Nine Mile Metals Completes Exercise and Acquires 100% of California Lake, Canoe Landing Lake East and Nine Mile Brook East Properties

Rhea-AI Summary

Nine Mile Metals has completed the exercise and acquisition of 100% of California Lake, Canoe Landing Lake East, and Nine Mile Brook East mineral projects, owning 12 mineral claims totaling 38.94 km2. The Company issued common shares and converted cash payment into shares, subject to a hold period.

Vancouver, British Columbia--(Newsfile Corp. - May 2, 2024) - NINE MILE METALS LTD. (CSE: NINE) (OTCQB: VMSXF) (FSE: KQ9) (the "Company" or "Nine Mile") announces that it has completed the exercise and acquisition of 100% of California Lake, Canoe Landing Lake East and Nine Mile Brook East mineral projects, dated April 25, 2022 (the "Option."). Please see our news release dated April 25, 2024.

The Company now owns 100% right, title and interest in and to 12 mineral claims: California Lake (6 claims), Canoe Landing Lake East (4 claims); and Nine Mile Brook area (2 claims), totalling 38.94 km², subject to a 2% Net Smelter Royalty.

The Company issued a total of 333,332 common shares at a deemed price of $0.075 per share, in accordance with the Option. The Optionors and the Company also converted the final $30,000 cash payment owing under the Option for 333,334 common shares at a deemed price $0.09 per share.

All securities issued will be subject to a four month and a day hold period.

About Nine Mile Metals Ltd.:

Nine Mile Metals Ltd. is a Canadian public mineral exploration Company focused on VMS (Cu, Pb, Zn, Ag and Au) exploration in the renowned Bathurst Mining Camp (BMC), located in New Brunswick, Canada. The Company's primary business objective is to explore its four VMS Projects: Nine Mile Brook VMS Project, California Lake VMS Project, the Canoe Landing Lake (East - West) VMS Project, and the Wedge VMS Project. The Company is focused on critical minerals exploration, positioning itself for the boom in EV and green technologies requiring copper, silver, lead, and zinc with a hedge on gold.

Social Media

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ON BEHALF OF NINE MILE METALS LTD.

"Patrick J Cruickshank, MBA"
CEO and Director
T: +1.506-804-6117
E: patrick@ninemilemetals.com

Forward-Looking Information:

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of Nine Mile. Forward-looking information is based on certain key expectations and assumptions made by the management of Nine Mile. In some cases, you can identify forward-looking statements by the use of words such as "will," "may," "would," "expect," "intend," "plan," "seek," "anticipate," "believe," "estimate," "predict," "potential," "continue," "likely," "could" and variations of these terms and similar expressions, or the negative of these terms or similar expressions. Although Nine Mile believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Nine Mile can give no assurance that they will prove to be correct.

The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/207828

FAQ

What projects did Nine Mile Metals acquire?

Nine Mile Metals acquired 100% of California Lake, Canoe Landing Lake East, and Nine Mile Brook East mineral projects.

How many mineral claims does Nine Mile Metals now own?

Nine Mile Metals now owns 12 mineral claims totaling 38.94 km2.

What is the deemed price per share at which the common shares were issued?

The common shares were issued at a deemed price of $0.075 per share.

What is the hold period for the securities issued by Nine Mile Metals ?

All securities issued will be subject to a four month and a day hold period.