FOR IMMEDIATE RELEASE
February 9, 2016
BCM Resources Corporation Revises Thompson Knolls Agreement and provides update on First Nations Land Claims in British Columbia
Vancouver, BC - BCM Resources Corporation (TSX-V: B), the "Company" announces that pursuant to discussions with the TSXV exchange, it has entered into a revised Letter of Intent ("LOI") with Inland Explorations Ltd. ("Inland"), for an option to acquire up to 60% interest in Inland's drill-ready Thompson Knolls Copper, Gold & Silver Property ("TK Property") located in central Utah's Great Basin, one of the premier metallogenic provinces in the world. The TK property comprises 3,465 acres (1,402 ha) located in Juab County, Utah and consists of 125 federal unpatented mineral claims and two State Section Leases.
Under the terms of the revised LOI, BCM has the option to earn a 51% interest within 4 years by incurring total property expenditures of C$3.5 million, issuing to Inland a total of 2.6 million shares in the Company, and making total cash payments of C$250,000, as well as posting any required exploration bonds and paying all annual property and permit related expenses. Fifty thousand dollars (C$50,000) and 450,000 shares shall be due on Closing with the balance of property expenditures, cash and share payments staged over a four year period.
Upon BCM earning a 51% interest, the Company shall have the option to increase its interest in the TK Property by an additional 9% to 60% by spending an additional $5M on the TK Property and delivering a pre-feasibility level study on the property with 2 years.
Inland Explorations Ltd. ("Inland"), a non-reporting issuer, is related to the Company by way of three common directors, all of whom hold shares in Inland and two of which are officers of both companies. The proposed Option Agreement is non arm's length and Closing (on or before May 30, 2016) is subject to receipt of all requisite regulatory and other approvals, including the approval of the TSX Venture Exchange.
First Nations Land Claims, British Columbia
The governments of British Columbia and Canada have entered into two Agreements in Principle (AIPs) with the Kitselas and Kitsumkalum first Nations. While not legally binding, the respective AIPs set out Kitselas and Kitsumkalum lands, which will consist of current Crown and Indian Reserve lands that Kitselas or Kitsumkalum will own in the future, and over which they will have certain governance authorities once their respective Final Agreements take effect. It is expected that the Final Agreements will take several years to negotiate and implement, and once approved, will be legally binding on all parties.
BCM Resources has been advised by the Province of British Columbia that several of its Mineral Claim tenures, are located on proposed Kitselas or proposed Kitsumkalum lands. Although Kitselas and Kitsumkalum will be the owners of the land and subsurface resources under the terms of a Final Agreement, the Company's tenures will continue in accordance with provincial law and will continue to be administered by the province in accordance with provincial law and the Final Agreement.
In the even the Company forfeits, abandons or surrenders any of the affected tenures, they will not be re-administered to the Company.
The mineral claim tenures attributed to BCM Resources Corporation in the AIPs are as follows:
|501770 Moly Ck||514220 Shan 2||543709 Shan 4|
|514199 Moly Ck||514265 Shan 3||543710 Shan 5|
|514243 Moly Ck||2541267 Shan 4||559141 Shan 6|
|504253 Shan||541268 Shan 5||559154 Shan 14|
The company's consulting geologist, Richard R. Redfern, M.Sc. and Certified Professional Geologist, a 'qualified person' for the purposes on National Instrument 43-101 Standards of Disclosure for Mineral Properties, has verified and approved the information contained in this news release, and evaluated the interpretations contained in this news release.
About BCM Resources Corporation:
BCM Resources Corporation is a diversified Canadian mineral exploration company focused on identifying, acquiring, advancing, and joint venturing prospective Copper, Gold, and Molybdenum exploration projects in British Columbia and Utah. BCM Resources is managed by experienced and successful board members and advisors. For further information, including area maps, sections, and photos, please visit our web site at www.bcmresources.com or contact us by e-mail at email@example.com.
ON BEHALF OF THE BCM BOARD OF DIRECTORS
President and CEO
For further Information Contact:
1 604 646-0144 Ext 223
Caution Concerning Forward-Looking Statements
This news release and related texts and images on BCM Resource Corporation's and Inland Explorations Ltd.'s websites contain certain "forward-looking statements" including, but not limited to, statements relating to interpretation of mineralization potential, drilling and assay results, future exploration work, and the anticipated results of this work. Forward-looking statements are statements that are not historical facts and are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements, including, without limitation: risks related to fluctuations in metals prices; uncertainties related to raising sufficient financing to fund the planned work in a timely manner and on acceptable terms; changes in planned work resulting from weather, logistical, technical, governmental, social, or other factors; the possibility that results of work will not fulfill expectations and realize the perceived potential of the company's projects; uncertainties involved in the interpretation of sampling and drilling results and other tests; the possibility that required permits and access agreements may not be obtained in a timely manner; risk of accidents, equipment breakdowns or other unanticipated difficulties or interruptions; the possibility of cost overruns or unanticipated expenses in these work programs.
Forward-looking statements contained in this release are based on the beliefs, estimates, and opinions of management on the date the statements are made. There can be no assurance that such statements will prove accurate. Actual results may differ materially from those anticipated or projected. BCM Resources Corporation undertakes no obligation to update these forward-looking statements if management's beliefs, estimates, opinions, or other factors, should change.
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This news release and the information contained herein does not constitute an offer of securities for sale in the United States and securities may not be offered or sold in the United States absent registration or exemption from registration.