CANADIAN PALLADIUM MAKES OPTION PAYMENT ON EAST BULL PALLADIUM PROJECT
VANCOUVER, BRITISH COLUMBIA, March 1, 2021 – Canadian Palladium Resources Inc. (“Canadian Palladium” or the “Company”) (CSE: BULL) (FRA: DCR1) (OTCQB: DCNNF) announces that, pursuant to the terms of the Option Agreement entered into with Pavey Ark Minerals Inc. (the “Agreement”) (see February 26, 2019 press release) to acquire a 100% interest in the East Bull palladium property (the “Property”), the Company confirms it has exceeded the contractual minimum exploration expenditures on the Property, issued 1,000,000 common shares of the Company, and made the first tranche of the next cash payment to Pavey Ark Minerals Inc.
Pursuant to the Agreement, and over a period of four years (should the Company elect to continue), the Company is obliged to incur $1,750,000 in exploration expenditures, issue $1,000,000 in cash payments, and issue an aggregate of 4.5 million common shares of Canadian Palladium to Pavey Ark Minerals in accordance with the following schedule:
|Minimum Exploration Expenditures||Common Shares Issued||Cash Issued|| |
|–||–||$25,000||On Term Sheet signing (issued)|
|–||750,000||$75,000||Within 5 days of signing (issued)|
|$250,000||750,000||$150,000||On or before March 1, 2020 (issued)|
|$500,000||1,000,000||$200,000||On or before March 1, 2021(all shares issued, first cash tranche issued)|
|$500,000||1,000,000||$250,000||On or before March 1, 2022|
|$500,000||1,000,000||$300,000||On or before March 1, 2023|
For additional information please contact:
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 East Bull palladium project option payments. 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 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; 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; 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.
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