Crown Mining Corp. Completes Purchase of Moonlight Property
TSX VENTURE: CWM
Toronto, Ontario--(Newsfile Corp. - March 13, 2018) - Crown Mining Corp. (TSXV: CWM) ("Crown" or "the Company") is pleased to announce that it has exercised its option to acquire and completed the purchase of a 100% undivided right, title and interest in its Moonlight property (the "Property") located in Plumas County in northeast California, USA.
The option agreement was entered into with Canyon Copper Corp in February 2016 (see press release dated February 29, 2016) providing the Company with the option to acquire the Property at any time on or before the 36-month anniversary of the agreement. Pursuant to the terms of the agreement, from the date of the agreement until the closing of the acquisition, total cash consideration of $375,000 was paid by the Company to the vendors along with 2,750,000 shares of Crown issued to the vendors. The final payment of $350,000, which is included in the total cash consideration of $375,000, was paid by Crown into escrow on February 26, 2018 pending completion of the recording of the transfer documentation.
The Moonlight property consists of 208 unpatented mining claims covering approximately 4000 acres subject to an underlying 2.5% net smelter returns royalty. All claims have been transferred to Crown and recorded in Crown's name at the Bureau of Land Management and in the Plumas County records office.
Other Recent News about Crown
Crown just recently released the results of a Preliminary Economic Assessment ("PEA") prepared by Tetra Tech Inc on March 2, 2018 regarding the Company's Moonlight Copper Project.
The PEA was prepared pursuant to National Instrument 43-101 standards by independent consultant, Tetra Tech Inc., and the full technical report will be filed on SEDAR within 45 days of this news release.
About Crown Mining Corp.
Crown controls approximately 15 square miles of patented and unpatented federal mining claims in the Light's Creek Copper District in Plumas County, NE California; essentially, the entire District. The District contains substantial copper (silver) sulfide and copper oxide resources in three deposits — Moonlight, Superior and Engels, as well as several partially tested and untested exploration targets.
The Superior and Engels Mines operated from about 1915-1930 producing over 161 million pounds of copper from over 4 million tons of rock containing 2.2% copper with silver and gold credits. The Moonlight Deposit was discovered and drilled by Placer Amex during the 1960's.
Further details of the resources on Crown's property and the parameters used to calculate them can be found in the Technical Report on the Superior Project dated November 7, 2014 filed on Sedar.com. Additional historical resource estimates are also disclosed in these reports.
Mr. George Cole is the Qualified Person pursuant to NI 43-101 responsible for the technical information contained in this news release, and he has reviewed and approved this news release.
For more information please see the Crown website at www.crownminingcorp.com.
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This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including "will", "anticipates", "expected to", "plans", "planned" and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company's management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.
This news release shall not constitute an offer to sell or solicitation of an offer to buy the securities in any jurisdiction. The common shares will not be and have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements.