Opawica Explorations Inc. (TSX.V: OPW) is a junior exploration company actively engaged
in the acquisition, exploration and development of mineral resource
properties since 1978.
Vancouver, British Columbia: Further to its news releases of June 19, 2012, July 30, 2012, and September 28, 2012, Opawica Explorations Inc. (TSX.V: OPW) ("Opawica") is pleased to announce that it has closed the sale of its Atikwa Lake, Whitesides Carscallen and Golden Properties, all located in Ontario, to San Gold Corporation (TSX: SGR) ("San Gold"). As consideration therefore, San Gold has issued 9,925,000 shares of San Gold to Opawica. These shares are subject to a hold period expiring on January 29, 2013.
Opawica will now focus its exploration efforts on its 100% owned Bro property in the Yukon and the recently optioned Teck-Kirkland property near Kirkland Lake, Ontario (see news release of September 14, 2012).
In September 2012, Opawica entered into an agreement (the "Agreement") with Hinterland Metals Inc. (TSXV: HMI) ("Hinterland") where it has been granted an option (the "Option") to acquire a 100% interest in 46 mineral claims located near Kirkland Lake in northeastern Ontario, collectively known as the Teck-Kirkland Property (the "Property"). Various of the claims are subject to certain underlying royalties and a portion of the Property is subject to a 2% NSR in favour of Hinterland, one-half of which can be purchased by Opawica for $1,000,000 within five years of the date the Agreement is accepted by TSX Venture Exchange (the "Acceptance Date").
In order to exercise the Option, Opawica is required to pay Hinterland a total of $125,000, issue it a total of 3,000,000 shares of Opawica (the "Shares") and incur a total of $1,000,000 in work expenditures, all over a period expiring November 30, 2016. Of these amounts, $25,000 and 150,000 of the Shares have been paid and the initial $125,000 of the work expenditures are to be incurred prior to November 30, 2013. These payments and expenditures constitute a firm commitment of Opawica.
Opawica owns 100% interest in the four (4) claim unit Bro Property located about 120 road kilometres southeast of Faro, Yukon Territory, Canada.
The Bro Property is primarily a massive sulphide, silver, lead, zinc prospect with exploration potential for gold and copper.