Cambria Gold Mines Inc. will retain its ownership interest in the Mt. Margaret copper and gold porphyry deposit in Washington State, deferring a previously proposed spin-out transaction and terminating its binding term sheet with ECC Ventures 4 Corp.

Under the decision, Cambria keeps the asset within its existing portfolio alongside the Premier Gold Mine Complex and the Red Mountain Gold Deposit in northwestern British Columbia. Through subsidiary Ascot USA Inc., the company controls 50% of the mineral rights on select patented claims covering the deposit, with the U.S. Federal Government holding the remaining 50%, alongside full ownership of 184 surrounding lode claims.

Duval Corporation completed a historical resource estimate for Mt. Margaret totaling 577 million tonnes grading 0.36% copper, 0.24 g/t gold, 0.011% molybdenum, and 1.58 g/t silver, which is not currently compliant with NI 43-101 or S-K 1300 standards. Cambria is advancing permit applications and environmental studies supporting additional exploration drilling at the deposit.

To support the updated corporate focus, Cambria appointed retired U.S. Army Major General Kim Colloton to the board of directors and named Cleve Rueckert as Vice-President of Corporate Development. The company also granted 2,800,000 incentive stock options exercisable at $0.90, alongside 700,000 restricted share units and 180,000 deferred share units to new directors, officers, employees, and consultants.

“ We see the opportunity to build an exceptional growth-oriented company at Cambria, anchored by near-term gold production at the Premier Gold Mine Complex in Canada and a potential Tier 1 copper deposit at Mt. Margaret. With over one square kilometer of outcropping mineralization at surface, open for expansion in most directions and at depth below 500 meters, the Mt. Margaret deposit represents a unique opportunity in the United States. Through systematic goals including: permitting milestones, infill and exploration drilling, Mineral Resource Estimates and Economic Studies, we feel that we can add substantial value for our shareholders by keeping our portfolio together ,” said Robert McLeod, CEO of Cambria Gold Mines. “ Our Company will be supported by the highly accretive addition of US-based team members, including our new director Retired Major General Kim Colloton, as well as ex-Barrick Vice-President Cleve Rueckert.”

— Robert McLeod, CEO and Director

Permit applications and environmental studies to support further exploration drilling at Mt. Margaret continue to advance.

Read the full announcement: Cambria Gold Mines to Retain Mt. Margaret Copper-Gold Porphyry in Portfolio; Announces New Director Kim Colloton and Cleve Rueckert as VP Corporate Development and Announces Equity Grants