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Message: WestCan acquires copper property
Shares dropping on this +ve news?! Isn't it always the way. I smell a PP to get funds for further exploration and get things going. More share dilution forthcoming?? Oh well par for the course....
Anyone else have thoughts on this article.
WestCan acquires copper property
Trading Symbol WCU.V
TAS Claim located 2 Kilometres East of Producing Mine
VANCOUVER, Nov. 9, 2011 /CNW/ - WestCan Uranium Corp. (the "Company") ("WestCan") (WCU.V) is pleased to announce it has entered an Option Agreement with an arms-length individual on the TAS Claim, located 2 kilometres east of the currently producing Copper Mountain Mine, which is 17 kilometres south of the Town of Princeton, in the Similkameen Mining Division of British Columbia. The project encompasses approximately 1,300 hectares and the area has been extensively logged, giving good access to all areas of the claim.
The Copper Mountain camp has been the subject of copper exploration since the 1880's and has been a significant producer of copper, gold and silver for 70 years (1926-1996). Exploration resumed in 2007 and the mine was placed back into production by Copper Mountain Mining Corporation earlier this year. The open pit mine is expected to yield 100 million pounds of copper per year.
The geological setting on the TAS Claim is similar to the Copper Mountain Camp and geological mapping, prospecting and soil geochemical sampling as well as electromagnetic geophysical surveying were carried out from 1990 to 1996. In May 2009, 19.5 kilometres of Titan 24 DC/IP geophysical surveying was completed over the claim and since October 2009 twelve holes have been drilled, the latest completed in 2011. Management is currently reviewing all previous reports and will be outlining a comprehensive work program in the near future.
Under the terms of the agreement, WestCan will pay the Optionor a total of $400,000 in cash; issue 800,000 shares; and incur a minimum of $3,000,000 of exploration expenditures in exchange for receiving a 100% interest in the project. The commitments are to be staged over a four year period. The Optionor will also receive a 2% Net Smelter Royalty. The agreement is subject to regulatory approval.
On behalf of the Board of Directors
President and CEO
WestCan Uranium Corp.
Statements about the Company's future expectations and all other statements in this press release other than historical facts are "forward looking statements". The Company intends that such forward-looking statements be subject to the safe harbours created thereby. Since these statements involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from the expected results.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Source: Canada Newswire (November 9, 2011 - 9:00 AM EST)
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