| ||March 08, 2018|
BCM Resources Corporation Announces Update on Drill Plans and Option Agreement for Thompson Knolls Project
| ||Vancouver, BC - BCM Resources Corporation (TSX-V: B), the "Company" is pleased to announce that the Utah Department of Oil Gas and Mining ("DOGM") has approved the Company's drill pad/hole locations and road plans for the Thompson Knolls Cu-Au Porphyry exploration project located in Western Utah. Two initial diamond drill holes are planned, approximately 1,350 metres apart. Each drill hole will be vertical and drilled to a target depth of 900 metres. |
As previously announced, the Company has entered into an option agreement with Inland Explorations Ltd., a BC headquartered non-reporting Issuer, ("Inland"), for an option to acquire up to 60% interest in Inland's drill-ready Thompson Knolls Property ("TK Property") located in central Utah's Great Basin, one of the premier metallogenic provinces in the world. The TK Property is located in Millard County, Utah and consists of 125 federal unpatented mineral claims and two State Section Leases, comprising 3,465 acres (1,402 ha).
Under the terms of the agreement, BCM has the option to earn a 51% interest within 4 years by incurring total property expenditures of C$3.5 million, issuing to Inland a total of 2.6 million shares in the Company, and making total cash payments of C$250,000, as well as posting any required exploration bonds and paying all annual property and permit related expenses. Fifty thousand dollars (C$50,000) and 450,000 shares shall be due on Closing with the balance of property expenditures, cash and share payments staged over a four year period.
Upon BCM earning a 51% interest, the Company shall have the option to increase its interest in the TK Property by an additional 9% to 60% by spending an additional $5M on the TK Property and delivering a pre-feasibility level study on the property with 2 years.
The proposed transaction has received approval by the TSX Venture Exchange (the "Exchange") and completion of a formal Option Agreement reflecting detailed terms is underway, with Closing expected on or before April 30th, 2018.
Inland Explorations Ltd. ("Inland"), a non-reporting issuer, is related to the Company by way of two common directors, all of whom hold shares in Inland and are officers of both companies.
About BCM Resources Corporation
BCM Resources Corporation is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing prospective Copper, Gold, and Molybdenum exploration projects in British Columbia and Utah. BCM Resources is managed by experienced and successful board members and advisors. For further information, including area maps, sections, and photos, please visit our web site at www.bcmresources.com or contact us by e-mail at email@example.com.
On Behalf of the Board of Directors:
President and Chief Executive Officer
For further information please contact:
Telephone: 1 (604) 646-0144, ext. 223
Caution Concerning Forward-Looking Statements
This news release and related texts and images on BCM Resource Corporation's website contain certain "forward-looking statements" including, but not limited to, statements relating to interpretation of mineralization potential, drilling and assay results, future exploration work, and the anticipated results of this work. Forward-looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company's projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits and access agreements may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in these work programs.
Forward-looking statements contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. BCM Resources Corporation undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors, should change.
This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDERS (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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