Burlington, Ontario–(Newsfile Corp. – December 28, 2017) – Wabi Exploration Inc. (CSE:WAB) (“Wabi”) provides an update on its previously disclosed Arrangement Agreement with Buena Vista Gold Inc. (“BVG”). For details, please see Wabi’s press releases of September 29, 2017 and November 27, 2017.
Buena Vista directly and indirectly holds title to five project areas containing six identified targets located in the highly mineralized Northern Nevada rift in northwest Nevada. Management believes these targets are highly prospective for gold and copper. As part of the Arrangement and to better reflect the location of the assets, it is contemplated that Wabi will be renamed “Getchell Gold Corporation“.
Wabi has been advised by BVG that BVG’s shareholders approved all of BVG’s management recommended resolutions at the shareholder meeting held December 22, 2017, including approval of the Arrangement Agreement and related items. Wabi thanks BVG’s management for its diligent persistence in obtaining shareholder approval. As a result, Wabi hereby gives notice that it intends to hold its own annual and special shareholder meeting related to the Arrangement Agreement and other matters on Tuesday, February 27, 2018 at 855 Brant Street, Burlington, Ontario, at 10:00 Toronto time. The Record Date will be January 22, 2018.
BVG has also advised Wabi that due to strong investor response, BVG believes it will raise more than sufficient financing as required to effect the Transaction.
Operationally, and in part due to that strong investor response, BVG has advised Wabi that it intends to accelerate its field program by carrying out an IP survey at Hot Springs Peak and an airborne mag survey at Star Point. These results should be available to Wabi and BVG by the time of closing on the Arrangement Agreement, to be followed by a reverse circulation drill program at Hot Springs Peak.
Management cautions that this opportunity involves risks normally involved with a mining exploration venture including but not limited to currency exchange, geologic, environmental, corporate social responsibility, completion of the transaction, accuracy of historic data, an inability to raise all or some of the required financing and future capital, management’s business judgment, board governance, an inability to find any or sufficient mineralization to advance the project further, an inability to secure the necessary infrastructure, title, sovereign, regulatory and metallurgic. Management will take all steps necessary to identify risk and implement such measures as are necessary in the circumstances to reduce the possibility of such risk occurring and if it does to minimize its impact.
For further information contact:
Peter M. Clausi
1 416 890 1232
The Canadian Securities Exchange has not reviewed this press release and does not accept responsibility for the adequacy or accuracy of this news release. Not for distribution to U.S. news wire services or dissemination in the United States.