2013-12-31 21:17:49 -
Toronto, Ontario CANADA, December 31, 2013 /FSC/ - The Streetwear Corp.("Streetwear" or the "Corporation") is pleased to announce that it has successfully acquired ARC Exploration Inc. ("ARC") via a Share Exchange Agreement, thereby completing its next phase of having the common shares of the Corporation listed on a publically recognized stock exchange. ARC owns the Lac Colombet Property ("Property"), a copper prospect in the Ungava region of Quebec.
The Corporation is planning on changing its name to ARC Corporation as well as to list its common shares and has changed its fiscal year-end to December 31 from January 31.
Lac Colombet Property
The Property is located in the central part of the Labrador Trough, approximately 125 kilometres southwest of Kuujjuaq,
Quebec and some 1,500 kilometres north of the City of Montreal.
The Property consists of 57 contiguous, unpatented mining claims comprising 1,690.74 hectares (4,226.85 acres), more or less, straddling the boundary between the Lac Joques map sheet (N.T.S. 24-F-02) to the north and the Fort Mackenzie sheet (24-C-15) on the south. Twenty-nine claims are located in the southwest quadrant of the north sheet and 28 are situated in the northwest quadrant of the Fort Mackenzie sheet. The centre of the property lies, approximately, at 57o 00' North Latitude and 68o 52' West Longitude.
Historical exploration work on the Property dates back to the 1950's, and focused on finding the source for high grade glacial copper floats found along the northwest shoreline of Lac Colombet (the "Lake"). Historical geophysical Induced Polarization ("IP") surveying identified several anomalous response areas throughout the Property area, including a Lake bay immediately south of the float area. Historical diamond drilling of most of these land based IP anomalies returned negative results. However the bay anomaly has never been drill tested, and Company management believes that this anomaly could be the source of the high grade copper float.
All claims comprising the property have a mutual expiry date of July 14, 2015. None of the claims have excess work credits. Thus, in order to retain the property beyond the 2015 date an additional $1,800 in acceptable assessment work must be recorded on each claim for a total of $102,600.
Under the terms of a 2005 agreement Richmond Minerals Inc. ("Richmond") purchased a one hundred percent interest in the Property from a staking syndicate for certain considerations of money, common shares of Richmond, and a retained 2% Net Smelter Royalty Return ("NSR"). On January 15, 2013 a Vending Agreement between Richmond and ARC was signed with ARC acquiring a 100% interest in the Property for a consideration of $15,000 and 2,000,000 shares of ARC.
Warren Hawkins, P.Eng, a "Qualified Person", within the meaning of National Instrument 43-101 - Standards of Disclosure for Mineral Projects, has reviewed and approved the scientific and technical information contained in this news release. Mr. Hawkins is not considered to be "independent" of the Corporation (as defined in National Instrument 43-101), as he currently holds securities of the Corporation and is a director of ARC.
Certain statements in this document constitute "forward-looking statements" within the meaning of various security legislation inclusive of but not limited to the United States Private Securities Litigation Reform Act of 1995 and/or "forward-looking information" under the Securities Act (Ontario). These statements include, without limitation, statements regarding the status of development or expenditures relating to our business, plans to fund our current activities, statements concerning our partnering activities, exploration regulatory submissions, strategy, future operations, future financial position, future revenues and projected costs. In some cases, you can identify forward-looking statements by terminology such as "may", "will", "should", "expects", "plans", "anticipates", "believes", "estimated", "predicts", "potential", "continue", "intends", "could", or the negative of such terms or other comparable terminology. We made a number of assumptions in the preparation of these forward-looking statements. You should not place undue reliance on our forward-looking statements, which are subject to a multitude of risks and uncertainties that could cause actual results, future circumstances or events to differ materially from those projected in the forward-looking statements. These risks include, but are not limited to, securing and maintaining corporate alliances, the need for additional capital and the effect of capital market conditions and other factors, including the current status of our programs, on capital availability, the potential dilutive effects of any financing, the timing of our programs to explore, develop and commercialize our products, the timing and costs of obtaining regulatory approvals, our estimates regarding our capital requirements and future revenues, the timing and amount of investment tax credits, and other risks detailed from time to time in our public disclosure documents or other filings with the securities commissions or other securities regulatory bodies in Canada and the U.S as well as abroad. Additional risks and uncertainties relating to the Corporation and our business can be found in the "Risk Factors" section of our documents filed on SEDAR, and we disclaim any intention and have no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with a transaction, any information released or received with respect to the transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a resource company should be considered highly speculative.
No regulatory body accepts responsibility for the adequacy or accuracy of this release."
For more information, please contact:
Chief Executive Officer and President
The Streetwear Corporation T: (647) 932 – 3847
The Streetwear Corporation
T: (416) 603-2114
To view this press release as a PDF, please click on the following link:
Source: The Streetwear Corp.
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