Consolidated Woodjam Copper Completes the Acquisition of 100% Ownership of the Woodjam Copper-Gold Project
Vancouver, BC / TheNewswire / September 24, 2015, Consolidated Woodjam Copper Corp. (the "Company") (TSX-V: WCC) is pleased to announce that it has completed the acquisition of a 51% interest in the Woodjam Project pursuant to an agreement dated August 11, 2015 (the "Agreement") with Gold Fields Netherlands Services BV ("Gold Fields"), as described in a news release dated August 13, 2015. Under the Agreement, the Company has purchased all of the shares of Gold Fields Horsefly Exploration Corporation ("Gold Fields Horsefly") which holds a 51% interest - in a Joint Venture with the Company - in the Woodjam Project, which is subdivided into the Woodjam North and Woodjam South projects. As a result, the Company now controls of 100% of the Woodjam copper-gold-molybdenum projects located near the community of Horsefly, approximately 45 kilometers east of the regional centre of Williams Lake, British Columbia (B.C.). The Agreement has been accepted by the TSX-Venture Exchange.
In consideration for the acquisition of Gold Fields Horsefly, the Company has issued 12,285,463 common shares to Gold Fields which takes its aggregate holding in the Company to 19.19%. The shares of the Company held by Gold Fields shall be topped-up (to a maximum of 50,000,000 additional shares) on the third anniversary of the Agreement, for no additional consideration so that Gold Fields' holding at that time remains equal to 19.9% of the then issued and outstanding shares of the Company. The top-up will be adjusted to take into account any shares of the Company that have been sold by Gold Fields over that three year period. Gold Fields also has the option of maintaining its equity interest in the Company by participating in future share placements. Gold Fields retained a 2% Net Smelter Return Royalty (NSR) over all unencumbered land in the Woodjam Project, which may be reduced at any time to 1% by the Company paying Gold Fields $5,000,000 in cash. A 0.5% NSR will apply to certain encumbered claims, subject to terms and conditions. In addition, the Company will pay Gold Fields all past accumulated refundable BC mineral exploration tax credits earned in Gold Fields Horsefly, as they are received.
The management and board of the Company are pleased and excited to move forward with the Woodjam Project under its control and to have Gold Fields as a significant shareholder in the Company. The Company would also like to acknowledge the exceptional exploration work carried out by Gold Fields on the Woodjam Project over the last several years.
Management of the Company believes there are significant opportunities for expansion of the resource base laterally, at depth and by infilling known zones. Additionally, there are untested exploration targets ready for potential discovery. The Company intends, subject to financing, to aggressively advance further exploration of the Woodjam Project.
G. L. Garratt, P.Geo., a qualified person for the purposes of National Instrument 43-101, has read and taken responsibility for this news release.
G. L. Garratt
G.L.Garratt, P.Geo.,Director
Consolidated Woodjam Copper Corp.
Contact: Paul Way, Business Development Manager
(604) 681-7913 or Toll Free: 888-656-6611
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
Consolidated Woodjam Copper Corp. (the "Company") (TSX-V: WCC) trades on the TSX-V exchange and currently owns a 100% interest in the Woodjam North and Woodjam South projects in British Columbia. Visit the Company's website at: http://www.woodjamcopper.com
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