Toronto, Ontario – May 6, 2020 – Power Ore Inc. (“Power Ore” or the “Company”) (TSX.V: PORE) is pleased to announce that it has received a 6-month deferral on all of its remaining milestone obligations outlined in the Opemiska Copper Complex acquisition news release dated December 12, 2018.
Power Ore has already completed all of its work obligations up until May 22, 2022, and as a result of this new agreement, can opt to defer its $150,000 payment to Ex-In until May 22, 2021. Although Power Ore is funded and able to make this payment, in light of the exploration restrictions in place due to Covid-19, the Company asked for and received this 6 month deferral to all commitments within the agreement.
“Time is always an ally in resource development, so we are happy to announce this extension and thank our partners at Ex-In. We look forward to continuing our exploration at the Opemiska Copper Complex as soon as it is safe and pragmatic for everyone involved,” said Stephen Stewart, Power Ore’s CEO.
About the Opemiska Copper Complex
The Opemiska Copper Complex is located adjacent to the town of Chapais, Quebec within the Chibougamau region. Opemiska is also within the Abitibi Greenstone belt and within the boundaries of the Province of Quebec’s Plan Nord which promotes and funds infrastructure and development of natural resource projects. The Opemiska property covers 9,852 hectares and covers the past producing Springer, Perry, Robitaille and Cooke mines which were owned and operated by Falconbridge. The project has excellent in place infrastructure including a power station and direct access to Highway 113 and the Canadian National Railway.
For information and updates on Power Ore, please visit: www.powerore.com
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To speak to the Company directly, please contact:
Stephen Stewart, Chief Executive Officer
Neither 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. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Power Ore is a trade name of PowerOre Inc. PowerOre Inc. assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to PowerOre Inc. Additional information identifying risks and uncertainties is contained in filings by PowerOre Inc. with Canadian securities regulators, which filings are available under PowerOre Inc. profile at www.sedar.com.