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Ubique Purchases Ophir Golds Claims in Daniel’s Harbour Zinc Project

Wednesday, 06 September 2023 05:00 AM

Ubique Minerals Limited

TORONTO, ON / ACCESSWIRE / September 6, 2023 / Ubique Minerals Limited ("Ubique" or the "Company") (CSE:UBQ)(FRA:2UM) is pleased to announce that it has entered into a Mineral Claim Purchase Agreement ("Agreement") with Ophir Gold Corp. ("Ophir Gold").

Under the terms of the Agreement, Ophir Gold has agreed to sell and transfer a 100% interest in certain mineral mining claims located in Daniel's Harbour, Newfoundland Canada (the "Claims") to the Company. The Claims are all a part of the option agreement announced between the companies on February 14, 2019 wherein previously the Company had the option to earn up to a 70% interest in the Claims.

"We are excited about this strategic agreement with Ophir Gold Corp.," said Vilhjalmur Thor Vilhjalmsson, CEO of Ubique Minerals Ltd. "This acquisition aligns with our strategy and reinforces our commitment to unlocking the value of the Daniel's Harbour property and now having 100% control we can better manage the exploration project work program that is planned."

The transaction will be executed on an "as is, where is" basis, acknowledging the existing state, condition, and location of the Claims as of the Closing Date. In return for a 100% interest in the Claims, the Company will issue 3,800,000 ordinary shares of the Company (the "Consideration Shares") to Ophir Gold. The Closing Date for the transaction is anticipated to occur at 10:00 a.m. Vancouver time on the second business day after the Effective Date, subject to the fulfillment of the Agreement's terms and conditions.

The execution of the Agreement reflects the Company's ongoing commitment to advancing mineral exploration and development projects that have the potential to generate value for shareholders and contribute to sustainable resource utilization.

About Daniel's Harbour project

The Daniel's Harbour properties of Ubique cover both the area of the past producing high grade zinc mine and extensions of favorable area, mostly to the north-northeast along strike for more than ten kilometers. Exploration drilling to date has confirmed three zinc deposits and has indications of two more which require additional definition drilling to define their extents. Several more zones identified by one or more historic drill holes require relocating and further drilling to confirm. As the deposits are long, narrow and flat lying-in shape and orientation, within flat lying dolomitic sedimentary rocks they may extend across more than one blocks of claims and therefore the ability to consolidate the property position will assist in exploration execution.

On behalf of the board of directors,

Vilhjalmur Thor Vilhjalmsson
CEO and Chairman

About Ubique Minerals Limited

Ubique Minerals Limited is an exploration company listed on the CSE (CSE:UBQ) focused on exploration of its Daniel's Harbour zinc property in Newfoundland and is also engaged in exploration in Namibia, Africa along with actively searching for other projects around the world. Ubique became a publicly listed company in September 2018. Ubique has an experienced management group with a record of multiple discoveries of deposits worldwide and owns an extensive and exclusive database of historic exploration results from the Daniel's Harbour area.

Dr. Gerald Harper, P.Geo.(NL), director of Ubique, is the qualified person as defined by NI 43-101 responsible for the technical data presented herein and has reviewed and approved this release.

For more information on Ubique please contact see www.ubiqueminerals.com or contact [email protected]

Forward-Looking Information: This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business and trading in the common stock of Ubique Minerals Limited., the raising of additional capital and the future development of the business. The forward-looking information is based on certain key expectations and assumptions made by the company's management. Although the company believes that the expectations and assumptions on which such forward-looking information is based are reasonable, undue reliance should not be placed on the forward-looking information because Ubique can give no assurance that they will prove to be correct. These forward-looking statements are made as of the date of this press release and Ubique disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

Neither the Canadian Securities Exchange nor its Regulation Services Provider accepts responsibility for the adequacy or accuracy of this release.

SOURCE: Ubique Minerals Limited

Topic:
Mergers and Acquisitions
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