 80 km south of the town of Hearst, 16 km southeast of the village of Oba. The Property can be accessed by a local logging road that lies within 2.5 km of the northwest boundary and is bisected by a CNR main train lin...