Mr. David Greenway reports
NEWPOINT EXPLORATION PROVIDES UPDATE ON COBALT PROPERTY
New Point Exploration Corp. offers a corporate update on the mineral assets known as the Mid-Corner cobalt project, located on the Avalon Peninsula on the north side of Chance Cove Brook, about 60 kilometres south from St. John's along Route 10, in the province of Newfoundland and Labrador. New Point entered into an option agreement with a private arm's-length vendor, whereby the company was granted the exclusive right and option to acquire a 100-per-cent interest in the property, subject to an existing 2-per-cent net smelter royalty on the property. New Point has the option to acquire 100-per-cent interest in three licences which comprise the property (15 mineral claims).
At this time, based on a mineral assessment and reassessment of corporate direction, New Point has decided not to proceed with the exploration of the property. Instead, New Point will focus on its core competencies and exploration objectives designed to improve shareholder valuation.
About New Point Exploration Corp.
New Point is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high-grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions.
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