Wellgreen Platinum Ltd is pleased to announce that its previously announced metallurgical testwork program is now complete. Final metallurgical results will be available this quarter pending completion of reporting by XPS in Falconbridge Ontario.
The Company also announces that, effective February 8, 2017, it has sold (the “Sale”) Ursa Major Minerals Inc., formerly a wholly-owned subsidiary, to a private company (the “Purchaser”). URSA holds the Ontario properties, Shakespeare, Shining Tree, Fox Mountain, Stumpy Bay, Porter Baldwin and Porter Option, all of which were considered non-core and non-material to Wellgreen Platinum.
Pursuant to the Sale, the Company will receive total cash and share consideration equivalent to C$200,000 from the Purchaser over the next three years. In addition, the Company will retain a 1.0% NSR royalty interest in the Shakespeare property, and a 0.5% NSR royalty interest in the other properties.
Diane Garrett, President and CEO commented: “This sale allows the Company to divest itself of non-core assets and to reduce the costs associated with care and maintenance activities in respect of these properties. Our strategic focus is the advancement of our flagship Wellgreen Project in Yukon, Canada and the divestiture of URSA allows us to focus 100% of our resources on this world class deposit”.
The scientific and technical information disclosed in this news release was reviewed and approved by John Eggert, P. Eng., who is a “Qualified Person” as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, and an independent technical consultant to the Company.
About Wellgreen Platinum
Wellgreen Platinum is a Canadian mining exploration and development company focused on the active advancement of its 100% owned Wellgreen Ni-PGM Project located in the Yukon Territory of Canada. The 2015 PEA demonstrated that the Wellgreen Project has the potential to become a large, low cost, open pit producer of platinum, palladium, gold, nickel, and copper. The Wellgreen property is accessible from the paved Alaska Highway, which leads to year-round deep sea ports in southern Alaska.
Wellgreen Platinum Contacts:
Diane Garrett, President & Chief Executive Officer,
1-416-304-9318,
dgarrett@wellgreenplatinum.com,
info@wellgreenplatinum.com