VANCOUVER, British Columbia, December 01, 2021 (GLOBE NEWSWIRE) – Fancamp Exploration Ltd. (“Fancamp“or the”company“) (TSX Venture Exchange: FNC) is pleased to announce that it has entered into an agreement for the sale of property (the”Agreement“) with Vision Lithium Inc. (“VLI”), Pursuant to which the Company will transfer the exploration property known as Wells to VLI. The Wells property consists of four claims and will be part of a large and substantial body of land with greater potential for development by VLI. This transaction is in line with Fancamp’s strategy to monetize its non-core mining properties and will add to its growing portfolio of royalties and marketable securities.
In return, the Company will receive 1,500,000 shares of VLI (the “Actions”) Valued at $ 330,000, based on the closing price of Tuesday, November 30, 2021 of VLI shares on the TSX Venture Exchange. The Shares will be subject to a legal holding period expiring on the date which is four (4) months and one day from the closing date. In addition, the Company also retained a perpetual 2% net smelter return royalty on all mineral production from the property.
Fancamp continues to focus its exploration program on its most advanced and promising projects.
About Fancamp Exploration Ltd. (TSX-V: FNC)
Fancamp is a growing Canadian mineral exploration company dedicated to its value-added strategy of advancing mineral properties through exploration and development. The Company owns numerous mineral resource properties in Quebec, Ontario and New Brunswick, including gold, rare earth metals, strategic and base metals, zinc, chromium, titanium and more. . Fancamp also relies on the industrial possibilities inherent in the processing of some of these materials, in particular the development of its Titanium technological strategy. The Company is managed by a focused management team with decades of experience in mining, exploration and complementary technology.
This press release includes certain statements which are not historical facts and which constitute “forward-looking information” and “forward-looking statements” within the meaning of applicable Canadian securities laws. Forward-looking statements include estimates and statements that describe Fancamp’s future plans, objectives or goals, including words indicating that Fancamp or its management expects a condition or reported result to occur. Forward-looking statements may be identified by words such as “believes”, “anticipates”, “expects”, “estimates”, “could”, “could”, “could”, “will”, “anticipates” or “Will plan”. Because forward-looking statements are based on multiple factors, assumptions and deal with future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to Fancamp, Fancamp provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved in forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially or simply not to materialize from those expressed or implied by this forward-looking information. Forward-looking information includes, but is not limited to, information and statements relating to future benefits arising from the Agreement and from the future development and production of the mining property. There can be no assurance that forward-looking statements will prove to be accurate and that actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Fancamp’s expectations include, among others, risks related to the terms and duration of any government order suspending or limiting operations applicable to mining property; the responses of the governments concerned to the COVID-19 epidemic and the effectiveness of these responses, political, economic, environmental and licensing risks, mining and development risks, litigation risks, regulatory restrictions, environmental and licensing restrictions and liabilities, the inability of Fancamp to raise capital or obtain the necessary financing to future, as well as the factors discussed in the section titled “Risks and Uncertainties” in Fancamp’s management discussion and analysis of Fancamp’s financial statements for the period ended July 31, 2021. Although Fancamp has attempted to identify important factors which could cause a material difference between the actual results, there may be other factors which the results should not be those anticipated, estimated or foreseen. Fancamp considers its assumptions to be reasonable based on the information currently available, but tthere can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Therefore, readers should not place undue reliance on forward-looking statements.
For more information
Rajesh Sharma, President and CEO
Debra Chapman, Chief Financial Officer
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 press release.