GSP RESOURCE CORP. AMENDS ALWIN OPTION AGREEMENT FOR ALWIN MINE COPPER-SILVER-GOLD PROJECT
News Release – Vancouver, British Columbia – July 12, 2023: GSP Resource Corp. (TSX-V: GSPR) (the “Company” or “GSP”) announces that it has amended the Alwin property option agreement (the “Option Agreement”) with Richard John Billingsley and S. Gaye Richards (the “Vendors”) dated January 30, 2020, as amended (see news release dated January 30, 2020).
The parties have agreed to amend the Option Agreement to replace the third-year cash payment of $50,000 due to the Vendors on or before the third anniversary of the date the TSX Venture Exchange (the “Exchange”) approved the Option Agreement with 333,332 common shares (the “Shares”) of the Company at a deemed price of $0.15 per Share due to the Vendors on or before August 5, 2023. The Shares issued to the Vendors are subject to a four month hold period in accordance with applicable securities laws and the policies of the Exchange.
Under the terms of the Option Agreement, the Company may acquire a 100% interest in the Alwin project.
About the Alwin Mine Project: The Alwin Mine Copper-Silver-Gold property is approximately 575.72 hectares and is located on the semi-arid, interior plateau in south-central British Columbia. The historic underground mine was developed over 500 m long by 200 m wide by 300 m deep. Production took place between 1916 to 1981 from five major subvertical high-grade copper mineralization zones totaling 233,100 tonnes that milled 3,786 tonnes of copper, 2,729 kilograms of silver and 46.2 kilograms of gold. The average diluted head grade was 1.5% copper.
The Alwin Property is adjacent with the western boundary of Teck Corporation’s Highland Valley Mine, the largest open-pit porphyry copper-molybdenum mine in western Canada. Alteration and mineralization of the Highland Valley hydrothermal system extends westward from the Highland Valley mine onto the Alwin property.
Qualified Person: The scientific and technical disclosure contained in this news release has been reviewed and approved by Christopher I. Dyakowski, P.Geo, a “Qualified Person” as that term is defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Mineralization hosted on nearby properties is not necessarily indicative of mineralization that may be hosted on the Alwin property.
About GSP Resource Corp.: GSP Resource Corp. is a mineral exploration & development company focused on projects located in Southwestern British Columbia. The Company has an option to acquire a 100% interest and title to the Alwin Mine Copper-Gold-Silver Property in the Kamloops Mining Division, as well as an option to acquire 100% interest and title to the Olivine Mountain Property in the Similkameen Mining Division, of which it has granted an option to earn a 60% interest to a third party.
Contact Information – For more information, please contact:
Simon Dyakowski, Chief Executive Officer & Director
Tel: (604) 619-7469
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 release.
This news release contains “forward‐looking information or statements” within the meaning of applicable securities laws, which may include, without limitation, statements relating to the technical, financial and business prospects of the Company, its project and other matters. All statements in this news release, other than statements of historical facts, that address events or developments that the Company expects to occur, 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 may differ materially from those in the forward-looking statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, the ability to achieve its goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms. Such forward-looking information reflects the Company’s views with respect to future events and is subject to risks, uncertainties and assumptions, including the risks and uncertainties relating to the interpretation of exploration results, risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses, and those filed under the Company’s profile on SEDAR at www.sedar.com. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, adverse weather conditions, failure to maintain all necessary government permits, approvals and authorizations, failure to maintain community acceptance (including First Nations), decrease in the price of copper, gold, silver and other metals, increase in costs, litigation, and failure of counterparties to perform their contractual obligations. The Company does not undertake to update forward‐looking statements or forward‐looking information, except as required by law.