Midnight Sun Terminates Letter of Intent and Term Sheet to Acquire Remaining 40% of Partnership
VANCOUVER, October 1, 2018 - Midnight Sun Mining Corp. (the ''Company'' or ''Midnight Sun'') (TSX-V: MMA) announces the termination of the previously announced letter of intent and term sheet with Kam Chuen Resource Holdings Inc. (''Kam Chuen'') to acquire the remaining 40% interest in Zambian High Light Mining Investment Limited (See news release dated February 20, 2018 for more details).
ZHLMIL holds the two large scale exploration licenses collectively known as the Solwezi Licenses. Midnight Sun and Kam Chuen will continue to operate as partners in ZHLMIL with Midnight Sun holding a 60% interest and Kam Chuen holding a 40% interest as contemplated in the original property option agreement dated July 30, 2013.
The Company's President and Chief Executive Officer, Brett Richards stated: ''The acquisition of the remaining 40% of Zambian High Light Mining Investment Limited no longer makes sense in the context of the current market, and we are happy to move forward with Kam Chuen as partners on the Solwezi Licences.''
ABOUT MIDNIGHT SUN MINING
Midnight Sun has earned a 60% interest in the Solwezi Licences with the potential to acquire the remaining 40% through unmatched property expenditures. The Solwezi Licences are comprised of two individual exploration licences totalling 506 square kilometres, situated in the North-Western Province of Zambia, adjacent to First Quantum's Kansanshi Mine; Africa's largest copper mining complex, on the prolific Zambia-Congo Copper Belt.
Led by experienced directors and talented management, Midnight Sun aims to further explore the impressive mineralization and anomalies that have been discovered on the Solwezi Licences.
Midnight Sun Mining Corp. trades on the TSX Venture Exchange under the symbol MMA.
Please also refer to the Company's previous news releases as well as the Company's presentation on its website at: www.midnightsunmining.com.
ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.
Brett A. Richards - President and Chief Executive Officer
For Further Information Contact:
Brett A. Richards
President and Chief Executive Officer
Tel: +1 905 449 1500
Al Fabbro
Lead Director
Tel: +1 604 351 8850
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 NEW RELEASE.
This news release includes certain statements that may be deemed as ''forward-looking statements'' within the meaning of applicable Canadian securities laws. All statements in this release, other than statements of historical facts, are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include: changes in market conditions, unsuccessful exploration results, changes in the price of commodities (particularly copper, cobalt, gold and nickel), unanticipated changes in key management personnel and general social, economic or geo-political conditions. Mining exploration and development is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
SOURCE: Midnight Sun Mining Corp.