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.
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.”
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Published at Wed, 06 May 2020 12:40:00 +0000-Power Ore gets six-month extension on Opemiska obligations