THEMAC TERMINATES LETTER OF INTENT WITH CHINESE INVESTORPosted: 08/31/2016 | Posted By: News Resource/Publisher
VANCOUVER, BRITISH COLUMBIA—(August 31, 2016) - THEMAC Resources Group Limited (TSX VENTURE:MAC) (“THEMAC” or the “Company”) announces that it has terminated the letter of intent dated April 26, 2016 (the “LOI”) with Yunnan Halilaya Nonferrous Metal Import and Export Co. Ltd. (“Yunnan Halilaya”), of Kunming, Yunnan Province, PRC, previously announced on April 28, 2016. Yunnan Halillaya’s progress towards completing its obligations under the LOI were not to the Company’s satisfaction. Accordingly, THEMAC made the determination to terminate the LOI, and seek alternative arrangements for financing the development of the Company’s Copper Flat Project.
About THEMAC Resources Group Limited THEMAC is a copper development company with a strong management team and as of May 18, 2011, a 100% ownership interest in the Copper Flat copper-molybdenum-gold-silver project in New Mexico, USA. We are continuing to advance the closed copper mine, Copper Flat, in Sierra County, New Mexico toward production with innovation and a sustainable approach to mining development and production, local economic opportunities, and the best reclamation practices for our unique environment. The Company is listed on the TSX Venture Exchange (ticker: MAC) and has issued share capital of 79,400,122 common shares (fully diluted share capital 89,252,316).
For further information contact:
THEMAC Resources GroupLimited
Chief Executive Officer
Phone: +1 505.382.5770