Consolidated Woodjam Copper Issues Top-up Shares to Gold Fields
Vancouver, BC, September 24, 2018, Consolidated Woodjam Copper Corp. (the “Company”) (TSX-V: WCC) announced that it has completed its share top-up obligation that was due on the third anniversary of completion of the transaction contemplated by the agreement dated August 11, 2015 (the “Agreement”) with Gold Fields Netherlands Services BV (“Gold Fields”). The Company has issued 3,267,724 shares of the Company (the “Top-up Shares”), for no additional consideration, to Gold Fields and thereby topped-up its’ shareholding in the Company to 19.9% of the issued and outstanding shares of the Company. The issue of the Top-up Shares has been accepted by the TSX-Venture Exchange, and they are subject to a hold period that will expire on January 24, 2019.
Under the Agreement, the Company purchased all of the shares of Gold Fields Horsefly Exploration Corporation (“Gold Fields Horsefly”) and, as a result, now controls of 100% of the Woodjam copper-gold-molybdenum project located near the community of Horsefly, approximately 45 kilometers east of Williams Lake, British Columbia (B.C.). Gold Fields also has the option of maintaining its equity interest in the Company by participating in future share placements. Gold Fields retained a 2% Net Smelter Return Royalty (NSR) over all unencumbered land in the Woodjam Project, which may be reduced at any time to 1% by the Company paying Gold Fields $5,000,000 in cash. A 0.5% NSR will apply to certain encumbered claims, subject to terms and conditions. Refer to news releases dated August 13, 2015 and September 23, 2015 for further details.
Management of the Company believes there are significant opportunities for expansion of the resource base laterally, at depth and by infilling known zones. Additionally, there are untested exploration targets ready for potential discovery. The Company intends, subject to financing, to aggressively advance further exploration of the Woodjam Project.
G. L. Garratt
G.L.Garratt, P.Geo.,Director
Consolidated Woodjam Copper Corp.
Contact: (604) 681-7913 or Toll Free: 888-656-6611
Consolidated Woodjam Copper Corp. (the “Company”) (TSX-V: WCC) trades on the TSX-V exchange and currently owns a 100% interest in the Woodjam project in British Columbia. Visit the Company’s website at: http://www.woodjamcopper.com
Forward Looking Statements: This news release contains forward looking statements that are subject to a number of known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in our forward looking statements. Forward-looking statements in this release include statements regarding the timing of the date of any financing and exploration activity on the Woodjam Project. Factors that could cause such differences include: changes in world commodity markets, equity markets, costs and supply of materials relevant to the mining industry, change in government and changes to regulations affecting the mining industry. In addition to other factors and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals. Although we believe the expectations reflected in our forward looking statements are reasonable, results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
