Anglo American Terminates JV On Copper Creek Arizona Project - Quick Facts

(RTTNews) - Redhawk Resources, Inc. (RDK.V) said it has been provided with a formal notice of termination dated October 28, 2016 by Anglo American US Holdings Inc. (AAUKY.PK, AAL.L) in regard to the joint venture through which the two companies have been performing exploration and development of the copper-molybdenum project in San Manuel, Arizona.

As a result of the termination, as of October 28, 2016 Anglo American will cease to have any interest in the Copper Creek Project and the project will be 100 percent owned by Redhawk.

Joe Sandberg, President and CEO of Redhawk said, "The joint venture with Anglo American enabled the Company to retain the entire Copper Creek Project and advance our knowledge of the project through approximately US$7m in expenditures during a challenging period for the base metals mining sector."

Redhawk said it is continuing to hold discussions with various strategic groups. A special committee of the board of the company, consisting of independent directors, has been appointed to review and evaluate all value-add strategic alternatives.

The scope of strategic alternatives to be considered is broad and could include, but not be limited to, a strategic investment in the Copper Creek Project or the company by a third party, a joint venture arrangement, the sale of all or a portion of the Copper Creek Project, a sale of the company, a business combination with another entity, or some combination of the foregoing.

Further, Redhawk said it has extended the due diligence review period to November 15, 2016 in regard to the option agreement with Copperzone Resources Ltd. on four licensed properties in Zambia.