Mr. David Suda reports
MICH RESOURCES ANNOUNCES TERMINATION OF AGREEMENTS TO ACQUIRE THE PECOY COPPER PROJECT AND PURSUIT OF NEW BUSINESS OPPORTUNITIES
Mich Resources Ltd. has terminated agreements with Pembrook Copper Corp., Minera Andina de Exploraciones SAA (MinAndex) and Carlos Mauricio Carlessi Vargas (together, the vendors) to acquire and consolidate 100 per cent of the Pecoy copper project.
On June 27, 2022, the company announced that it had entered into updated definitive agreements with the vendors to acquire and consolidate 100 per cent of the Pecoy project, a copper porphyry project located in southern Peru. Management has determined it is not in the best interest of the company to pursue the Pecoy transaction under the present terms and financial market conditions, and is working with potential buyers to recover a portion of the costs incurred in the pursuit of closing the Pecoy transaction.
The company is committed to creating value for its shareholders and is therefore actively seeking new acquisition opportunities of properties endowed with battery metals with a jurisdictional focus in the Americas. The company is currently in discussions to acquire such assets and will make further announcements with respect to these efforts as soon as practically possible.
The company also announces the resignation of April Hashimoto and Dr. Miguel Cardozo, who were appointed to the company's board of directors at the company's annual general meeting on Aug. 9, 2022, as well as Dr. David Stone who was appointed chief operating officer in January, 2022, in anticipation of the closing of the Pecoy transaction. The company wishes to thank Ms. Hashimoto, Dr. Cardozo and Dr. Stone for their service, and wishes them success in their current and future endeavours.
About Mich Resources Ltd.
The company is a British Columbia public company with a registered office at 25th floor, 700 West Georgia St., Vancouver, B.C., V7Y 1C3. The company is principally engaged in the acquisition and exploration of mineral properties.
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