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CALGARY, Alberta, July 28, 2021 (GLOBE NEWSWIRE) -- Huntington Exploration Inc. (TSXV: HEI) (“Huntington" or the “Company”) is pleased to announce that it completed the acquisition of the Winora Property, previously announced on May 4, 2021, through an arm’s length mineral property acquisition (the “Acquisition”). The Acquisition consists of 17 patented mining claims located in the District of Kenora, Northern Ontario. The Winora Property is located 500 m east of the historical Lingman Lake Gold Mine, developed in the late 1940s that, for a variety of reasons, has never reached commercial production.
Huntington has acquired by way of a mineral property acquisition agreement with an arm’s length third party in exchange for 4,000,000 common shares of the Company at a deemed price of $0.304 per share and a 2% NSR to the vendor. Furthermore, Huntington has granted the vendor a pro rata right of subscription. The common shares issued in connection with the Acquisition will be subject to a hold period of eighteen months from the date of closing.
Bryan Wilson, President, CEO and Director stated, “The acquisition of the Winora Property reflects our ongoing efforts to venture into untapped mineral resources and promote continued exploration. The target truly excites our team with its overlooked historical context and strong potential for mineral discovery. We look forward to starting our exploration program.”
Huntington is an environmentally responsible mineral exploration company dedicated to the application of good geoscience through compliance with the E3 Program developed by the PDAC. Huntington plans to encapsulate success within the Red Lake vicinity, noting successful demonstrations of contemporaries Prosper Gold Corporation and Dixie Gold Inc. Regionally, gold mineralization has been found following a formational magnetic signature that parallels the regional Balmer – Narrow Lake Assemblage (Confederation Group) unconformity. Neighbour Prosper Gold Corporation has announced the recovery of a significant number of pristine (rough and angular) gold grains recovered from systematic till samples and the recovery of a significant number of pristine (rough and angular) gold grains recovered from systematic till samples and is currently in the midst of a 15,000 m drill program. The formational magnetic feature and the projected unconformity highlighted by Prosper, trends onto Huntington’s Key-Hole claims.
ON BEHALF OF THE BOARD OF HUNTINGTON EXPLORATION
President, CEO & Director
T: 416-868-1079 x 233
Note: Website development is ongoing with expected release in late Q2 2021
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.
Forward-Looking Information: This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Generally, forward-looking information may be identified by the use of forward-looking terminology such as “plans”, “ expects” or “does not expect”, “proposed”, “is expected”, “budgets”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases, or by the use of words or phrases which state that certain actions, events or results may, could, would, or might occur or be achieved. In particular, this news release contains forward-looking information regarding: the Acquisition and the business of Huntington. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Huntington’s current beliefs and is based on information currently available to Huntington and on assumptions Huntington believes are reasonable. These assumptions include, but are not limited to: market acceptance and approvals, including TSXV acceptance. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Huntington to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: general business, economic, competitive, political and social uncertainties; general capital market conditions and market prices for securities; delay or failure to receive board or regulatory approvals; the actual results of future operations; competition; changes in legislation, including environmental legislation, affecting Huntington; the timing and availability of external financing on acceptable terms; and lack of qualified, skilled labour or loss of key individuals. A description of additional assumptions used to develop such forward-looking information and a description of additional risk factors that may cause actual results to differ materially from forward- looking information can be found in Huntington’s disclosure documents on the SEDAR website at www.sedar.com. Although Huntington has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Huntington as of the date of this news release and, accordingly, is subject to change after such date. However, Huntington expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.