CORRECTION: Omineca Extends Warrants and Acquires Additional Tenures at the Wingdam Project
Cranbrook, British Columbia (FSCwire) - Cranbrook, BC 17 February, 2017: Omineca Mining and Metals Ltd. (TSX-V:OMM) (“Omineca”) would like to correct the news release issued on February 16 2017 regarding the extension of warrants. The expiry and extension dates of the warrants were incorrectly stated as follows:
1,355,000 warrants exercisable at $0.10 have been extended from an expiry date of February 16, 2017 to a new expiry date of February 16, 2018. The original News Release stated the dates as expiring February 16, 2016 with a new expiry date of February 16, 2017. These warrants were issued pursuant to a private placement of 5,420,000 shares with 1,355,000 share purchase warrants attached, which was accepted for filing by the Exchange effective March 2, 2015. All other terms of the warrants remain the same.
2,950,000 warrants exercisable at $0.10 have been extended from an expiry date of March 30, 2017 to a new expiry date of March 30, 2018. The original News Release stated the dates as expiring March 30, 2016 with a new expiry date of March 30, 2017. These warrants were issued pursuant to a private placement of 2,950,000 shares with 2,950,000 share purchase warrants attached, which was accepted for filing by the Exchange effective April 14, 2016. All other terms of the warrants remain the same.
Omineca has also recently added additional placer and mineral tenures at the Wingdam Project. The placer tenures, which recently became available for acquisition, add to the area of the gold bearing Deep Lead Channel gravels controlled by Omineca. The mineral tenures, contiguous with tenures held by Barkerville Gold Mines Ltd., give Omineca additional exposure to hard rock potential in the Wingdam area.
Omineca Mining and Metals Ltd. controls a 100% interest in the Wingdam Project through its wholly owned subsidiary CVG Mining Ltd. The 2700 ha Wingdam Project is located 45 km east of Quesnel, B.C. on the Barkerville Highway and provides a unique opportunity for Omineca to develop near-term placer gold production in a proven mining district. The property overlies both placer and hard-rock tenures along the Lightning Creek valley, where topographic conditions have created a deep overburden accumulation which effectively resulted in a large portion of the channel being excluded from conventional surface placer mining activity. This has left a deep paleo-channel containing undisturbed gold-bearing gravels. On the Wingdam property, drilling and previous geophysical surveys indicate that the paleo-channel may occur throughout the entire 2.4km length of the Wingdam placer tenures, extending upstream and downstream an undetermined distance. Numerous attempts have been made to mine the paleo-channel at Wingdam since the late 1880s, but all were hampered by an influx of water and unstable ground conditions and were ultimately abandoned.
Omineca intends to utilize recent technological advances in mining to unlock the value of the Wingdam placer gold. The Wingdam project received final permitting in January, 2015 to carry out a bulk sample of the gold bearing Deep Lead Channel along a 300m drift length.
“Charles C. Downie, P.Geo.”
Omineca Mining and Metals Ltd.
For further information on Omineca, please contact :
1 866 HUNT ORE (486 8673)
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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Source: Omineca Mining and Metals Ltd. (TSX Venture:OMM)
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