Midnight Sun Mining Corp. Announces Due Diligence by First Quantum Minerals
Vancouver, British Columbia, August 18, 2016 — Midnight Sun Mining Corp. (the “Company” or “Midnight Sun”) (TSX-V: MMA) is pleased to announce First Quantum Minerals (“First Quantum”) (TSX: FM) has been conducting due diligence investigations on the Company’s optioned Solwezi copper property, located in Zambia. First Quantum has indicated it will complete the due diligence work in Q4 of 2016 and make a decision whether to pursue a joint venture with Midnight Sun.
First Quantum is one of the largest copper producers in the world, and operates the Kansanshi mine, located directly adjacent to the Solwezi copper-gold property. Kansanshi is one of the largest copper producing mines in Africa and has an SX/EW oxide treatment facility as well as a sulphide flotation circuit and smelter.
No obligation is created between Midnight Sun and First Quantum as a result of this due diligence activity. Midnight Sun will publicly disclose any material results of the investigation or any material change in their relationship with First Quantum.
Advisory Board Appointment
Midnight Sun is pleased to welcome Stuart (Tookie) Angus to its advisory board. Mr. Angus provides a wealth of experience, having sat as the Head of the Global Mining Group for Fasken Martineau before focusing on the structuring and financing of significant international exploration, development and producing mining ventures. Mr. Angus’s experience includes serving as a Director of First Quantum Minerals, Managing Director of Mergers & Acquisitions for Endeavour Financial, Chairman of the Board of BC Sugar Refinery Limited, Director of Canico Resources Corporation until it’s takeover by CVRD ($875 million), Director of Bema Gold until it’s takeover by Kinross Gold ($3.1 billion), Director of Ventana Gold until it’s takeover by AUX Canada Acquisition Inc. ($1.43 billion) and a Director of Plutonic Power until its merger with Magma Energy ($575 million). Currently, Mr. Angus serves as Chairman of Nevsun Resources.
Mr. Angus comments: “Midnight Sun has tremendous potential as a company, and I am pleased to offer my services and support as an advisor to the board and management as they enter this stage of their development.”
ON BEHALF OF THE BOARD
Robert Sibthorpe President & CEO
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