CALGARY,
AB, Oct. 27, 2022 /CNW/ - North Peak
Resources Ltd. (TSXV: NPR) (the "Company" or "North
Peak") announced September
1st 2022, that it had amended its contract
for the Black Horse gold property in Ely
Nevada with Minex LLC such that all rights for the property
reverted to Minex and the Company relinquished its option over the
property in return for various considerations . The Company's
remaining obligation is to complete the reclamation program on the
Black Horse property following the three drill programs the Company
carried out in the spring of this year for which it had previously
posted a US$21,949 bond with the
Bureau of Land Management . Pursuant to these amended terms the
Company has received the US$500,000
from Minex LLC and it is expected that the return of the 1 million
Company shares will take place once the reclamation program is
completed in November.
In addition, the company has come to an agreement with
Jerod Eastman, to step down as COO
of the Company and move to a part time consultancy basis effective
October 31, 2022.
This reflects the company's decreased operational activity as it
focuses on preserving its cash balance of in excess of
$8m as of 30 September 2022 and seeking alternative
properties.
"The Spring 2022 work programs brought home clearly how the
drilling and other exploration costs in Nevada demand a strategy of seeking properties
with sufficiently high insitu metal values per ton of potential ore
whether open or underground and so the Company has reverted to an
aggressive search mode," said Brian Hinchcliffe Company CEO. " In
that context we have agreed with Mr. Jerod Eastman Company COO who
executed the Black Horse work programs to shift his position from a
full time to a part time consultancy basis assisting in these
property search efforts and the Company thanks him for his efforts
to date."
About North Peak
The Company is a Canadian based gold exploration and development
company that is listed on the TSX Venture Exchange under the symbol
"NPR". The Company is focused on acquiring historic sites,
with low cost producing gold and other
metals properties, with near term production potential
and 8+ year mine life in the northern hemisphere.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
STATEMENTS: This news release includes certain
"forward-looking statements" under applicable Canadian securities
legislation. Forward-looking statements include, but are not
limited to, the plans, intentions, beliefs, and current
expectations of the Company with respect to the future business
activities and operating performance of the Company that may be
described herein. Forward-looking statements consist of
statements that are not purely historical, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Such information can generally be identified by the use of
forwarding-looking wording such as "may", "expect", "estimate",
"anticipate", "intend", "believe" and "continue" or the negative
thereof or similar variations. Readers are cautioned not to place
undue reliance on forward-looking statements, as there can be no
assurance that the plans, intentions or expectations upon which
they are based will occur.
By their nature, forward-looking statements involve numerous
assumptions, known and unknown risks and uncertainties, both
general and specific, that contribute to the possibility that the
predictions, estimates, forecasts, projections and other
forward-looking statements will not occur. These assumptions, risks
and uncertainties include, among other things, the state of the
economy in general and capital markets in particular,
accuracy of assay results, geological interpretations from
drilling results, timing and amount of capital expenditures;
performance of available laboratory and other related services,
future operating costs, and the historical basis for current
estimates of potential quantities and grades of target zones,
as well as those risk factors discussed or referred to in the
Company's Management's Discussion and Analysis for the year ended
December 31, 2021, and the period
ended June 30, 2022 available at
www.sedar.com, many of which are beyond the control of the Company.
Forward-looking statements contained in this press release are
expressly qualified by this cautionary statement.
The forward-looking statements contained in this press
release are made as of the date of this press release. Except as
required by law, the Company disclaims any intention and assumes no
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise.
Additionally, the Company undertakes no obligation to comment on
the expectations of, or statements made by, third parties in
respect of the matters discussed above.
Neither the TSX Venture Exchange nor its Regulation
Service 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 North Peak Resources Ltd.
