TORONTO, May 6, 2020 /CNW/ - Power Ore Inc. ("Power Ore"
or the "Company") (TSX.V: PORE) is pleased to announce that it has
received a 6-month deferral on all of its remaining milestone
obligations outlined in the Opemiska Copper Complex acquisition
news release dated December 12,
2018.
Power Ore has already completed all of its work obligations up
until May 22, 2022, and as a result
of this new agreement, can opt to defer its $150,000 payment to Ex-In until May 22, 2021. Although Power Ore is funded and
able to make this payment, in light of the exploration restrictions
in place due to Covid-19, the Company asked for and received this 6
month deferral to all commitments within the agreement.
"Time is always an ally in resource development, so we are happy
to announce this extension and thank our partners at Ex-In. We look
forward to continuing our exploration at the Opemiska Copper
Complex as soon as it is safe and pragmatic for everyone involved,"
said Stephen Stewart, Power Ore's
CEO.
About the Opemiska Copper Complex
The Opemiska Copper
Complex is located adjacent to the town of Chapais, Quebec within the Chibougamau region. Opemiska is also within
the Abitibi Greenstone belt and within the boundaries of the
Province of Quebec's Plan Nord
which promotes and funds infrastructure and development of natural
resource projects. The Opemiska property covers 9,852 hectares and
covers the past producing Springer, Perry, Robitaille and Cooke
mines which were owned and operated by Falconbridge. The project has excellent in
place infrastructure including a power station and direct access to
Highway 113 and the Canadian National Railway.
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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. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Power Ore is a trade name of PowerOre Inc. PowerOre
Inc. assumes no obligation to update the forward-looking
statements, or to update the reasons why actual results could
differ from those reflected in the forward looking-statements
unless and until required by securities laws applicable to PowerOre
Inc. Additional information identifying risks and uncertainties is
contained in filings by PowerOre Inc. with Canadian securities
regulators, which filings are available under PowerOre Inc. profile
at www.sedar.com.
SOURCE Power Ore
