CALGARY, AB / ACCESSWIRE / November 28, 2024 / Aurwest Resources Corporation ("Aurwest" or the "Company") (CSE:AWR) today reports the Company's financial and operational results for the three and nine months period ending September 30, 2024. For further information please see the Company's Consolidated Financial Statements and Management's Discussion and Analysis ("MD&A") filed on SEDAR+ at www.sedarplus.com under the Company's profile.
Further to filing the Company's Financial Statements and MD&A, the Company is pleased to provide an update on our quarterly operating highlights as set out below:
Third Quarter 2024 Financial Highlights
Reduced operating costs by 61% to $62,752 during the third quarter, when comparing the same period in the prior year.
Net loss for the first quarter was $62,752 or ($0.00) per share.
Cash used in operating activities, before changes in working capital for the nine months was negative $83,962.
Cash flows used in investing activities was negative $4,816 for the nine months, associated with exploration and evaluation expenditures.
Consolidated cash and cash equivalents of $11,853 as at September 30, 2024.
Significant Announcements Subsequent to Quarter End
On October 7, 2024 the Company press released it has entered into a Purchase & Sale Agreement dated October 4, 2024 with Interra Copper Corp. (CSE:IMCX) (OTCQB:IMIMF)(FRA:3MX) pursuant to which, and subject to the terms and conditions of the agreement, the Company would sell 100% of its rights, title and interest in the Stars Property (the "Property") for an aggregate cash and equity consideration of approximately $1.1 million (1). The acquisition will be subject to the approval of the Company's shareholders.
The Company is pleased to confirm that the Notice of Meeting and Information Circular of the Company dated November 6, 2024 the related form of proxy (collectively, the "Meeting Materials") have been mailed to shareholders of record as at November 5, 2024. The Company also confirms that the Meeting Materials can be accessed online under the Company's profile on SEDAR+ (www.sedarplus.com), on the Company's website at www.aurwestresources.com.
The Meeting Materials are being distributed in connection with the special meeting of the shareholders of the Company to approve: (i) a special resolution whereby Aurwest will sell all or substantially all of its assets of the Corporation, specifically the Stars property to Interra Copper Corp. ("Interra") (the "Transaction") as announced on October 7, 2024, all as described in the Information Circular. This meeting has been set for 10:00 a.m. (MST) on December 10, 2024.
In light of the Canada Post labour strike, the Company is encouraging shareholders to access the Meeting Materials electronically as noted above, and that registered shareholders vote online or deliver proxies by courier, and registered shareholders with physical share certificates to complete and return letters of transmittal by hand or courier to ensure the appropriate documents are received in a timely manner. Aurwest shareholders are encouraged to vote using the internet, telephone or fax numbers provided in the Information Circular to ensure their vote is received prior to the voting cut off 48 hours before the time of the meeting.
Further details relating to the amended notice of annual general and special meeting of its shareholders is available on the Company's website.
Aurwest is a Canadian-based junior resource company focused on the acquisition, exploration, and development of gold properties in Canada. The Company currently holds a 100% interest in 3,762 hectares of contiguous claims at the Stars projects located approximately 65 kilometers southwest of Houston British Columbia.
Forward-Looking Information
Statements included in this announcement, including statements concerning our plans, intentions, and expectations, which are not historical in nature are intended to be, and are hereby identified as "forward-looking statements". Forward looking statements may be identified by words including "anticipates", "believes", "intends", "estimates", "expects" and similar expressions. The Company cautions readers that forward-looking statements, including without limitation: additional exploration of the properties may not locate significant gold mineralization, the exploration program may not be completed as planned or at all; the Company may not be able to assemble a seasoned exploration team, the path finder elements may not be indicative of gold mineralization; the western margin of the Dunnage zone may not be located within the Property; the structural elements of the Central Newfoundland Gold Belt may not be similar to the Abitibi and Fosterville gold camps; the Company's ability to raise additional funding to conduct exploration; receipt of permits to conduct the exploration plans and matters relating to the Company's future operations and business prospects; certain risks and uncertainties that could cause actual results to differ materially from those indicated in the forward-looking statements. Readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance on forward-looking statements. Any forward-looking statements are made as of the date of this news release, and the Company assumes no obligation to update the forward-looking statements, except in accordance with the applicable laws.
The Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
