VANCOUVER, British Columbia, Nov. 21, 2019 (GLOBE NEWSWIRE) -- Handa Mining Corporation ("Handa Mining" or the "Company") (HAND.V) is pleased to announce that it has closed the agreement to build a processing plant to recover copper from the copper oxide waste materials, broken rocks lying on the surface, at the Nababeep Copper Oxide Project, located in Northern Cape Province of South Africa (further to its news release announced on February 15, 2019).
The Company can earn a 65% of the profits generated by the processing plant for the first two years of production from the plant, by building the plant, and by issuing an aggregate of 5,150,000 common shares and paying a total of US$15,000. After two years, the Company will receive a third of the profits. The Company’s group of lenders who loaned US$350,000 to the Company in April 2019 will be entitled to 35% of the profits received by the Company.
The transaction is subject to final acceptance of the TSX Venture Exchange.
About Handa Mining Corporation
Handa Mining Corporation (HAND.V) is a mining and development company that is developing the Mejillones Phosphate Project in Chile in order to bring the Project into production and generate cash flow. As part of its revitalized strategy, the Company is also pursuing Joint Venture opportunities in order to gain further exposure to surface mining opportunities which are very close to or in production.
For further information, contact:
Chief Executive Officer
Handa Mining Corporation
Tel: (604) 428-7050
This news release includes certain statements that may be considered "forward-looking statements". These statements include, but are not limited to, statements with respect to the use of proceeds of the Financing, the construction of the Plant by Handa, the profitability of the Plant and the Company's vision. 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 the forward-looking statements. Assumptions used by the Company to develop forward-looking statements include the following: Handa will obtain all required environmental and other permits and all land use and other licenses, studies and exploration of the project will be positive and no geological or technical problems will occur. The Company cannot guarantee that the construction of the Plant will complete or that such project would be profitable. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, potential environmental issues or liabilities associated with exploration, development and mining activities, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and tenure and delays due to third party opposition, changes in and the effect of government policies regarding mining and natural resource exploration and exploitation, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. The Company undertakes no obligation to update forward looking information or statements, other than as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.