Mr. Nader Vatanchi reports
WEST MINING CORP. ENTERS OPTION AGREEMENT FOR MINERAL CLAIMS LOCATED IN NORTHERN BRITISH COLUMBIA
West Mining Corp. has entered into an option agreement dated as of Oct. 15, 2024, with ESN Investment Corp. pursuant to which West has the option to earn a 100-per-cent interest in two mineral claims located in northern British Columbia which augment West's Spanish Mountain West and Junkers properties.
The Spanish Mountain West land addition is a mineral claim located in the central Quesnel belt, approximately 70 kilometres northeast of Williams Lake. The new claim covers 412.93 hectares adjacent to the north and west of West's Spanish Mountain West property, as well as adjacent to Spanish Mountain Gold Ltd.'s property. This new mineral claim extends to the eastern shore of Quesnel Lake and represents an increase of 45 per cent in area to the adjacent claims of West's Spanish Mountain West property. West's new Spanish Mountain claim occurs within the same prospective Cretaceous sedimentary strata that host the polymetallic copper, lead, gold, silver and zinc showing at Cedar Creek, in contact with Triassic basalts one to two kilometres north and east.
The Junkers property land addition comprises another mineral claim, this one located 200 kilometres southeast of Dease Lake in north-central B.C. This new claim covers 1,372.49 hectares adjacent to the south of West's gold-copper Junkers property, adding 65 per cent in area to the property. The Junkers property gold-copper exploration target occurs within lower to middle Jurassic marine sedimentary and volcanic rocks of the Hazelton group. The new claim at Junkers starts only 150 metres (m) south of the Junkers gold-copper mineral showing and extends another four kilometres further south, adding significant area to the exploration target.
West has commenced exploration of the Junkers and Spanish Mountain properties, beginning with multispectral satellite image analysis, which is being integrated with existing geophysical and sampling surveys to identify high-potential gold, copper and silver targets for follow-up field investigation.
Nader Vatanchi, West Mining's chief executive officer, said: "Expanding our Spanish Mountain West and Junker properties provides a tremendous opportunity to West. With these additions, we are excited to have begun exploration of our properties, seeking to expand on our previous work done in 2021. We look forward to receiving and disclosing the results of our exploration program in due course."
Under the option agreement, West has the option to earn a 100-per-cent interest in the claims by issuing an aggregate of seven million West common shares to ESN and its affiliates as follows: 4.75 million shares at a deemed price of 19 cents per share as soon as reasonably practicable following execution of the option agreement; 1,125,000 shares within six months of execution of the option agreement; and 1,125,000 shares within one year of execution of the option agreement. Any shares issued under the option agreement will be subject to a four-month hold period in accordance with applicable securities laws. West intends to issue the initial 4.75 million shares on or about Oct. 22, 2024.
On exercise of the option under the option agreement, West will grant to ESN a 1-per-cent net royalty interest on the claims. West will have the right to buy back one-half of the royalty (leaving the optionor with a 0.5-per-cent royalty) for a period of one year following the commencement of commercial production for $500,000.
West also announces that it has entered into an agreement with a creditor to settle $24,000 of debt by issuing an aggregate of 126,315 common shares of the company at a deemed price of 19 cents per share. When issued, the shares will be subject to a four-month hold period in accordance with the applicable securities laws.
Harrison Cookenboo, PhD, PGeo, a qualified person for the purpose of National Instrument 43-101, has reviewed and approved the scientific and technical information included in this news release.
About West Mining Corp.
West Mining is a mineral exploration company acquiring and developing advanced and early-stage exploration projects. Its flagship project is its 100-per-cent-owned, 9,000-hectare prospective Kena project located near Nelson, B.C.
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