VANCOUVER, British Columbia, March 28, 2025 (GLOBE NEWSWIRE) -- Koryx Copper Inc. (“Koryx” or the “Company”) (TSXV: KRY) is pleased to announce that it has completed a vertical short-form amalgamation (the “Amalgamation") pursuant to the Business Corporations Act (British Columbia) (the "BCBCA") effective March 19, 2025, with the Company's wholly-owned subsidiary 1054137 B.C. Ltd. (“SubCo”) (a company incorporated under the British Columbia Corporations Act).
On August 30, 2016, the Company completed a share exchange with the shareholders of SubCo, giving effect to the restructure transaction. (the “Transaction”). The effect of the Transaction is that all assets and liabilities of SubCo were consolidated within the Company and SubCo then became dormant within the reporting structure of the group. The purpose of the Amalgamation now is to simplify the Company’s corporate and reporting structure.
Pursuant to the Amalgamation, the resulting company (the "AmalCo") has kept the name "Koryx Copper Inc." and the business of the Company does not change. It has maintained the same Articles, issued no securities, and the symbol "KRY" remains the same. Following the Amalgamation, AmalCo continues to indirectly own all of the exploration rights to the Haib Copper Project through Haib Minerals.
The Company has filed the Certificate of Amalgamation and Notice of Articles on SEDAR, which are publicly available under the Company's profile at www.sedarplus.ca. Additional information with respect to the Amalgamation and the business of AmalCo is available on the Company’s SEDAR+ profile at www.sedarplus.ca .
About Koryx Copper Inc.
Koryx Copper Inc. is a Canadian copper development Company focused on advancing the 100% owned Haib Copper Project in Namibia whilst also building a portfolio of copper exploration licenses in Zambia. Haib is a large, advanced (PEA-stage) copper/molybdenum porphyry deposit in southern Namibia with a long history of exploration and project development by multiple operators. More than 80,000m of drilling has been conducted at Haib since the 1970’s with significant exploration programs led by companies including Falconbridge (1964), Rio Tinto (1975) and Teck (2014).
Haib has a current mineral resource of 414Mt @ 0.35% Cu for 1,459Mt of contained copper in the Indicated category and 345Mt @ 0.33% Cu for 1136Mt of contained copper in the Inferred category (0.25% Cu cut-off). In addition to extensive drilling and metallurgical testing various technical studies have been completed at Haib to date. Extensive additional studies are underway aiming to demonstrate Haib as a future long-life, low-cost, low-risk open pit, sulphide flotation copper project with the potential for additional copper production from heap leaching.
Mineralization at Haib is typical of a porphyry copper deposit and it is one of only a few examples of a paleoproterozoic porphyry copper deposit in the world and one of only two in southern Africa (both in Namibia). Due to its age, the deposit has been subjected to multiple metamorphic and deformation events but still retains many of the classic mineralization and alteration features typical of these deposits. The mineralization is dominantly chalcopyrite with minor bornite and chalcocite present and only minor secondary copper minerals at surface due to the arid environment.
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.
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the use of proceeds from the Company's recently completed financings and the future or prospects of the Company. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect ", "is expected ", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are necessarily based upon a number of assumptions that, while considered reasonable by management, are inherently subject to business, market, and economic risks, uncertainties, and contingencies that may cause actual results, performance, or achievements to be materially different from those expressed or implied by forward-looking statements. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, other factors may cause results not to be as anticipated, estimated, or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. Other factors which could materially affect such forward-looking information are described in the risk factors in the Company's most recent annual management discussion and analysis. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
