Omega Pacific and CopAur Minerals Amend Williams Property Option Agreement

Rhea-AI Summary

Omega Pacific Resources Inc. (CSE:OMGA)(OTCQB:OMGPF) has amended its Williams Property Option/Joint Venture Agreement with CopAur Minerals Inc. The key changes include:

1. Reduced exploration expenditures from $3,000,000 to $2,000,000 to earn a 51% interest by February 28, 2025.

2. Extended timeline for earning an additional 29% interest, requiring $4,000,000 in expenditures by February 28, 2027.

3. Omega Pacific to pay CopAur Minerals $50,000 upon execution of the amendment.

CEO Jason Leikam stated that this restructuring allows for better analysis of recent exploration results and development of a focused strategy for the next phase, aiming to deliver value for shareholders.

Positive

• Reduced initial exploration expenditure requirement from $3,000,000 to $2,000,000
• Extended timeline for earning additional interest, providing more flexibility
• Opportunity to analyze recent exploration results before committing to further expenditures

Negative

• Increased total exploration expenditure requirement from $6,000,000 to $6,050,000
• $50,000 payment required to CopAur Minerals for the amendment

VANCOUVER, BC / ACCESSWIRE / September 6, 2024 / Omega Pacific Resources Inc. (CSE:OMGA)(OTCQB:OMGPF)(FSE:Q0F) ("Omega Pacific" or the "Company") announces it has agreed to amend (the "Amendment") certain terms of its February 29, 2024 Williams Property Option/Joint Venture Agreement (the "Agreement") with CopAur Minerals Inc.

Under the terms of the Amendment,

• The exploration expenditures (the "Expenditures") required to earn a fifty one percent (51%) interest in the Williams Property are reduced from $3,000,000 to $2,000,000. The Company is required to incur these Expenditures on or before the first anniversary of the Agreement on February 28, 2025.

• The Expenditures required to earn an additional twenty nine percent (29%) interest, for a total of 80% interest, in the Williams Property are changed from $3,000,000 on or before the second anniversary of the Agreement on February 28, 2026 to $4,000,000 on or before the third anniversary of the Agreement on February 28, 2027.

• In consideration, the Company must pay CopAur Minerals $50,000 upon execution of the Amendment.

Omega Pacific's CEO Jason Leikam commented, "We appreciate the cooperation of CopAur Minerals for the adjustment of certain option agreement terms. The restructuring of exploration expenditure obligations provides the Company adequate time to analyse the results of our recently completed exploration program and develop a strategy for a meaningful second phase exploration program that follows up the very positive work achieved to date. The amended terms ultimately allow Omega Pacific to continue to deploy capital in a judicious manner that delivers results and ultimately value accretion for Omega Pacific shareholders, including CopAur Minerals. We look forward to unlocking more value at the Williams Property with a focused exploration approach. Although considerable work remains to be done, we are confident the next exploration phase will continue the trend of success we have realized thus far."

About Omega Pacific

Omega Pacific is a mineral exploration company focused on the development of mineral projects containing base and precious metals. The Company is actively exploring its British Columbia located properties and continues to evaluate assets globally for further acquisitions.

For more information, please contact:

Omega Pacific Resources Inc.

Jason Leikam, Chief Executive Officer & Director
Tel: +1 (778) 858-8085
Email: jason@omegapacific.ca

Cautionary Statement

Certain statements contained in this press release constitute forward-looking information under the provisions of Canadian securities laws including statements about the Company's plans. Such statements are necessarily based upon a number of beliefs, assumptions, and opinions of management on the date the statements are made and are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors should change, except as required by law.

Neither the CSE nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Omega Pacific Resources

View the original press release on accesswire.com

FAQ

What changes were made to Omega Pacific's Williams Property Option Agreement with CopAur Minerals?

Omega Pacific reduced the initial exploration expenditure from $3,000,000 to $2,000,000 to earn a 51% interest by February 28, 2025. The timeline for earning an additional 29% interest was extended to February 28, 2027, requiring $4,000,000 in expenditures. Omega Pacific must pay CopAur Minerals $50,000 for this amendment.

How much does Omega Pacific (OMGPF) need to spend to earn a 51% interest in the Williams Property?

Under the amended agreement, Omega Pacific (OMGPF) needs to spend $2,000,000 in exploration expenditures by February 28, 2025, to earn a 51% interest in the Williams Property.

What is the new deadline for Omega Pacific (OMGPF) to earn an 80% interest in the Williams Property?

The new deadline for Omega Pacific (OMGPF) to earn an 80% interest in the Williams Property is February 28, 2027. They need to spend an additional $4,000,000 in exploration expenditures by this date to achieve the 80% interest.

How much does Omega Pacific (OMGPF) have to pay CopAur Minerals for the amendment to the Williams Property agreement?

Omega Pacific (OMGPF) must pay CopAur Minerals $50,000 upon execution of the amendment to the Williams Property Option Agreement.