September 06, 2022 – Vancouver, Canada – Canada One Mining Corp. (the “Company” or “Canada One”) (TSXV: CONE) is pleased to announce that it has entered into an option agreement, dated effective August 31st, 2022 (the “Agreement”), pursuant to which the Company will acquire from an arm’s length third party, the right to earn a 100% interest, subject to a 2% net smelter returns royalty (the “Royalty”), in the Cooper Lake and Golden Lake properties (the “Property”) located roughly 50 kilometres south of Cobalt, Ontario (the “Transaction”). The Transaction will be included as part of the Company’s option to earn a 90% interest in the Matabitchuan Cobalt Project and a 100% interest in the Eldridge Pubelow Property, as announced by the Company on August 23, 2022, and together the transactions constitute a fundamental acquisition in accordance with the rules of the TSX Venture Exchange (“TSXV”).
The Agreement
The Company can earn a 100% interest in the Property, subject to a 2% net smelter returns royalty (the “Royalty”), by issuing an aggregate of 400,000 common shares (the “Share Payments”), and making $40,000 in cash payments (the “Cash Payments”) to the Optionor on or before the dates set out below:
(i) 125,000 shares and $5,000 in cash within five Business Days after receipt of the approval of the Agreement from the TSXV (the “TSXV Approval”);
(ii) an additional 125,000 shares at market value and $10,000 in cash on or before the first anniversary date of the TSXV Approval; and
(iii) an additional 150,000 shares at market value and $25,000 in cash on or before the second anniversary date of the TSXV Approval.
Following the exercise of the option, the Company will grant the Royalty to the vendor of the Property. The Company can purchase 50% (or 1%) of the Royalty at any time for a one-time payment of $1,000,000 in cash.
Closing
Closing of the Transaction remains subject to the completion of a technical report in respect of the Property, completion of the Offering, and the approval of the TSXV. The Transaction cannot be completed until approval of the TSXV is received. Trading in the common shares of the Company is currently halted on the TSXV and is expected to remain halted pending completion of further filings with the TSXV. All common shares issuable by the Company in connection with the Share Payments will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Project Overview
The Cooper Lake and Golden Lake properties are contiguous with the Company’s recently optioned Matabitchuan Project. Matabitchuan is located 50kms south of Cobalt, Ontario mining camp, a five-element (Co-Ni-Ag-Cu+/-Au ) vein style district which became one of the largest silver-producing areas in the world, eventually yielding a total of 460 million ounces (more than 13 million kilograms) of silver – over $20-billion worth at today’s silver prices. The district contains several known deposits, historically mined, which have been targeted for their cobalt potential.
Despite the Property’s proximity to this district and the mining towns of Temagami and Silver Centre (abandoned), it has received comparatively little geological or exploration attention over the years.
For further information, interested parties are encouraged to visit the Company’s profile on SEDAR (www.sedar.com) or contact the Company at
On behalf of the Board of Directors of
CANADA ONE MINING CORP.
Peter Berdusco
President and Chief Executive Officer
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.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and other similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to future prices of commodities, accuracy of mineral or resource exploration activity, reserves or resources, regulatory or government requirements or approvals, the reliability of third party information, continued access to mineral properties or infrastructure, fluctuations in the market for gold, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.