VAL D'OR, QUEBEC--(Marketwire - Sept. 14, 2012) - Hinterland Metals Inc. (TSX VENTURE:HMI) is pleased to announce that, subject to the acceptance of the TSX Venture Exchange, it has entered into an agreement (the "Agreement") with Opawica Explorations Inc. (TSX.V: OPW) ("Opawica") whereby Opawica has been granted an option (the "Option") to acquire a 100% interest in 46 mineral claims located near Kirkland Lake in northeastern Ontario, collectively known as the Teck-Kirkland Property (the "Property"). Various of the claims are subject to certain underlying royalties and a portion of the Property is subject to a 2% NSR in favour of Hinterland, one-half of which can be purchased by Opawica for $1,000,000 within five years of the date the Agreement is accepted by the TSX Venture Exchange (the "Acceptance Date").
In order to exercise the Option, Opawica is required to pay Hinterland a total of $125,000, issue it a total of 3,000,000 shares of Opawica (the "Shares") and incur a total of $1,000,000 in work expenditures, all over a period expiring November 30, 2016. Of these amounts, $25,000 is to be paid and 150,000 of the Shares are to be issued forthwith following the Acceptance Date and the initial $125,000 of the work expenditures, to be incurred prior to November 30, 2013, constitutes a firm commitment of Opawica.
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This release may contain forward-looking statements that are subject to known and unknown risks and uncertainties that could cause actual results to vary materially from targeted results. Such risks and uncertainties include those described in the Company's periodic reports including the annual report or in the filings made by the Company from time to time with securities regulators. The Company undertakes no obligation to publicly release the result of any revision of these forward-looking statements to reflect events or circumstances after the date they are made or to reflect the occurrence of an unanticipated event.
Shares Issued 24,594,614
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 release.