Western Metallica Announces Extension of Sierra Alta Option Agreement

TORONTO, June 30, 2022 (GLOBE NEWSWIRE) -- Western Metallica Resources Corp. (TSXV: WMS) (“Western Metallica” or the “Company”) is pleased to announce that it has entered into an amendment (the “Extension”) to the option agreement (the “Option Agreement”) between its wholly owned subsidiary, Western Metallica Corp., and Emerita Resources Corp. (“Emerita”) dated May 4, 2020 pursuant to which Western Metallica holds an option to acquire 55% of the Sierra Alta Gold Project (the “Sierra Alta Project”) in the “Navelgas Gold Belt” in Asturias, Spain. Pursuant to the Extension, the Company shall earn a 55% interest in the Sierra Alta Project upon, among other things, issuance to Emerita of 786,632 common shares of the Company immediately upon receiving approval thereof from the TSX Venture Exchange (the “Exchange”) and the Company spending at least $500,000 in mineral exploration expenditures on the Sierra Alta Project prior to December 31, 2022. The Company shall obtain approval of the Exchange prior to issuing common shares to Emerita and incurring mineral exploration expenditures on the Sierra Alta Project under the Option Agreement.