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White Rock completes Red Mountain acquisition, nixes E2 Metals deal

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White Rock completes Red Mountain acquisition, nixes E2 Metals deal

White RockMinerals Ltd. said April 26 that it now controls the option overthe RedMountain zinc-silver-lead-gold project in Alaska following theacquisition of Atlas ResourcesPty. Ltd., the owner of the polymetallic volcanogenic massivesulfide project.

The deal was announced in February, under which White Rock proposedto acquire all Atlas shares and options by issuing 1.147 White Rock shares forevery 1 Atlas share, along with 1.147 White Rock five-year options for every 1Atlas option, exercisable at 3.5 cents per option.

White Rock sees significant potential for further discoveriesat Red Mountain and has already expanded its tenement footprint by adding additional 85mining claims to the project's original 25 mining claims in March.

According to White Rock CEO Matthew Gill, Red Mountainprovides the company with an asset that will leverage the expected improvementin zinc and silver outlooks.

In a separate statement issuedthe same day, the company also said its previously announced acquisition of E2 Metals Ltd. fellthrough after both parties have decided to no longer proceed with the proposedtransaction, without specifying any reason.

The acquisition was announced in December 2015 and wassupposed to see White Rock issue 3.25 shares for every E2 Metals share held.