VANCOUVER, British Columbia, Nov. 26, 2024 (GLOBE NEWSWIRE) -- NorthWest Copper (“NorthWest” or “the Company”) (TSX-V: NWST) is pleased to announce the appointment of Paul Olmsted as Chief Executive Officer and a member of the Board of Directors, effective immediately. Mr. Olmsted brings over 30 years of experience in the mining industry, with a proven track record in project evaluation, development, financing and strategic leadership.
Prior to joining NorthWest, from 2016 to 2023, Mr. Olmsted was the Chief Financial Officer of Superior Gold Inc., actively involved in the acquisition of an intermediate gold producer, followed by an initial public offering and ultimately leading the company through a business combination sale in 2023. Before Superior Gold, Mr. Olmsted was the Senior Vice President, Corporate Development of IAMGOLD Corporation from 2002-2014, leading the company’s business development activities with total transactions valued at close to C$10 billion. His extensive background in project evaluation and development aligns perfectly with NorthWest Copper’s commitment to advancing its high-quality copper and gold assets in British Columbia.
“We are excited to welcome Mr. Olmsted to the NorthWest team,” said Board Chair, Maryantonett Flumian. “His deep industry knowledge and expertise will be invaluable as we continue to drive forward our strategic initiatives of delivering value through exploration and development. We believe that Mr. Olmsted is the right leader to guide our company in this pivotal time for the industry.”
In his first statement as the incoming CEO, Mr. Olmsted expressed enthusiasm about the Company’s future and project pipeline. “The Kwanika-Stardust and Lorraine-Top Cat projects represent some of the most promising opportunities in British Columbia and globally. I am excited to lead a talented team that is dedicated to unlocking the full potential of these assets. Our focus will be on advancing the core assets of the Company through sustainable development and delivering value for all stakeholders,” he said.
Grant of Stock Options and Restricted Share Units
NorthWest also announces that it has granted 650,000 stock options and 250,000 Restricted Share Units (RSUs) to Mr. Olmsted pursuant to its Equity Incentive Plan.
The stock options have an exercise price of C$0.15, vest over three years and expire after five years.
The RSUs are payable in common shares of the Company on exercise, vest equally over three years and must be redeemed within 30 days of each of November 26, 2025, November 26, 2026 and November 26, 2027, or they expire.
About NorthWest Copper:
NorthWest Copper is a copper-gold explorer with a pipeline of advanced and early-stage projects in British Columbia, including Kwanika-Stardust, Lorraine-Top Cat and East Niv. With a robust portfolio in a tier one jurisdiction, NorthWest Copper is well positioned to participate fully in a strengthening global copper market. We are committed to responsible mineral exploration which involves working collaboratively with First Nations to ensure future development incorporates stewardship best practices and traditional land use. Additional information can be found on the Company’s website at www.northwestcopper.ca.
On Behalf of NorthWest Copper Corp.
“Maryantonett Flumian”
Chair, NorthWest Copper
For further information, please contact:
604-683-7790
info@northwestcopper.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Statement Regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussion with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often, but not always using phrases such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations (including negative variations) of such words and phrases, or state that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to statements with respect to; plans and intentions of the Company; proposed exploration and development of NorthWest’s exploration property interests including potential size of budget and type of exploration being conducted; the Company’s ability to finance future operations; future operations; mine plans, and magnitude or quality of mineral deposits.
All statements, other than statements of historical fact, included herein, constitutes forward-looking information. Although NorthWest believes that the expectations reflected in such forward-looking information and/or information are reasonable, undue reliance should not be placed on forward-looking information since NorthWest can give no assurance that such expectations will prove to be correct. Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information, including the risks, uncertainties and other factors identified in NorthWest’s periodic filings with Canadian securities regulators. Forward-looking information are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking information. Important factors that could cause actual results to differ materially from NorthWest’s expectations include risks associated with the business of NorthWest; risks related to reliance on technical information provided by NorthWest; risks related to exploration and potential development of the Company’s mineral properties; business and economic conditions in the mining industry generally; fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and the geology, continuity and grade of mineral deposits; the need for cooperation of government agencies and First Nation groups in the exploration and development of properties and the issuance of required permits; the need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs and uncertainty of meeting anticipated program milestones; uncertainty as to timely availability of permits and other governmental approvals; and other risk factors as detailed from time to time and additional risks identified in NorthWest’s filings with Canadian securities regulators on SEDAR+ in Canada (available at www.sedarplus.com).
Forward-looking information is based on estimates and opinions of management at the date the information are made. NorthWest does not undertake any obligation to update forward-looking information except as required by applicable securities laws. Investors should not place undue reliance on forward-looking information.