(TSXV: TVC) Three Valley Copper Corp. (“
Three Valley
Copper” or the “
Company”) is pleased to
announce that, through its indirectly wholly-owned subsidiary, SRH
Chile SpA (“
SRH”), it has delivered to the
minority shareholder (the “
Minority Shareholder”)
of Minera Tres Valles (“
MTV”), the required
written notice of its intention to acquire the remaining ownership
of MTV that SRH does not already own.
The Company through SRH owns 91.1% of MTV and
under the shareholders’ agreement (the “SHA”)
between SRH and the Minority Shareholder, beginning October 2,
2021, SRH has 30 days to deliver a written notice to the Minority
Shareholder of its intention to acquire all the shares of MTV owned
by the Minority Shareholder.
“This is the first step in completing the
acquisition of the remaining ownership of MTV,” stated Michael
Staresinic, President and CEO of Three Valley Copper. “The SHA
provides for a sequence of steps to be undertaken in completing
this acquisition and the delivery of the call notice is the first
step. We believe it will be several months before a purchase price
is concluded on and the transaction complete.”
The Company will provide future updates as it
completes this acquisition.
About Three Valley Copper
Three Valley Copper, headquartered in Toronto,
Ontario, Canada is focused on growing copper production from, and
further exploration of, its primary asset, Minera Tres Valles.
Located in Salamanca, Chile, MTV is 91.1% owned by the Company and
MTV's main assets are the Minera Tres Valles mining complex and its
46,000 hectares of exploratory lands. For more information about
the Company, please visit www.threevalleycopper.com.
Cautionary Statement Regarding
Forward-Looking Information
Certain statements in this news release, contain
forward-looking information (collectively referred to herein as the
"Forward-Looking Statements") within the meaning
of applicable Canadian securities laws. The use of any of the words
"expect", "anticipate", "continue", "estimate", "may", "will",
"project", "should", "believe", "plans", "intends" and similar
expressions are intended to identify Forward-Looking Statements. In
particular, but without limiting the foregoing, this news release
contains Forward-Looking Statements pertaining to: the proposed
acquisition of the Company’s remaining interest in MTV and the
timing of the steps required under the SHA to acquire the remaining
interest.
Although TVC believes that the Forward-Looking
Statements are reasonable, they are not guarantees of future
results, performance or achievements. A number of factors or
assumptions have been used to develop the Forward-Looking
Statements, including: the purchase of the remaining interest in
MTV being completed in accordance with the terms and conditions of
the SHA and not being subject to undue delay, there being no
additional significant disruptions affecting the development and
operation of MTV; the availability of certain consumables
(including water) and services and the prices for power and other
key supplies; expected labour and materials costs and available
supply; expected fixed operating costs; permitting and arrangements
with stakeholders; certain tax rates, including the allocation of
certain tax attributes, being applicable to MTV; the availability
of financing for the Company's and MTV’s planned operations and
development activities; assumptions made in mineral resource and
mineral reserve estimates and the financial analysis based on these
estimates, including (as applicable), but not limited to,
geological interpretation, grades, commodity price assumptions,
metallurgical performance, extraction and mining recovery rates,
hydrological and hydrogeological assumptions, capital and operating
cost estimates, and general marketing, political, business and
economic conditions, the continued availability of quality
management, critical accounting estimates, all terms of the
restructuring agreement and facility agreement to which MTV and the
Company are parties will be satisfied in the future including no
events of default, existing water supply will continue,
supplemental water availability will continue, the geopolitical
risk of Chile will remain stable, including risks related to labour
disputes, the construction and expansion of mining operations
including the Papomono Masivo incline block caving underground
mining project, as well as the timing thereof and production
therefrom; favorable outcomes of litigation and /or arbitration
initiated by the minority shareholder of the Company’s operating
subsidiary, MTV; the timing of production and results for the
recently restarted Don Gabriel mine; and expected timelines for
drawdown and repayment of indebtedness of MTV.
Actual results, performance or achievements
could vary materially from those expressed or implied by the
Forward-Looking Statements should assumptions underlying the
Forward-Looking Statements prove incorrect or should one or more
risks or other factors materialize, including: (i) possible
variations in grade or recovery rates; (ii) copper price
fluctuations and uncertainties; (iii) delays in obtaining
governmental approvals or financing; (iv) risks associated with the
mining industry in general (e.g., operational risks in development,
exploration and production; delays or changes in plans with respect
to exploration or development projects or capital expenditures; the
uncertainty of estimates and projections relating to mineral
reserves, production, costs and expenses; and labour, health,
safety and environmental risks) and risks associated with the other
portfolio companies' industries in general; (v) performance of the
counterparty to the ENAMI Contract; (vi) risks associated with
investments in emerging markets; (vii) general economic, market and
business conditions; (viii) market volatility that would affect the
ability to enter or exit investments; (ix) failure to secure
additional financing in the future on acceptable terms to the
Company, if at all; (x) commodity price and foreign exchange
fluctuations and uncertainties; (xi) risks associated with
catastrophic events, manmade disasters, terrorist attacks, wars and
other conflicts, or an outbreak of a public health pandemic or
other public health crises, including COVID-19; (xii) those risks
disclosed under the heading "Risk Management" in TVC’s Management’s
Discussion and Analysis for the period ended December 31, 2020; and
(xiii) those risks disclosed under the heading "Risk Factors" or
incorporated by reference into TVC’s Annual Information Form dated
March 3, 2021. The Forward-Looking Statements speak only as of the
date hereof, unless otherwise specifically noted, and SRHI does not
assume any obligation to publicly update any Forward-Looking
Statements, whether as a result of new information, future events
or otherwise, except as may be expressly required by applicable
Canadian securities laws.
For further information:
Michael StaresinicChief Executive OfficerT:
(416) 943-7107E: mstaresinic@threevalleycopper.com
Renmark Financial Communications Inc.Joshua
Lavers: jlavers@renmarkfinancial.comT: (416) 644-2020 or (212)
812-7680www.renmarkfinancial.com
Source: Three Valley Copper.
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.
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