VANCOUVER, BC / ACCESSWIRE / April 2, 2020 / International Mining Corp (CSE:IMCX) (OTC PINK:IMIMF) (the "Company" or "IMC"), is pleased to announce, further to its news release dated March 18, 2020, that it has completed the acquisition (the "Acquisition") of 100% of the issued and outstanding share capital of Thane Minerals Inc. ("Thane"). Thane holds a 100% interest in an approximately 206 km2 (50,904 acres) land package (the "Land Package") located in north-central British Columbia, which includes six highly prospective mineralized areas identified to date including the "Cathedral prospect'.
Purchase Consideration
As consideration for the Acquisition, IMC has issued to the former shareholders of Thane (the "Vendors") an aggregate of $2-million CAD worth of common shares in the capital of IMC, at a deemed price of $0.38 per common share, for a total of 5,263,158 IMC shares (the "IMC Shares"). The IMC Shares will be escrowed and released over a 36-month period.
In addition to the foregoing, if, through additional exploration programs, a resource calculation of at least 800,000,000lbs of copper-equivalent, as determined based on a National Instrument 43-101 (Standards of Disclosure for Mineral Projects) ("NI 43-101") compliant resource estimate, is determined to be indicated within the Cathedral prospect area, then IMC will issue an additional aggregate of $2-million CAD worth of common shares (or cash in lieu, at IMC's option) to the Vendors.
Changes to the Board
In connection with the completion of the Acquisition, Mr. Thomas Greg Hawkins has been appointed as a Director and Chairman of the Board of IMC.
Mr. Hawkins holds a BSc in Geology from the University of Alberta and an MSc in Mineral Economics from McGill University. He has been involved in the Mining Exploration and Investment industries since 1969 and has been variously responsible for the identification and/or delineation of 10 mineral deposits in Canada, USA, Chile, Ghana, Mali and Zaire (DRC).
Mr. Hawkins is currently a Director of New Pacific Metals Corp. (NUAG) and was the Founding Project Consultant and/or Founding Director of seven public and private Exploration/Development ventures (Brohm Mining, Dayton Mining, Nevsun Resources, Banro Resource Corp., Tagish Lake Gold Corp., African Gold Group, Yellowhead Mining Inc.) and has participated in or been responsible for the definition of at least one resource/reserve in every case, with six of those cases resulting in production in the USA, Chile, Ghana, Mali and DRC. These ventures collectively have accounted for over $2.1 billion in market cap at the companies' respective peaks.
In 1990 Mr. Hawkins co-founded CME Consulting Ltd., an international full service consultancy and contracting firm that has served over 100 clients in 25 countries and has employed over 3000 people. He has authored and presented a number of papers on exploration, exploration philosophy and mineral economics since 1979. In 2004 he was awarded the Frank Woodside Past Presidents Award by the British Columbia and Yukon Chamber of Mines in recognition of his outstanding contribution to the mining industry.
ON BEHALF OF THE BOARD OF DIRECTORS
Brian Thurston
Chief Executive Officer and President
ABOUT INTERNATIONAL MINING CORP.
IMC International Mining Corp. is a junior exploration and development company. It is focused on creating shareholder value through the acquisition, exploration and development of gold assets, which include the Company's 100% owned Bullard Pass Property in Arizona.
IMC continues to evaluate additional properties to add to its portfolio of mining assets.
INVESTOR RELATIONS:
ir@internationalmining.ca
1 (604) 588-2110
https://imcxmining.com
Forward-Looking Information: This news release contains "forward-looking information" within the meaning of applicable securities laws relating to statements regarding the potential delineation of mineral resources within the Cathedral prospect area, and the Company's business and plans, including with respect to undertaking further acquisitions and carrying out exploration activities in respect of its mineral projects, including the Cathedral Project. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. Readers are cautioned not to place undue reliance on forward-looking information. Such forward-looking statements are subject to risks and uncertainties that may cause actual results, performance and developments to differ materially from those contemplated by these statements depending on, among other things, the risks that no mineral resources are delineated within the Cathedral prospect area, that the Company does not complete any further acquisitions; that the Company does not carry out exploration activities in respect of its mineral projects, including the Cathedral Project, as planned (or at all); and that the Company may not be able to carry out its business plans as expected. Except as required by law, the Company expressly disclaims any obligation and does not intend to update any forward-looking statements or forward-looking information in this news release. Although the Company believes that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct and makes no reference to profitability based on sales reported. The statements in this news release are made as of the date of this release.
The CSE has not reviewed, approved or disapproved the content of this press release.
SOURCE: International Mining Corp
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