Vancouver, British Columbia, Canada, Feb. 02, 2023 (GLOBE NEWSWIRE) -- Allied Copper Corp. (TSX-V: CPR, OTCQB: CPRRF) (the "Company" or "Allied") announced today that it has terminated its option to acquire a 100% interest in the Klondike Property, pursuant to an option agreement among Cloudbreak Discovery PLC, Cloudbreak Discovery (Canada) Ltd., Tarsis Resources US Inc., Alianza Minerals Ltd. and Allied Copper dated December 3, 2021 (the "Option Agreement"). In accordance with the Option Agreement, the Company has given notice for the termination of the Option Agreement which will be effective immediately.
The terms of the Option Agreement were announced in the Company's press release dated December 7, 2021. Upon termination of the Option Agreement, Allied Copper is required to maintain the mineral claims that comprise the Klondike Property in good standing for a period of two years, which is expected to cost approximately $43,000.
For further information, please contact:
Kyle Hookey
CEO and Director
Cell: +1 604 818 7780
E-mail: khookey@cronincapital.ca
About Allied Copper
Allied Copper (TSX-V: CPR, OTCQB: CPRRF), is a growth-oriented, battery-metals focused exploration company whose strategy is to acquire and develop low-cost and potentially high-growth battery metals assets that represent key inputs needed to support the global energy transition, located in ESG-friendly jurisdictions. Allied Copper's core assets include a partnership agreement to earn-in on the copper-focused Stateline Property in Utah, and, via the Company's wholly-owned subsidiary, Volt Lithium Corp., approximately 400,000 acres of mines and minerals permits in the Rainbow Lake area of Alberta, specifically targeting lithium found in the brines of the Keg River formation. Allied Copper is committed to operating efficiently and with transparency across all areas of the business and are sharply focused on creating long-term, sustainable value for shareholders. Investors and other interested parties are encouraged to subscribe for Allied Copper's news releases and other corporate updates by visiting the Company's website: www.alliedcoppercorp.com.
On behalf of the Board of Directors of Allied Copper Corp.,
Mr. Warner Uhl
Executive Chairman
Contact Information
For Investor Relations inquiries or further information, please contact:
Kyle Hookey
CEO and Director
Cell: +1 604 818 7780
E-mail: khookey@cronincapital.ca
Forward Looking Statements- Safe Harbour
This news release includes certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and "forward-looking information" under applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", expect", "target", "plan", "forecast", "may", "would", "could", "schedule" and similar words or expressions, identify forward-looking statements or information.
Forward-looking statements and forward-looking information relating to any future mineral production, liquidity, enhanced value and capital markets profile of Allied Copper Corp., future growth potential for Allied Copper and its business, and future exploration plans are based on management's reasonable assumptions, estimates, expectations, analyses and opinions, which are based on management's experience and perception of trends, current conditions and expected developments, and other factors that management believes are relevant and reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been made regarding, among other things, the price of copper and other metals; no escalation in the severity of the COVID-19 pandemic; costs of exploration and development; the estimated costs of development of exploration projects; Allied Copper's ability to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
This news release contains "forward-looking information" within the meaning of the Canadian securities laws. Statements, other than statements of historical fact, may Constitute forward looking information and include, without limitation, statements about: the expected costs of maintaining the mineral claims that comprise the Klondike Property in good standing for a period of two years; and the strategic focus of the Company. With respect to the forward-looking information contained in this news release, the Company has made numerous assumptions regarding, among other things, the geological, metallurgical, engineering, financial and economic advice that the Company has received is reliable and are based upon practices and methodologies which are consistent with industry standards. While the Company considers these assumptions to be reasonable, these assumptions are inherently subject to significant uncertainties and contingencies. Additionally, there are known and unknown risk factors which could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information contained herein. Known risk factors include, among others: fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of well results and the geology, continuity and grade of copper deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; increased costs and restrictions on operations due to compliance with environmental and other requirements; increased costs affecting the metals industry and increased competition in the metals industry for properties, qualified personnel, and management. All forward-looking information herein is qualified in its entirety by this cautionary statement, and the Company disclaims any obligation to revise or update any such forward-looking information or to publicly announce the result of any revisions to any of the forward-looking information contained herein to reflect future results, events or developments, except as required by law.
