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Infinitum Copper Completes Agreement to Sell Partial Interest in Hot Breccia

2023-01-30 05:04:15

VANCOUVER, BC / ACCESSWIRE / January 30, 2023 / Infinitum Copper Corp. (TSXV:INFI)(OTCQB:INUMF) (“Infinitum” or the “Company“) announces that it has signed an agreement granting Prismo Metals Inc. (CSE: PRIZ, OTCQB: PMOMF) (“Prismo”) the option to acquire up to a 75% interest in the Hot Breccia project in Arizona State, by assuming all cash payment and work commitment obligations remaining under the Option Agreement with Walnut Mines LLC (“Walnut”). Infinitum acquired the Option to earn 100% in Hot Breccia, subject to a 2% NSR to the vendor, in April 2022 (See New Release April 20, 2022). Prismo will pay $350,000 in cash and issue 500,000 Prismo shares to Infinitum as consideration for the option. Infinitum will be responsible for the remaining share issuance to Walnut under the Option Agreement.

On the completion of the required Work Commitment and Cash Payments by Prismo, and Share Issuance by Infinitum, Prismo and Infinitum will form a 75:25 participating Joint Venture to hold 100% interest in Hot Breccia, subject to the 2% NSR. The detailed obligations for Prismo and Infinitum to earn a 100% interest in Hot Breccia from Walnut are presented in Table 1 below.

Table 1: Work, Cash and Share Issuance Obligations to earn 100% Interest in Hot Breccia:










 

Work Commitments

Property Payments

Share Payments

 

by Prismo

by Prismo

by Infinitum

2023

$500,000

$165,000

250,000

2024

$1,000,000

$100,000

500,000

2025

$1,750,000

$275,000

875,000

2026

$2,000,000

750,000

Total

$5,250,000

$540,000

2,375,000

“Infinitum is strongly dedicated to the on-going exploration work at our flagship La Adelita property in Sonora State, Mexico. By entering this partnership with Prismo, it allows us to focus our resources and efforts on La Adelita, while maintaining an interest in Hot Breccia” stated Steve Robertson, President & CEO of Infinitum Copper. He continued “This is truly a win-win scenario for all involved.”

For more information, please contact Steve Robertson, President and CEO of Infinitum Copper at This email address is being protected from spambots. You need JavaScript enabled to view it., (604) 409-3917.

On Behalf of the Board of Directors of

INFINITUM COPPER CORP.

Steve Robertson
Chief Executive Officer

Neither 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.

About Infinitum Copper

Backed by a strong team of industry veterans, Infinitum Copper is advancing La Adelita project, where the Company has an option to earn an 80% interest. The high-grade copper-silver-gold La Adelita Project is located in Sonora and Sinaloa states in Mexico and is subject to a 2% NSR. La Adelita is a Carbonate Replacement Deposit located in a mineralized district with a rich history. Infinitum Copper also has an option to earn 25% interest in the Hot Breccia project in the heart of the Arizona Copper Belt about 90km north of Tucson, AZ. The Hot Breccia project is prospective for porphyry copper and copper skarn mineralization.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of Canadian securities legislation. The forward-looking information contained in this press release represents the expectations of the Company as of the date of this press release and, accordingly, is subject to change after such date. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by the Company at the date the forward-looking information is provided, are inherently subject to significant risks, uncertainties, contingencies and other factors that may cause actual results and events to be materially different from those expressed or implied by the forward-looking information. The risks, uncertainties, contingencies and other factors that may cause actual results to differ materially from those expressed or implied by the forward-looking information may include, but are not limited to, risks generally associated with the Company’s business, as described in the Company’s Filing Statement dated February 11, 2022. There is no assurance that either Prismo or the Company will exercise the option to acquire the Hot Breccia property, or that the Hot Breccia property will prove to be economically viable. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.

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