Shares of West Mining Corp (OTCMKTS:WESMF) (CSE:WEST) went lower in the previous session after key updates.
Market Reaction
On Friday , WESMF stock fell 10.855 to $0.0712 with 104K shares, compared to its average volume of 24K shares. The stock has moved within a range of $0.0690 – 0.0746 after opening trade at $0.0745.
West Mining Fully Executes Option Agreement For Blue Cove Copper Property, Newfoundland
Mineral exploration company acquiring and developing advanced and prospective early-stage exploration projects, West Mining Corp (OTCMKTS:WESMF) on February 4, 2022, announced executing Option Agreement announced earlier as a Letter of Intent on January 25, 2022, with Dean Fraser. The transaction confirms on West has the right to earn an extra 100% undivided interest in Blue Cove Copper Property.
CEO of West Mining Corporation Nicholas Houghton said that the firm is delighted on announcing the Option Agreement is fully executed. Houghton expressed gratitude to Dean Fraser for the quick and attentive response and said that he is looking forward on the upcoming 2022 field season.
Located at the head of Fortune Bay, the Blue Cove Copper Property in southeast Newfoundland has many copper occurrences in outcrop. A number of new targets have been identified in the last two years and the copper mineralization can be seen locally throughout claims.
Comprising of 232 claims over a 5,800 hectares area, the property is in striking 22 kilometers adjacent to the Terrenceville fault structure. Super infrastructure in the area including the town of Terrenceville hosts a deep seaport.
Under the Option Agreement, West would exercise the option by paying totally of $160,000 to the Optionor as well as issuing an aggregate of 1,700,000 common shares in the company’s capital besides incurring an extra of $750,000 of exploration expenditures on the Property.
Key Quote
“The Company is extremely pleased to announce the Option Agreement has been fully executed, and want to take the opportunity the convey our excitement at closing the deal. We also thank Dean Fraser for his swift and attentive response, and we look forward to the upcoming 2022 field season.” Commented CEO of West Mining Corporation Nicholas Houghton.
