Toronto, Ontario--(Newsfile Corp. - October 11, 2018) -
Pancontinental Resources Corporation (TSXV: PUC) ("Pancon" or the
"Company") is pleased to announce its signing of a Memorandum of
Understanding (MOU), effective October 1, 2018, with the Flying
Post First Nation (FPFN) in northern Ontario. The FPFN-Pancon MOU
provides a mutually beneficial framework for cooperation on the
Company's three battery metals exploration projects, located 65
kilometres northwest of Timmins: the Montcalm Project, the Gambler
Project, and the Nova Project.
Murray Ray, Chief of Flying Post First Nation stated: "Flying
Post is pleased with the signing of the MOU. The agreement outlines
a process for mutual engagement throughout the exploration phase.
Flying Post believes that exploration activities should be done in
a manner that is respectful of traditional and treaty rights and
the environment, and provide employment and business opportunities.
The signing of this MOU is a promising first step in establishing a
meaningful relationship with Pancon."
Layton Croft, Pancon President and CEO, stated: "We look forward
to a productive, long-term relationship with the Flying Post First
Nation as we advance our Montcalm, Gambler and Nova projects near
Timmins. This MOU is a tangible example of Pancon's Community
Relations Policy, which affirms our Company's belief that minerals
exploration and mining — in addition to creating value for
shareholders — can and should be a positive catalyst for
environmental stewardship, economic development, and social
responsibility. We conduct our business activities in pursuit of
these outcomes, and to create shared value with First Nations, host
communities and other stakeholder groups."
The objectives of the FPFN-Pancon MOU are:
- to establish a mutually beneficial, cooperative and productive
relationship through which Pancon recognizes and agrees to respect
the aboriginal rights and treaty rights of FPFN while engaged in
the exploration activities and operation of the Project;
- to provide a process through which Pancon can consult with and
accommodate the interests of the FPFN as outlined herein with a
view to reconciling any competing interests at stake;
- to establish a relationship through which the FPFN can identify
opportunities for its businesses and citizens to participate in
Pancon's exploration activities and operations;
- to provide Pancon with evidence for its stakeholders and the
Ontario Ministry of Energy, Northern Development and Mines that
FPFN and Pancon intend to work together in a spirit of cooperation
for mutual benefit as well as social, ecological, cultural and
economic well-being;
- to set out the objectives, process and topics for negotiations
of an Impact Benefit Agreement between FPFN and Pancon; and
- to come to a negotiated settlement of financial compensation
for exploration activities.
The MOU emphasizes the prioritization of business opportunities,
employment and training opportunities for FPFN businesses and
individuals. Pancon will provide capacity funding to compensate for
impacts caused by on-the-ground exploration activities. Pancon will
grant 50,000 option to FPFN at an exercise price of $0.06, subject
to approval of the TSX Venture Exchange, with all of the options to
vest on the approval of the TSX Venture Exchange. Pancon will also
grant 50,000 shares to FPFN, subject to approval of the TSX Venture
Exchange. The MOU also describes the process of negotiating and
implementing a subsequent Impact Benefits Agreement (IBA), which
would take effect once any of the three Projects has completed a
Feasibility Study.
Figure 1: Left to Right:
Pancon's President &CEO
Layton Croft,
Chief Murray Ray from
Flying Post First Nation;
Kevin Filo, Project Manager for Montcalm, Gambler & Nova
Projects &
Stephanie LaBelle,
Mineral Development Advisor for
Wabun Tribal Council
To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/5156/40278_figure1.jpg
About
Flying Post First Nation
Flying Post First Nation is signatory to Treaty 9. Flying Post's
reserve lands are located northwest of Timmins, along the Ground
Hog River, about an hour north of Malette Road just outside the
city. Flying Post was formerly an independent First Nation in the
Nishnawbe-Aski Nation (NAN) and joined the Wabun Tribal Council in
2007. Flying Post is an Ojibwe community whose priorities include
encouraging its members to pursue educational and professional
ambitions and to create a sustainable economy that will create
prosperity for future generations
About Pancontinental Resources Corporation
Pancontinental Resources Corporation (TSXV: PUC) is a
Canadian-based mining company focused on four nickel-cobalt-copper
projects in Ontario — three early stage projects near Timmins:
Montcalm Project, Gambler Project, and Nova Project; and the
advanced stage McBride Project near Bancroft. Pancon's mission is
to generate value through responsible exploration, focusing on
prospective assets in proximity to producing or former mines
areas and/or with existing resources. The Company also holds a 100%
interest in the Jefferson Gold Project in South Carolina, USA. In
2015, Pancon sold its interest in its Australian rare earth element
(REE) and uranium properties, formerly held through a joint
venture, and retains a 1% gross overriding royalty on 100% of
future REE production.
For further information, please contact:
Layton Croft, President & CEO or Jeanny So, Manager,
External Relations
E:
info@panconresources.com
T:
+1.416.293.8437
For additional information please visit our new website at
www.panconresources.com and our Twitter feed:
@PanconResources.
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.
Cautionary Language and Forward Looking Statements
This news release contains forward-looking information which is
not comprised of historical facts. Forward-looking information is
characterized by words such as "plan", "expect", "project",
"intend", "believe", "anticipate", "estimate" and other similar
words, or statements that certain events or conditions "may" or
"will" occur. Forward-looking information involves risks,
uncertainties and other factors that could cause actual events,
results, and opportunities to differ materially from those
expressed or implied by such forward-looking information. Factors
that could cause actual results to differ materially from such
forward-looking information include, but are not limited to,
changes in the state of equity and debt markets, fluctuations in
commodity prices, delays in obtaining required regulatory or
governmental approvals, and other risks involved in the mineral
exploration and development industry, including those risks set out
in the Company's management's discussion and analysis as filed
under the Company's profile at
www.sedar.com. Forward-looking
information in this news release is based on the opinions and
assumptions of management considered reasonable as of the date
hereof, including that all necessary governmental and regulatory
approvals will be received as and when expected. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information. The Company disclaims any intention or obligation to
update or revise any forward-looking information, other than as
required by applicable securities laws.
