(TheNewswire)
March 15, 2024 – TheNewswire - Timmins, Ontario. Melkior Resources Inc. (“ Melkior ” or the “ Company ”) (TSXV:MKR) (OTC:MKRIF) announces an update at itsGenex Project. On January 31, 2024, the Company provided InternationalExplorers & Prospectors Inc. (“IEP”) with a formal notice ofdefault outlining the terms of non-compliance by IEP under the optionagreement dated April 19, 2022 (the “Agreement”). The Agreementprovides Melkior an option to acquire a 100% interest in the GenexProject (see the Company’s news release dated April 20, 2022 foradditional information).
The Company contends that IEP has not met its obligations to completethe required remediation work on the Genex Project and deliver to theCompany and the Ministry of Energy, Northern Development and Mines ofOntario (the “Ministry”) an environmental report confirming thatall remediation work has been completed. As such, in accordance withthe terms of the Agreement, the Company intends to suspend performance of its obligations under theAgreement until such time as the required environmental report isdelivered by IEP. This includes suspension of its second anniversarypayments and cumulative work expenditures (as set out in the April 20,2022 news release), until such time as the environmental report hasbeen delivered.
IEP has responded to Melkior claiming that it is not in breach of theAgreement, as it is actively working with the Ministry in respect ofthe required remediation work. IEP has not responded regardingMelkior’s intention to suspend performance of its obligations underthe Agreement. The matter is ongoing but the parties are continuing towork on a satisfactory resolution.
About Melkior Resources
Melkior Resources is an exploration stage resource company inworld-class mining jurisdictions with a strong partner. Melkior’sflagship Carscallen Project is being advanced by Agnico Eagle MinesLimited through an option agreement pursuant to which Agnico Eagle hasthe option (but not the obligation) to acquire up to a 75% interest tothe Carscallen Project by spending $110 million on the CarscallenProject over a 10-year period. See the Company’s news release datedSeptember 28, 2020 for more information. Melkior, under 100%ownership, is focused on advancing its Beschefer East, Genex, ValD’Or, White Lake and Maseres Projects. Agnico Eagle also ownsapproximately 6% of the issued and outstanding common shares ofCompany.
ONBEHALF OF THE BOARD
Jonathon Deluce, CEO
For more information, pleasecontact:
Melkior Resources Inc.
E-mail: info@melkior.com
Tel: 226-271-5170
The reader is invited to visit Melkior's web site www.melkior.com.
Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the
TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this release.
Cautionary Note RegardingForward-Looking Information
This news release containsstatements that constitute “forward-looking information”(collectively, “forward-looking statements”) within the meaning ofthe applicable Canadian securities legislation. All statements, otherthan statements of historical fact, are forward-looking statements andare based on expectations, estimates and projections as at the date ofthis news release, and include, but are not limited to, statementswith respect to the Company’s performance of its obligations underthe Agreement and the Company reaching a resolution with IEP inrespect to its alleged breach of the Agreement. Any statement thatdiscusses predictions, expectations, beliefs, plans, projections,objectives, assumptions, future events or performance (often but notalways using phrases such as “expects”, or “does not expect”,“is expected”, “anticipates” or “does not anticipate”,“plans”, “budget”, “scheduled”, “forecasts”,“estimates”, “believes” or “intends” or variations of suchwords and phrases or stating that certain actions, events or results “may” or “could”,“would”, “might” or “will” be taken to occur or beachieved) are not statements of historical fact and may beforward-looking statements. Consequently, there can be no assurancesthat such statements will prove to be accurate and actual results andfuture events could differ materially from those anticipated in suchstatements. Except to the extent required by applicable securitieslaws and the policies of the TSX Venture Exchange, the Companyundertakes no obligation to update these forward-looking statements ifmanagement’s beliefs, estimates or opinions, or other factors,should change. Factors that could cause future results to differmaterially from those anticipated in these forward-looking statementsinclude uncertainty associated with the delay to complete the terms ofthe Agreement, possible accidents and other risks associated withmineral exploration operations, the risk that the Company willencounter unanticipated geological factors, the possibility that theCompany may not be able to secure permitting and other governmentalclearances necessary to carry out the Company’s exploration plans,the risk that the Company will not be able to raise sufficient fundsto carry out its business plans, and the risk of politicaluncertainties and regulatory or legal changes that might interferewith the Company’s business and prospects, as well as those risksand uncertainties identified and reported in the Company's publicfilings under its SEDAR profile at www.sedarplus.ca. Accordingly,readers should not place undue reliance on the forward-lookingstatements and information contained in this news release. Except asrequired by law, the Company disclaims any intention and assumes noobligation to update or revise any forward-looking statements toreflect actual results, whether as a result of new information, futureevents, changes in assumptions or changes in factors affecting suchforward-looking statements.
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