VANCOUVER, British Columbia, July 25, 2018 (GLOBE NEWSWIRE) -- New Point Exploration Corp. (CSE:NP) (OTC:NPEZF) (FSE:4NP) (“New Point” or the “Company”) is pleased to announce that it has optioned a land package that lies contiguous to the Moosehead Gold Project in Newfoundland, Canada. The newly optioned property is 2.5km long by 1.5km wide, adjacent on the northwest side to Sokoman Iron Corp.’s Moosehead Property boundary.
President Bryn Gardener-Evans stated: “On July 24, Sokoman Iron Corp. announced a new discovery hole that caught our attention. The company made the decision to ensure our shareholders had exposure to what we feel could be a very prosperous area of interest.”
Sokomon Iron Ore reported in their news release dated July 24, 2018 that the “Company’s first hole, MH-18-01, intersected a mineralized zone that returned the following summarized assays: from 109.00 m – 120.90 m (11.90 m @ 44.96 g/t Au). Timothy Froude, P. Geo., Interim CEO, states: ‘We are very pleased with our initial results from the Moosehead Project. The significance of MH-18-01 lies not only with the exceptional grades of the gold-bearing quartz vein, but that for at least 5m up-hole and down-hole of the vein, significant assays were also reported.’”
New Point Exploration has agreed to purchase a 100% interest in the property by completing the following share issuances and cash payment to the Vendors:
a) $30, 000 cash consideration and
b) The issuance of six hundred and fifty thousand (650,000) common shares of the corporation
About New Point Exploration Corp.
New Point (CSE:NP) (OTC:NPEZF) (FSE:4NP) is engaged in the business of acquiring, exploring and developing mineral properties related to the growing battery industry. Focused on high grade, prospective properties in North America, New Point is building a portfolio that includes lithium, cobalt and copper projects in prospective, mining-friendly jurisdictions. New Point, A Next Generation Metals Company.
On Behalf of the Board of New Point Exploration Corp.
Bryn Gardener-Evans
President & CEO
Corporate Office
1240-1140 West Pender St
Vancouver, BC
V6E 4G1
For further information, please contact:
E: investors@newpointexploration.com
P: 403-830-3710
Forward-looking Information
This news release includes certain forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, statements regarding the Assumption Agreement, the anticipated exploration program for the Empire Lithium Property, future capital expenditures, the anticipated business plans, including the Company’s transition into mineral exploration and development related to the battery industry, and the timing of future activities of the Company, are forward-looking statements. Often, but not always, forward looking information can be identified by words such as “may”, “will”, “expect”, “intend”, “estimate”, “anticipate”, “believe”, “continue”, “plans” or similar terminology. These forward-looking statements reflect the Company’s current views with respect to future events and are necessarily based upon a number of assumptions that, while considered reasonable by the Company, are inherently subject to significant operational, business, economic and regulatory uncertainties and contingencies, including, prices for lithium, cobalt, copper, and base metals remaining as estimated, prices for labour, materials, supplies and services (including transportation) remaining as estimated, all necessary permits, licenses and regulatory approvals for the Company’s operations being received in a timely manner, and the Company’s ability to comply with environmental, health and safety laws. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development, actual results of exploration activities, variations to the geological and metallurgical assumptions, the costs and timing of the development of new exploration projects, requirements for additional capital to fund the Company’s business plan, future prices of lithium, cobalt, copper, and base metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, delays in obtaining governmental and regulatory approvals (including of the Canadian Securities Exchange), permits or financing, or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, and environmental issues and liabilities, as well as those factors discussed under the heading “Risk Factors” in the Company’s prospectus dated November 8, 2017 and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company’s profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.