Westminster Resources Closes Peru Transaction; Appoints Director and Promotes CFO
TSX VENTURE: WMR
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2018) - Westminster Resources Ltd. (TSXV: WMR) is pleased to announce that it has now completed the incorporation of its subsidiary in Peru, and has started the process to transfer the Peruvian copper projects acquired from Latin Resources Ltd. This completes the transaction announced on September 9, 2017.
Glen Indra, Westminster's President and CEO, commented: "We're thrilled to close this cornerstone transaction for Westminster; it's been a long time coming and we thank our investors for their patience. Now we can turn our attention to advancing these projects and enhancing our copper-focussed property portfolio with additional projects currently under review."
The projects consist of 36,225 hectares of exploration licences covering iron oxide copper gold (IOCG) and porphyry targets, near the port of Ilo in southern Peru, home to half of Peru's copper production. Two of the projects, Ilo Norte and Ilo Este, are advanced targets with significant historical exploration results, with another four earlier-stage projects that are considered highly prospective, based on both historical geophysical surveys and mapping/sampling programs.
The closing of the transaction includes the issuance of 19 million common shares of the capital of Westminster to Latin Resources Ltd, with the following vesting schedule:
1 million shares vest on August 8, 2018
3 million shares vest on February 8, 2019, along with the final US$100,000 payment
15 million shares vest on August 8, 2019
As well, Westminster is pleased to appoint Chris Gale, Managing Director of Latin Resources to its board. Chris is also the current chairman of the Council on Australian Latin American Relations (COALAR) established by the Australian Government's Department of Foreign Affairs and Trade (DFAT). He is also a founding director of Allegra Capital, a boutique corporate advisory firm based in Perth and is a member of the Australian Institute of Company Directors (AICD).
Mr. Gale noted, "Latin Resources is very excited to be completing this transaction. I am looking forward to Westminster's success in unlocking the significant value of this portfolio of projects and will be taking an active role, to include helping to identify other potential acquisitions in Peru." Glen Indra, President and CEO of Westminster added, "Chris' experience in Peru and his enthusiasm for these copper projects adds even more value to our Company and I look forward to his contributions."
Westminster is also pleased to announce Alain Voisin, CPA, CGA has been promoted to Chief Financial Officer. Alain has worked with Westminster since January 2018, and has served as Controller and CFO of various private and publicly traded companies, including a number of junior exploration companies over the past 15 years. Alain obtained his Bachelor of Science from Western University.
The Company thanks outgoing Oleg Scherbina for his role as CFO since the inception of Westminster and wishes him the best in his future endeavours.
Westminster Resources is a Latin American focussed mining exploration company. The company is in the process of acquiring a 100% interest in a package of highly prospective copper properties in southern Peru. These properties total over 36,000 hectares within the country's prolific coastal copper belt—source of nearly half of Peru's copper production. Prior work has identified both porphyry and IOCG style mineralization. The company also holds a 100% interest in the 18,000-hectare El Cobre property in Sonora, Mexico, prospective for world-class epithermal and copper-gold porphyry systems.
ON BEHALF OF THE BOARD OF DIRECTORS
WESTMINSTER RESOURCES LTD.
President & CEO
For further information regarding Westminster Resources Ltd., please call 604-608- 0400, Toll Free: 1-877-608-0007.
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This news release may contain forward-looking information which is not comprised of historical facts. Forward- looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward- looking information. Forward-looking information in this news release may include, but is not limited to, the Company's objectives, goals or future plans, including the proposed transaction with Latin Resources Limited and closing of such transaction. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.