Posted in | News | Copper | Mining Business

Copper Mountain to Acquire 75% Interest and 25 Mineral Claims in Bearclaw Capital's Axe Property

Bearclaw Capital Corp. is pleased to announce that it has entered into a option agreement with Copper Mountain Mining Corp. dated February 12, 2014, whereby Copper Mountain may acquire up to a 75-per-cent undivided interest in and to 25 mineral claims located in British Columbia, Canada, known as the Axe property.

Bearclaw and Weststar Resources Corp. hold the property as a joint venture, in which the parties hold a 30-per-cent and a 70-per-cent interest respectively.

Under the terms of the agreement, Copper Mountain can earn a 51-per-cent interest in the Axe property by incurring $3,000,000 of expenditures in exploration activities on the property by the end of the five year earn-in period, with a minimum of $100,000 being incurred in each year, and to paying to the company and Weststar (collectively, in proportion to their participating interest in the Axe J.V.): $30000 on the first anniversary of the commencement date; and $50,000, $100,000, $150,000 and $200,000 on the succeeding anniversaries of the commencement date.

If Copper Mountain exercises the option, a joint venture will be formed between Copper Mountain, Bearclaw and Weststar, with Copper Mountain holding a 51-per-cent participating interest, and the company and Westar holding 14.7-per-cent and 34.3-per-cent participating interests, respectively.

Upon exercise of the option, Copper Mountain will have the option to acquire an additional 24-per-cent undivided interest in the property (increasing its interest to 75-per-cent, absent other adjustments) by either completing a feasibility study on the property or incurring no less than $12,000,000 in expenditures on the property and providing the company and Westar with evidence of such expenditures. In the event that Copper Mountain exercises the second option and acquires an undivided 75-per-cent interest in the property, then the company will have a 7.5-per-cent participating interest and Westar a 17.5-per-cent participating interest in the property, respectively. If at any time, Bearclaws' Participating interest is diluted to less than a 7.5-per-cent Participating Interest it shall be automatically converted to a 0.75-per-cent Net Smelter Return royalty.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Bearclaw Capital Corp.. (2019, February 17). Copper Mountain to Acquire 75% Interest and 25 Mineral Claims in Bearclaw Capital's Axe Property. AZoMining. Retrieved on October 15, 2024 from https://www.azomining.com/News.aspx?newsID=9422.

  • MLA

    Bearclaw Capital Corp.. "Copper Mountain to Acquire 75% Interest and 25 Mineral Claims in Bearclaw Capital's Axe Property". AZoMining. 15 October 2024. <https://www.azomining.com/News.aspx?newsID=9422>.

  • Chicago

    Bearclaw Capital Corp.. "Copper Mountain to Acquire 75% Interest and 25 Mineral Claims in Bearclaw Capital's Axe Property". AZoMining. https://www.azomining.com/News.aspx?newsID=9422. (accessed October 15, 2024).

  • Harvard

    Bearclaw Capital Corp.. 2019. Copper Mountain to Acquire 75% Interest and 25 Mineral Claims in Bearclaw Capital's Axe Property. AZoMining, viewed 15 October 2024, https://www.azomining.com/News.aspx?newsID=9422.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.