Vancouver, British Columbia--(Newsfile Corp. - September 22, 2017) - Opawica Explorations Inc. (TSXV: OPW) (the "Company") announces that the proposed private placement (the "Offering") announced on August 15, 2017 and September 11, 2017 will not proceed at this time due to an abatement of interest stemming from declining gold prices, related weakness in the junior resource sector, and the Company's current share structure.
In the absence of the Offering, the Company has demobilized its drill program at the Bazooka property, near Rouyn-Noranda, Quebec, that it announced on August 15, 2017. The proposed drill program will not proceed at this time.
There is significant activity in the immediate area of Opawica's Bazooka property. Richmont Mines Inc. announced on September 11, 2017 that it is selling its Wasamac gold property, situated on Opawica's north western border, to Monarques Gold Corporation. On September 17, 2017, Yorbeau Resources Inc. ("Yorbeau") announced that Kinross Gold Corporation ("Kinross") has completed over 24,000 metres of drilling on the Rouyn Property that is optioned by Kinross. The Rouyn Property is contiguous to the eastern border of Opawica's Bazooka property and the Company's McWatters property adjoins the eastern border of Yorbeau's Rouyn property and Granada Gold Mines Inc.'s land holdings.
The Company believes that the Bazooka and McWatters properties are excellent exploration prospects and are well positioned, covering about seven kilometres of the Cadillac Larder Lake Break.
FOR FURTHER INFORMATION CONTACT:
Opawica Explorations Inc.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this news release.
Certain statements in this press release relating to the Company's exploration activities, project expenditures and business plans are approximate and are "forward-looking statements" within the meaning of securities legislation. The Company does not intend, and does not assume any obligation, to update these forward-looking statements. These forward looking statements represent management's best judgment based on current facts and assumptions that management considers reasonable, including that operating and capital plans will not be disrupted by issues such as adverse market conditions, mechanical failure, unavailability of parts, labor disturbances, interruption in transportation or utilities, or adverse weather conditions, that there are no material unanticipated variations in budgeted costs, that contractors will complete projects according to schedule, and that actual mineralization on properties may not achieve any category of resource(s). The Company makes no representation that reasonable business people in possession of the same information would reach the same conclusions. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In particular, fluctuations in the price of gold, equity markets or in currency markets could prevent the Company from achieving its targets. Readers should not place undue reliance on forward-looking statements. There is no guarantee that drill results reported in this news release or future releases will lead to the identification of a deposit that can be mined economically, and further work is required to identify resources and reserves. We seek safe harbour.