American Copper Development Corporation Reduces Property Purchase Liabilities by $4.6M or 90%

May 08, 2024 7:00 AM EDT | Source: American Copper Development Corporation (Formerly Known as Cirrus Gold Corp.)

Vancouver, British Columbia--(Newsfile Corp. - May 8, 2024) - American Copper Development Corporation (CSE: ACDX) (OTCQB: ACDXF) ("ACDC" or the "‎‎Company") reports that it has renegotiated the terms with Waterton Nevada Splitter LLC for the purchase of the Lordsburg Property. The Company now has reduced its liabilities to Waterton from CAD$5,000,000 to CAD$400,000 due by August 2025. In consideration of the new terms, Waterton Nevada Splitter LLC has been paid CAD$625,000 and has been issued 1,564,823 shares in the Company.

Rick van Nieuwenhuyse, Chairman comments: "This is a significant accomplishment for our Company to be a big step closer to owning the Lordsburg district 100% out-right. Having drilled an exciting intercept of 44m at 1% Cu last year, we are now able to explore this district further from both surface expressions of Copper/Gold mineralization and at depth targeting the Resolution-type porphyry. Our porphyry target remains intact and with this Copper bull-market now in play, we will see renewed interest in this property from the majors. Infrastructure at Lordsburg is unparalleled with highway I-10 within 2kms from our property boundary and access to labour, water and power. Let's pick up our picks and rock once again!"

Details on the amendment of terms:

New terms for the property purchase are a payment of CAD$625,000 (paid); an issuance of 1,546,823 shares (issued) in the Company to Waterton Nevada Splitter LLC, a payment of CAD$50,000 in August 2024 and a final payment of CAD$350,000 in August 2025.

For comparison purposes under the previous agreement the Company was to make the following payments CAD$1,000,000 in May 2024, CAD$1,500,000 in August 2024 and CAD$2,500,00 in August 2025.

Qualified Person

Mark Osterberg, P.Geo., Senior Geologist/Project Manager for the Company and a Qualified Person as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects, has read and approved all technical and scientific information contained in this news release.

About the Company

The Company is engaged in the business of mineral exploration and the acquisition of mineral property assets. Its objective is to locate and develop economic precious and base metal properties of merit and to conduct its exploration program on the Lordsburg Property.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

American Copper Development Corporation

For further information, please contact:‎
Daniel Schieber
Chief Executive Officer and Director
Phone: (778) 372-9888

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking ‎information" under applicable Canadian securities legislation. ‎Forward-looking information involves risks, uncertainties, and other factors that could cause ‎actual results, performance, prospects, and opportunities to differ materially from those ‎expressed or implied by such forward-looking information. Forward-looking information is necessarily based on a number of estimates and ‎assumptions that, while considered reasonable, are subject to known and unknown risks, ‎uncertainties and other factors which may cause actual results and future events to differ ‎materially from those expressed or implied by such forward-looking information. ‎Accordingly, the forward-looking information discussed in this release, may not occur and ‎could differ materially as a result of these known and unknown risk factors and uncertainties ‎affecting ACDC. Although ACDC believes that the assumptions and factors used in ‎preparing the forward-looking information are reasonable, undue reliance should not be placed ‎on this information, which only applies as of the date of this news release, and no assurance can ‎be given that such events will occur in the disclosed time frames or at all. Except where ‎required by law, ACDC disclaims any intention or obligation to update or revise any forward-‎looking information, whether as a result of new information, future events, or otherwise.‎

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