VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 16, 2016) - Redhawk Resources, Inc. ("Redhawk" or the "Company") (TSX:RDK)(FRANKFURT:QF7) announces the termination by consent of the option agreement (the "Option Agreement") with Copperzone Resources Ltd. ("Copperzone"), a private Canadian company, on four licenses held by Copperzone in Zambia, as initially announced on September 13, 2016. The Company has also cancelled the private placement announced on the same date.
Stephen Barley, Executive Chairman, stated: "We have agreed to terminate the Option Agreement with Copperzone by mutual consent. We still believe Copperzone's Zambian projects have significant merit; however, we have determined to focus our efforts and resources on our Copper Creek project where we have recently recovered a 100% interest due to the departure of our joint venture partner."
Redhawk is a Canadian-based resource exploration and development company with a focus on the continued advancement of the Copper Creek copper-molybdenum project in San Manuel, Arizona. The advanced Copper Creek Arizona property consists of approximately 75 km² of contiguous patented and unpatented mining claims and state prospecting permits, located about 112 km northeast of Tucson, Arizona.
ON BEHALF OF THE BOARD
J. Stephen Barley, Executive Chairman
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein, including without limitation, statements relating the future operating or financial performance of the Company, are forward-looking statements.
Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "intends", "estimates", "potential", "possible", and similar expressions, or statements that events, conditions, or results "will", "may", "could", or "should" occur or be achieved. Forward-looking statements in this news release relate to the Company's focusing its efforts and resources on the Company's Copper Creek project. There can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by management of the Company, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and management of the Company has made assumptions and estimates based on or related to many of these factors. Such factors include, without limitation, the ability of the Company to focus its efforts and resources on the Company's Copper Creek project.
Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these matters. Except as required by law, Redhawk does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.