Vancouver, British Columbia, July 28, 2020 – Canadian Palladium Resources Inc. (formerly 21C Metals Inc.) (the “Company”) (CSE: BULL) (OTCQB: DCNNF) (FSE: DCR1) announces that the Company has completed the sale of the Turner Lake property (the “Property”), located in Nunavut, Canada, pursuant to a mineral purchase agreement (the “Agreement”) entered into with Pacific Cascade Minerals Inc. (“PCV”), as previously announced on September 13, 2018.
Under the terms of the Agreement PCV agreed to purchase a 100% right title and interest in the property in exchange for 1 million common shares of PCV which were delivered to the Company after PCV received TSX Venture Exchange approval for the transaction. The Company was also reimbursed $46,720 by PCV representing prior cash expenditures incurred on the Property. Upon commencement of commercial production, PCV shall pay a royalty to the Company equal to 1% of net smelter returns which may be purchased for the sum of $1,000,000 at any time after commercial production.
Canadian Palladium Resources Inc.
Wayne Tisdale, President and CEO
T: (604) 639-4452
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this press release includes, but is not limited to, statements with respect to the advancement of drilling program and the palladium potential on the East Bull property. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information. Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the results to differ materially from those expressed in the forward-looking information include, but are not limited to: general economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation; failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers are cautioned that this list of risk factors should not be construed as exhaustive. The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.