Opawica Explorations Inc.

Opawica Explorations Inc.

November 17, 2011 09:13 ET

Opawica Announces Termination of Private Placement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 17, 2011) - Opawica Explorations Inc. (TSX VENTURE:OPW) ("Opawica" or the "Company") -

Further to its news releases of October 5, 2011 and November 7, 2011, the Company announces that the private placement with Winston Mining LP and the related changes to the Board of Directors of the Company will not be proceeding due to the inability of the parties to agree on certain matters related to the transaction.

The second private placement of 3,000,000 units as disclosed in the November 7, 2011 news release is still proceeding.


Opawica is a Canadian mineral exploration company that has been operating as such for over 30 years. The Company owns 100% of the Atikwa Lake project near Kenora, Ontario, and may acquire up to 100% of the Cascallen-Whitesides property in the West Timmins gold district, Ontario (subject to closing conditions, see March 25, 2011 Opawica press release) and owns 100% of the Bro Property which is a precious and base metal prospect located in Yukon, Canada.

In addition, Opawica owns 7,017,852 shares (19.5%) of Upper Canada Gold Corporation (TSX VENTURE:UCC).


This news release of Opawica contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Opawica's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements in this document include statements regarding Opawica's expectations regarding ownership, entitlements, drilling and exploration activities on properties in which Opawica has, or believes it has an interest. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements, and readers are cautioned not to place undue reliance on these forward-looking statements. Any factor could cause actual results to differ materially from Opawica's expectations. Opawica undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, unless otherwise required by law.

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 release.

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