Prospector Seeks Strategic Partner For Newfoundland Gold Projects

Rhea-AI Summary

Prospector Metals Corp. terminates Toogood Option Agreement with Storm Exploration Inc. due to inability to complete the transaction. The company will explore strategic alternatives for the project.

Positive

• None.

Negative

• Termination of the agreement may indicate potential setbacks in the company's project development and future prospects.

Vancouver, British Columbia--(Newsfile Corp. - January 22, 2024) - Prospector Metals Corp. (TSXV: PPP) (OTCQB: PMCOF) (FSE: 1ET0) ("Prospector" or the "Company") today announced that it has terminated the Toogood Option Agreement with Storm Exploration Inc. ("Storm") announced on September 25, 2023, due to Storm's inability to complete the transaction. The Company will explore strategic alternatives for the project.

About Prospector Metals Corp.

Prospector Metals Corp., a member of Discovery Group, is focused on district scale, early-stage exploration of gold and base metal prospects. Creating shareholder value through new discoveries, the Company identifies underexplored or overlooked mineral districts displaying important structural and mineralogical occurrences similar to more established mining operations. Prospector is led by an experienced technical and corporate team that has a proven track record of making world-class mineral discoveries. Prospector establishes and maintains relationships with local and Indigenous rightsholders, and seeking to develop partnerships and agreements that are mutually beneficial to all stakeholders.

On behalf of the Board of Directors,
Prospector Metals Corp.

Dr. Rob Carpenter, Ph.D., P.Geo.
President & CEO

For further information about Prospector Metals Corp. or this news release, please visit our website at prospectormetalscorp.com or by calling 604-354-2491 or by email at info@prospectormetalscorp.com.

Prospector Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca

Forward-Looking Statement Cautions:

This press release includes "forward-looking statements" including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Prospector Metals Corp. Statements regarding mineral exploration operations and objectives are subject to risk, including, but are not limited to, exploration and geologic risk, inflation and costs of goods and services, property title issues and regulatory approvals. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management's best judgment based on information currently available. No forward-looking statement can be guaranteed and actual future results may vary materially. Prospector Metals Corp. does not assume the obligation to update any forward-looking statement, except as required by applicable law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/195098

FAQ

Why did Prospector Metals Corp. terminate the Toogood Option Agreement with Storm Exploration Inc.?

Prospector terminated the agreement due to Storm's inability to complete the transaction.

What are the ticker symbols for Prospector Metals Corp.?

The ticker symbols for Prospector Metals Corp. are TSXV: PPP, OTCQB: PMCOF, and FSE: 1ET0.

When was the Toogood Option Agreement with Storm Exploration Inc. announced?

The agreement was announced on September 25, 2023.

What will Prospector Metals Corp. do following the termination of the agreement?

The company will explore strategic alternatives for the project.

What is the current status of the Toogood Option Agreement with Storm Exploration Inc.?

The agreement has been terminated due to Storm's inability to complete the transaction.