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Power Ore gets six-month extension on Opemiska obligations

The extension allows the Toronto-based explorer to defer its $150,000 payment to Ex-In until May 22, 2021

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Opemiska, a large copper project surrounded by infrastructure in Quebec, was acquired by the group in December 2018

Power Ore Inc (CVE:PORE) said it has received a six-month extension on all of its remaining milestone obligations on the Opemiska Copper Complex acquisition.

Opemiska, a large copper project surrounded by infrastructure in Quebec, was acquired in December 2018.

The deferral comes as a result of the ongoing coronavirus (COVID-19) pandemic, which has forced the closure or stoppage of non-essential work in the province of Quebec.

READ: Power Ore strikes blockbuster deal to acquire past-producing mines in Quebec

Power Ore told shareholders that it has already completed its work commitments up until May 22, 2022. The extension allows the Toronto-based explorer to defer its $150,000 payment to Ex-In until May 22, 2021.

Although Power Ore is funded and able to make this payment, in light of the exploration restrictions in place due to COVID-19, the company asked for and received the six-month deferral, Power Ore said.

"Time is always an ally in resource development, so we are happy to announce this extension and thank our partners at Ex-In,” Power Ore’s CEO Stephen Stewart said in a statement.

“We look forward to continuing our exploration at the Opemiska Copper Complex as soon as it is safe and pragmatic for everyone involved.”

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Power Ore

Price: 0.065 CAD

TSX-V:PORE
Market: TSX-V
Market Cap: $3.75 m
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