West Mining Enters Into Letter of Intent for Blue Cove Copper Property, Newfoundland

VANCOUVER, British Columbia, Jan. 25, 2022 (GLOBE NEWSWIRE) -- West Mining Corp. (“West” or the “Company”) (CSE: WEST) (OTC: WESMF) is pleased to announce it has entered into a non-binding letter of intent (the “LOI”) dated as of January 21, 2022 with Dean Fraser (the “Optionor”) which contemplates a transaction under which West will have the right to earn a 100% undivided interest in Blue Cove Copper Property.

The Blue Cove Copper Property is located at the head of Fortune Bay, in southeast Newfoundland and is host to significant copper occurrences in outcrop. Several new targets have been identified by prospecting over the past two years and copper mineralization can be found locally throughout the claims. The best assay obtained to date from grab samples at the Blue Cove Property returned values as high as 5.1% Cu, 33 g/t Ag and 0.27 g/t Au. Copper mineralization generally occurs in altered volcanic rocks and sediments on the Property with the primary copper minerals being chalcocite with more minor bornite and chalcopyrite. Widespread copper oxide is readily visible on many outcrops throughout the property.

The Property consists of 232 claims covering a 5,800 hectare area, striking 22 kilometres adjacent to the Terrenceville fault structure. Excellent infrastructure also exists in the area, including the nearby town of Terrenceville which hosts a deep sea port.

“It is rare to find a project with such vast potential that has never seen modern exploration. West is anxious to begin a systematic work program on this highly prospective property,” states CEO of West Mining Corporation Nicholas Houghton. “The fact that it is a turnkey operation with a Newfoundland based crew on hand lends itself perfectly in allowing the Company to stay focussed on the Kena gold and copper project whilst expanding its portfolio. We see the demand for copper strongly increasing and seizing this opportunity can only be of benefit to our shareholders.”

Under the LOI, the parties have agreed to make good faith negotiations towards a binding definitive option agreement (the “Option Agreement”) respecting the proposed transaction. Pursuant to the proposed terms of the transaction contemplated in the LOI, West will be able to exercise the option by: paying an aggregate of $160,000 to the Optionor; issuing an aggregate of 1,700,000 common shares in the capital of the Company to the Optionor; and incurring an aggregate of $750,000 of exploration expenditures on the Property, as follows: