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Vancouver, British Columbia--(Newsfile Corp. - June 19, 2024) - TEAKO MINERALS CORP. (CSE: TMIN) (the "Company" or "Teako") announces that it has entered into a non-binding letter of intent (the "LOI") on June 18, 2024, with The Coring Company AS ("TCC"), through the Company's wholly-owned subsidiary, Teako Minerals Norway AS, to negotiate a joint venture agreement for exploration and development of seven mineral projects (see table 1) located in Helgeland, Norway (the "Projects"). The Projects are 100% owned by the Company and were acquired in its extensive 2024 staking program based on past work conducted by BP Minerals, formerly known as the Helgeland project.
The LOI:
The terms of the LOI are as follows:
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TCC would commit to paying C$3,000,000 in aggregate cash payments (the "TCC Contribution") over 2.5 years for an immediate 50% ownership in the Projects (the "Teako Contribution").
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Teako would be the operator of the Projects (the "Operator") and would be entitled to receive $225,000 as an operating fee from the gross C$3,000,000 on or before closing and a further $225,000 on or before July 31, 2025.
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Teako and TCC would establish a joint venture company (the "Newco"), whereas in consideration for the Teako Contribution and the TCC Contribution, each party would be issued 50% of the shares in the capital of Newco.
Further details regarding the proposed transaction with TCC, as well as project information, will be provided in a comprehensive news release if and when the parties enter into a definitive agreement. There can be no guarantees that the proposed transaction will be completed as contemplated or at all.
Project Overview:
| Project | District | Size km² | Minerals | ||
| Primary | Secondary | Others | |||
| BJELLATINDEN | FAR NORTH | 215,00 | Molybdenum | Copper | REE, niobium, tungsten, gold |
| SVARTHOLA | FAR NORTH | 78,80 | REE | Uranium | Lead |
| VELFJORD | NORTH | 311,75 | Copper | Gold | Zinc, nickel, lead, tungsten, silver |
| ROSTA | NORTH | 96,00 | Copper | Cobalt | Nickel, zinc, lead, gold, silver |
| HUSVIKA | NORTH | 92,50 | Silver | Copper | Cobalt, zinc, lead |
| LYSFJORD | NORTH | 54,00 | Gold | Copper | Zinc, lead, silver |
| STORTUVA | NORTH | 39,63 | Gold | Copper | Zinc, lead, silver |
Table 1: Joint Venture Projects
The Projects represent 12,2% of the Company's project portfolio in Norway and have incurred staking costs of C$12,875.
About Teako Minerals Corp.:
Teako Minerals Corp. is a Vancouver-based mineral exploration company committed to acquiring, exploring, and developing mineral properties in Norway & Finland exploring for copper, cobalt, gold, molybdenum, and rare earth elements (REE). The adoption of technologies such as the SCS Exploration Product aligns with its strategy to remain at the forefront of the rapidly evolving mining industry.