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Granite Creek Copper Comments on Copper North Court Approval for Plan of Arrangement

·4 min read

VANCOUVER, BC / ACCESSWIRE / November 18, 2020 / Granite Creek Copper Ltd. (TSXV:GCX)(OTC PINK:GCXXF) ("Granite Creek" or the "Company") is pleased to report that Copper North Mining Corp ("Copper North") has obtained a final order from the Supreme Court of British Columbia approving its previously announced plan of arrangement (the "Arrangement"), pursuant to which Granite Creek will acquire all of the issued and outstanding common shares of Copper North ("Copper North Shares") it does not already own.

The final order follows shareholder approval of the Arrangement by Copper North's shareholders at the special meeting held on November 13, 2020 where approximately 99% of proxies were voted in favour (on both the special majority and minority shareholder approval votes).

The Arrangement remains subject to the satisfaction of certain customary closing conditions. It is currently expected that the transaction will close on or about November 30, 2020.

Tim Johnson, President and CEO, stated, "We are pleased to be welcoming the Copper North shareholders to Granite Creek and look forward to delivering details on the expanded potential of the south portion of the high grade Minto District once the transaction is closed. Additional updates with respect to the 2020 field exploration and drilling programs are expected over the coming weeks."

About Granite Creek Copper

Granite Creek, a member of the Metallic Group of Companies, is a Canadian exploration company focused on the southern portion of the high grade Minto Copper district where it holds the Stu Copper-Gold project and is acquiring the adjoining PEA-stage Carmacks Copper-Gold-Silver project (pending final TSX approval). This combined 176 -square-kilometer property is on trend with Pembridge Resources' high-grade Minto copper-gold mine to the north and features excellent access to infrastructure with the nearby paved Yukon Highway 2, along with grid power within 12 km. More information about Granite Creek Copper can be viewed on the Company's website at www.gcxcopper.com.

FOR FURTHER INFORMATION PLEASE CONTACT:

Timothy Johnson, President & CEO
Telephone: 1 (604) 235-1982
Toll Free: 1 (888) 361-3494
E-mail: info@gcxcopper.com
Website: www.gcxcopper.com
Metallic Group: www.metallicgroup.ca

Forward-Looking Statements

Forward Looking Statements: This news release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts including, without limitation, statements regarding potential mineralization, historic production, estimation of mineral resources, the realization of mineral resource estimates, interpretation of prior exploration and potential exploration results, the timing and success of exploration activities generally, the timing and results of future resource estimates, permitting time lines, metal prices and currency exchange rates, availability of capital, government regulation of exploration operations, environmental risks, reclamation, title, and future plans and objectives of the company are forward-looking statements that involve various risks and uncertainties. Although Granite Creek Copper 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 the forward-looking statements. Forward-looking statements are based on a number of material factors and assumptions. Factors that could cause actual results to differ materially from those in forward-looking statements include failure to obtain necessary approvals, unsuccessful exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same, and other exploration or other risks detailed herein and from time to time in the filings made by the companies with securities regulators. Readers are cautioned that mineral resources that are not mineral reserves do not have demonstrated economic viability. Mineral exploration and development of mines is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on Granite Creek Copper and the risks and challenges of their businesses, investors should review their annual filings that are available at www.sedar.com.

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 release.

SOURCE: Granite Creek Copper Ltd.



View source version on accesswire.com:
https://www.accesswire.com/617422/Granite-Creek-Copper-Comments-on-Copper-North-Court-Approval-for-Plan-of-Arrangement