VANCOUVER, British Columbia–(Newsfile Corp. – December 1, 2022) – Anacortes Mining Corp. (TSXV: XYZ) (OTCQX: XYZFF) (“Anacortes” or “Company”) is pleased to provide an update on its recent efforts to build shareholder value through its ongoing strategic review process.
Anacortes’ board and management regularly review the company’s overall corporate strategy and long-term strategic initiatives with the goal of identifying opportunities to strengthen the business and maximize shareholder value. . As part of this process, Anacortes’ board and management may decide to (i) continue as a single-asset company, or (ii) acquire complementary assets or sell the company to a logical suitor. We continually review the relative strategic interests of any corporate transactions that may entail. Due to the considerable inbound interest in the potential corporate transaction, the Company has decided to undertake a strategic review process to assess the status of the potential transaction opportunity.
As a result, Anacortes has engaged in meaningful discussions with a particular party (“Recipient”) over the past five months. This concerns a transaction that could provide Anacortes with several strategic benefits, including a short-term logical fit of quality assets. A stronger financial position to fund production and cash flow generation and development of Anacortes’ Tres Cruces project.
A non-binding letter of intent (“LOI”) has been entered into with the other party. This included a promise that Anacortes would exclusively deal with the other party. Given the compelling terms of the LOI, Anacortes’ board and management agreed to enter into exclusive negotiations for a limited time. Since signing the LOI, both parties have conducted extensive technical, financial, legal and tax due diligence and have negotiated a final agreement.
To conserve cash, the Company has temporarily suspended drilling operations at Tres Cruces while discussions regarding this potential transaction are ongoing.
Execution of the final contract and closing of the transaction, as intended in the LOI, is contingent upon the ultimate issuer securing the necessary working capital to advance the assets at closing. . Counterparties will continue to work diligently with various capital providers to obtain favorable financing commitments.
Anacortes remains interested in the proposed transaction with the counterparty and discussions between the parties are ongoing. However, given the length of our engagement with our counterparties, we will allow the exclusivity period to elapse to explore other alternatives that may also provide opportunities to create meaningful value for Anacortes shareholders. decided to
Anacortes looks forward to providing continued updates to shareholders as the strategic review process progresses. In the meantime, drilling operations at Tres Cruces will continue to be suspended, although certain metallurgical test operations and environmental baseline studies will be conducted as part of a planned feasibility study on a highly promising gold oxide project at Tres Cruces. will continue.
Anacortes is a new growth-oriented gold company in the Americas that owns a 100% interest in the Tres Cruces gold project in Peru. Tres Cruces is one of the world’s highest grade undeveloped gold oxide deposits and hosts a resource representing 2,474,000 oz of oxides and sulfides at 1.65 g/t gold. 104,000 ounces at 1.26 g/t gold. A PEA on Tres Cruces leachable resources, released in early 2022, demonstrates a robust open pit heap leach project. Anacortes advances Tres Cruces oxide project through feasibility, permitting and production while continuing to explore further growth opportunities in the Americas with the goal of creating a mid-tier, multi-asset gold producer It’s a schedule.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements that constitute “forward-looking information” within the meaning of applicable Canadian securities laws (“forward-looking statements”). All statements, other than statements of historical fact, contained herein are forward-looking statements that could cause actual events or results to differ materially from those reflected in the forward-looking statements. subject to known and unknown risks and uncertainties.
The forward-looking statements in this news release include our view of the synergies of the transaction with our counterparties, the likelihood that the issuer will secure the necessary working capital as a result, and our commitment to provide ongoing updates. Intent, and finally, continue to explore further growth opportunities in the Americas with the goal of advancing Tres Cruces through our feasibility, permitting and production to create a mid-sized multi-asset gold producer increase. Often, but not always, these forward-looking statements are statements that use statements such as “expected,” “estimated,” “potential,” “unresolved,” “future,” can be identified by the use of words such as “”, “predicted”, etc. used”, “detailed”, “done”, “obtained”, “planned”, “reflected”, “scheduled”, “anticipated”, “estimated”, ” includes, “remains,” “will,” or statement events, “could” or “should” occur or be accomplished, and negative variations Similar expressions including.
Forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our ability to control or predict, and may affect our actual results, performance or performance. RESULTS MAY BE DIFFERENT FROM RESULTS, RESULTS OR OUTCOME. expressed or implied by forward-looking statements. These risks include changes in general economic conditions and financial markets. political risks; risks related to the current and potential adverse effects of the COVID-19 pandemic on the economy, financial markets and our business; Risks inherent in mineral exploration and development. Forward-looking statements contained in this news release are based on what each party believes to be reasonable assumptions when made, but such statements are made only as of the date hereof. , we disclaim any obligation to update any forward-looking statements. statements, whether as a result of new information, future events, results or otherwise, except as required by law. There can be no assurance that these forward-looking statements will prove to be accurate, as actual results or future events could differ materially from those projected in these statements. Accordingly, readers should not place undue reliance on forward-looking statements.
TSXV has neither approved nor rejected the content of this press release.
The technical content of this news release has been reviewed and verified by James (“Jim”) Currie, P. Eng., qualified for terms as defined in National Instrument 43-101. Mr. Currie is President and CEO of Anacortes Mining Corp.
For more information, see: www.anacortesmining.com
LinkedIn: Anacortes Mining
On behalf of the Board:
James A. (Jim) Curry
President and CEO
Investor Information Contact:
Kin Communications Co., Ltd.
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