VANCOUVER, British Columbia, Aug. 11, 2017 (GLOBE NEWSWIRE) — WestKam Gold Corp. (TSX-V:WKG) (“WestKam” or the “Company”), a Vancouver-based gold exploration company focused on developing the Bonaparte Gold Project property approximately 50 km northwest of Kamloops, B.C., announces the recent signing of a Cooperation Agreement (the “Agreement”) with the Stk’emlúpsemc te Secwépemc Nation.
The Agreement formalizes a process for ongoing dialogue and cooperation between the Stk’emlúpsemc te Secwépemc Nation and the Company regarding future exploration and bulk sampling activities planned for the Bonaparte Gold Project, which lies within the Stk’emlúpsemc te Secwépemc Nation traditional territory, recognizing their cultural, traditional heritage and environmental interest.
The Cooperation Agreement spans a term of five years and provides WestKam unrestricted access to explore its registered mineral property located within the Stk’emlúpsemc te Secwépemc traditional territory including installation of required infrastructure. The Stk’emlúpsemc te Secwépemc Nation have agreed to prepare a Cultural Heritage Study of the Bonaparte Gold Project area, and support WestKam in all government applications, permits and other processes and regulatory applications. In consideration, WestKam will issue 1.5 million shares of its capital stock to the Stk’emlúpsemc te Secwépemc Nation, which shares will be subject to a 4 month hold period when issued as required under applicable securities laws. In addition, WestKam will pay the Stk’emlúpsemc te Secwépemc Nation $150,000 upon completion of a cultural heritage study. The parties also agreed that the Stk’emlúpsemc te Secwépemc Nation will receive a 2% net smelter royalty on mineral product sales relating to the bulk sample program proposed for the property.
The foregoing is subject to approval by the TSX Venture Exchange.
About the Stk’emlúpsemc te Secwepemc Nation
The Stk’emlúpsemc te Secwépemc Nation consists of the Tk’emlúps te Secwépemc and Skeetchestn Indian Band, a division of the Secwépemc Nation. The Stk’emlúpsemc te Secwépemc Nation are responsible for Aboriginal Title and Rights on their Territory.
Tk’emlúps te Secwépemc is a progressive Band on the leading edge of self-sufficiency for their approximate 1350 members (living both on and off the reserve). They pioneered Indian Property taxation and have created over 200 direct jobs and over $200 million of regional economic activity. The Band, which operates over 10 corporations, added 20,000 acres of fee simple land, and crown leases for resource development, partnerships with investors, entrepreneurs and other investment/economic opportunities. TteS has the Secwepemc Museum which is the cultural interpretive centre. Cultural and sporting events, such as pow wows, are important to the community.
The Skeetchestn Indian Band is working towards self reliance through education, as another key component of the Band’s strategy, as evidenced by the opening of the Skeetchestn Community School in 1996. They also have the Knucwentwecw Development Corporation, which manages several ventures including the Big Sky Gas Station, Trailer Park, Sk7ain Ventures, Skeetchestn Holdings, Painted Rock Aggregates and a Movie Set. Other future projects may include a cultural interpretive centre and a restaurant. Cultural and sporting events such as pow wows and annual rodeos are important to the community.
Termination of Proposed Sale of Bonaparte Property and Acquisition of Adjacent Claims
WestKam announces the termination of its proposed sale of the Bonaparte Gold Project property (initially announced in the Company’s news release dated January 5, 2017). In addition, the Company has terminated the proposed acquisition of three mineral claims adjacent to the Bonaparte Gold Project property (initially announced in the Company’s news release dated January 5, 2017), which three claims were subsequently referred to as the “Bonaparte North Property” in the Company’s news releases dated April 25, 2017 and May 11, 2017. In that the Company will not be proceeding with these two transactions, it intends to focus its current efforts and resources on advancing the Bonaparte Gold Project property.
“We are extremely pleased to have executed the Cooperation Agreement with the SSN and look forward to continue working together in renewing our efforts to advance the property,” said Matt Wayrynen, WestKam President and CEO “I am confident that, together, we will make positive progress in the near term that will add value for WestKam stakeholders.”
About WestKam Gold Corp.
WestKam Gold Corp. is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. The Bonaparte Gold Project is a high grade, bulk tonnage, copper gold target with significant potential. Subject to financing and other considerations, the Company plans to resume a 10,000 tonne bulk sample program in 2017 that will focus on veins that have produced multi-ounce values of gold. This program is expected to provide further information about the known vein system and test the potential for copper-gold porphyry type mineralization. Company website: www.westkamgold.com
For additional information, please contact:
WestKam Gold Corp 604.682.3701
ON BEHALF OF THE BOARD OF DIRECTORS
Matt Wayrynen, President
|WestKam Gold Corp.||Contact:||John Ulmer, Investor Relations|
|Suite 900, 570 Granville Street||778.994.6453|
|Vancouver, BC V6C 3P1||www.westkamgold.com|
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the future work programs on and advancement of the Bonaparte Gold Project property, the future expenditure of Company efforts and resources on the property, the proposed issuances of shares and other payments to the Stk’emlupsemc te Secwepemc Nation, and receipt of TSXV acceptance to the Cooperation Agreements and the issuance of shares thereunder. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. These statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.