US$50,000 and issue 200,000 unrestricted shares to
Phoenix.
· First Cobalt can earn a 51% interest in Borah Resources Inc, the Company s 100% owned subsidiary and owner of the Redcastle property, by spending no less than
US$1,500,000 in exploration and related work on Redcastle over an initial three year period, and by paying a further
US$100,000 to
Phoenix on the third anniversary of the Agreement ( Phase 1 ).
· Subject to the completion of Phase 1, First Cobalt may earn an additional 24% interest in Borah Resources, for a total interest of 75%, by spending no less than a further
US$1,500,000 in exploration and related work on Redcastle over a further two year period, and by paying a further
Notes
Phoenix Copper Limited is a USA focused, base and precious metal emerging producer and exploration company, which has carried out a drilling programme and generated a copper, gold, silver and zinc resource on which it is carrying out a feasibility study to bring the historically producing Empire Mine in Idaho, USA, back into production. It is also evaluating the silver and gold resources around three other past producing mines within the 23 km
2 Empire claims block as well as cobalt in two claims blocks north of Empire in Idaho.
Phoenix s primary operations are focused near Mackay, Idaho in the Alder Creek mining district. This district includes the historical Empire, Horseshoe, White Knob and Blue Bird Mines, past producers of copper, gold, silver, zinc, lead and tungsten from underground mines in the first half of the twentieth century. Additionally, the district includes Navarre Creek a Carlin-trend gold discovery which hosts a 6.1 km gold strike lengt
Phoenix Copper Ltd (AIM: PXC, OTCQX: PXCLF), the AIM quoted North American focused base and precious metals emerging producer and exploration company, is pleased to announce that Catherine Evans has been appointed a Non-Executive Director of the Company with effect from 1 May 2021. In addition, Dennis Thomas is retiring as a Non-Executive Director from the same date and will join the Company s newly created Advisory Board. He will also continue with his executive role as VP Investor Relations in a non-board position. Harry Kenyon-Slaney has also agreed to join the Advisory Board. Following these changes, the Board will continue to consist of seven Directors, three executive and four non-executive, of whom two will be deemed to be independent, including Catherine Evans. The Advisory Board will consist of two members.
A
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