2013-02-20 23:52:10 -
Cranbrook, British Columbia CANADA, February 20, 2013 /FSC/ - Omineca Mining and Metals Ltd. (OMM - TSX Venture), and HFX Holding Corp. (HXC.P:TSX-V) (a capital pool company pursuant to Policy 2.4 of the TSX Venture Exchange) have entered into a letter agreement whereby HFX Holding Corp. may earn a 100% interest in the Kiwi Gold Property, located 70 km northeast of Ross River, in central Yukon. Under the terms of the agreement, HFX Holding Corp. has the option to earn a 100% interest in the 2,981 ha property by making $320,000 in cash payments and issuing 800,000 common shares to Omineca over 6 years. Omineca will maintain a 2% Net Smelter Royalty on the claims, which may be reduced to
1% upon payment of $1M.
The Kiwi Property is located 70 km northeast of Ross River, in the central Yukon. The property consists of 145 claims totalling 2,981 hectares located 25 km west of the North Canol Road. The claims overlie high-grade gold occurrences associated with intrusive rocks and north-west trending structures. The Property is located within the "Tintina Gold Belt" an arcuate belt of mid-Cretaceous intrusions extending from southwest Alaska through the Fairbanks and Dawson City areas, then east-southeast to the Yukon-Northwest Territories border.
A field program completed during the summer of 2012 focused on detailed prospecting and geological mapping of newly acquired claims and of known mineralized zones. A NI 43-101 technical report with respect to the Property was filed by Omineca on May 19, 2011 and is available under Omineca's SEDAR profile at www.sedar.com.
Tim Termuende, P.Geo., President and CEO of Omineca commented on the transaction, stating: "We are happy to be working with HFX to help move the Kiwi project forward. By reaching an agreement whereby HFX may earn a 100% interest in the Property, Omineca shareholders remain exposed to the potential upside benefits of discovery through its ownership of HFX shares and residual NSR on the Property, enabling OMM management to focus on completing the RTO of CVG Mining (as announced on Oct 5th, 2012) and developing the Wingdam property, an exciting near-term gold production project"
C.C. (Chuck) Downie P.Geo, of Omineca Mining and Metals Ltd., is a Qualified Person as defined by National Instrument 43-101, whom has read and approved the disclosure of the technical information in this news release. Mr. Downie has verified all of the data disclosed in the news release by review of current and historic assessment reports, review of analytical data, and through personal property visits.
About Omineca Mining and Metals
Omineca Mining and Metals was created by way of a Plan of Arrangement on May 20th, 2011. Shareholders of Copper Canyon Resources Ltd. approved the plan to reorganize the Company's mineral property assets in an effort to maximize shareholder value. Under the terms of the arrangement, two of Copper Canyon's projects, Abo (Harrison) Gold and Kiwi, were transferred into Omineca on a one-for-four share basis.
On behalf of the Board of Directors
"Tim J. Termuende"
President and CEO
For further information, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
or visit our website at ominecamining.com/
Cautionary Note Regarding Forward-Looking Statements
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
This release is available as a PDF file, to view the file please click on the following link:
Source: Omineca Mining & Metals Ltd. (TSXV OMM) www.ominecamining.com
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