Midnight Sun and Rio Tinto Proceed with Agreement
Vancouver, October 15, 2020 - Midnight Sun Mining Corp. (TSXV: MMA) ("Midnight Sun") is pleased to announce all subjects and conditions relating to the previously announced earn-in and joint venture agreement between Midnight Sun and Rio Tinto Mining and Exploration Limited ("Rio Tinto") have been removed by the two parties, and the agreement has received final approval from the TSX Venture Exchange. Under the terms of the agreement, Rio Tinto can earn up to a 75% interest in Midnight Sun's Solwezi Licences. Please see the Company's news release Midnight Sun Signs USD$51 Million Earn-In Agreement With Rio Tinto, dated April 27, 2020, for more information on the earn-in and joint venture agreement.
The Solwezi Licences are comprised of two individual exploration licences totalling 506 square kilometres, situated in the North-Western Province of Zambia on the prolific Zambia-Congo Copper Belt and immediately adjacent to Africa's largest copper mining complex, First Quantum's Kansanshi Mine.
ON BEHALF OF THE BOARD OF Midnight Sun Mining Corp.
Al Fabbro
President & Chief Executive Officer
For Further Information Contact:
Al Fabbro
President & CEO
Tel: +1 604 351 8850
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 NEW RELEASE.
This news release includes certain statements that may be deemed "forward-looking statements." All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include, changes in market conditions, unsuccessful exploration results, changes in commodity prices, unanticipated changes in key management personnel and general economic conditions. Mining exploration and development is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/65930
