Category: Uncategorized

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (formerly Allante Resources Ltd.) (“World Copper” or the “Company“) is pleased to announce the closing of its previously announced qualifying transaction (the “Transaction“) with 1188893 B.C. Ltd. (formerly World Copper Ltd.) (“8893“). 

In addition, as a condition to the completion of the Transaction, the Company announces the completion of its previously announced name change from “Allante Resources Ltd.” to “World Copper Ltd.” effective January 12, 2021.

As part of the Transaction, the Company acquired all of the issued and outstanding shares of 8893 in exchange for common shares of the Company (“Company Shares“) on a 1:1 basis.  The Transaction was effected pursuant to a share exchange agreement made as of February 28, 2020 among World Copper and 8893, as amended (the “Share Exchange Agreement“).  Detailed information regarding the Transaction and other relevant information is available in the Filing Statement of the Company dated December 22, 2020 which has been filed on World Copper’s SEDAR profile on www.sedar.com (the “Filing Statement“).

The parties to the Transaction have made their final submission to the TSX Venture Exchange

(“TSXV“) in connection with the TSXV’s issuance of its listing bulletin.  It is anticipated that the Company Shares will commence trading on Tier 2 of the TSXV under the trading symbol “WCU” on or about January 25, 2021. 

Board of Directors and Management

Following the close of the Transaction, the directors and officers of the Company consist of:

Name	Position
Hendrik van Alphen	Chief Executive Officer and Director
Patrick James Burns	President and Director
Sead Hamzagic	Chief Financial Officer
Marla Ritchie	Corporate Secretary
Matias Herrero	Director
Stuart Ross	Director
Roberto Fréraut	Director

LC275433-1

Escrowed Shares

On completion of the Transaction, certain Principals (as defined policies of the TSXV) of the Company holding an aggregate of 66,175,594 Company Shares, 1,700,000 common share purchase warrants and 1 special warrant (collectively, the “Escrowed Securities“) exercisable for up to 24,446,702 Company Shares (as more particularly described in the Filing Statement) are subject to escrow in accordance with TSXV Policy 5.4 Escrow, Vendor Consideration and Resale Restrictions (“Policy 5.4“).  Pursuant to Policy 5.4, 10% of the Escrowed Securities will be released at the time of the Final Exchange Bulletin (as such term is defined in Policy 5.4), and 15% of the Escrowed Securities will be released every 6 months thereafter until the date which is 36 months following the Final Exchange Bulletin.

Shares for Debt

Pursuant to the terms of the Share Exchange Agreement and immediately prior to the close of the Transaction, 8893 issued an aggregate of 2,666,666 common shares (the “Debt Settlement Shares“) to Joe DeVries, the former President and CEO of World Copper, and Simco Services Inc., a private company controlled by Mr. DeVries, in full and final satisfaction of World Copper’s indebtedness to such creditors in the aggregate amount of $320,000 (the “Debt Settlement“).  The Debt Settlement Shares were exchanged for Company Shares as a part of the Transaction and have been deposited into escrow with World Copper’s transfer agent and registrar pursuant to the terms of a CPC Escrow Agreement on TSXV Form 2F as more particularly described in the Filing Statement.

Early Warning Disclosure – Wealth Minerals Ltd.

Wealth Minerals Ltd. (“Wealth Minerals“), a publicly-traded company existing under the laws of British Columbia and a shareholder of the Company, makes the following announcement in accordance with National Instrument 62-103 The Early Warning System and Related Take-Over Bid and Insider Reporting Issues(“NI 62-103“)and National Instrument 62-104 Take-Over Bids and Issuer Bids.

Pursuant to the Transaction, Wealth Minerals Ltd. (“Wealth Minerals“), a publicly-traded British Columbia company, acquired 25,000,000 Common Shares (the “Wealth Minerals Shares“) at a deemed price of $0.20 per share.  The acquisition by Wealth Minerals of the Wealth Minerals Shares occurred pursuant to the Share Exchange Agreement, wherein 25,000,000 shares held by Wealth Minerals in the capital of 8893 were exchanged on a 1:1 basis for Company Shares (the “Acquisition“).

Immediately prior to the closing of the Transaction, Wealth Minerals beneficially owned and had control and direction over nil Company Shares.

Immediately after the closing of the Transaction, Wealth Minerals beneficially owns and has control and direction over an aggregate of 25,000,000 Company Shares, representing approximately 18.90% of the issued and outstanding Company Shares. 

The change in Wealth Minerals’ securityholding percentage is approximately 18.90% of the issued and outstanding Company Shares.

Wealth Minerals completed the Acquisition for investment purposes.  Wealth Minerals will review its holdings in World Copper on a continuing basis and may from time to time and at any time, in their sole discretion, acquire or cause to be acquired additional equity or debt securities or other instruments of World Copper, or dispose or cause to be disposed such equity or debt securities or instruments, through open market transactions, private placements by World Copper and other privately negotiated transactions, or otherwise, in each case in accordance with Wealth Minerals’ obligations to World Copper pursuant to the Share Exchange Agreement and with applicable securities laws.

An early warning report will be filed under the Company’s profile on the SEDAR website at www.sedar.com.  A copy of the early warning report can also be obtained from the contact below: 

Wealth Minerals Ltd.
Suite 2300, 1177 West Hastings Street
Vancouver, British Columbia, V6E 2K3
Attn: Marla Ritchie, Corporate Secretary
Phone: (604) 331-0096

On Behalf of the Board of Directors of  World Copper

“Hendrik van Alphen”

Chief Executive Officer

For further information, please contact:

World Copper
Marla Ritchie, Corporate Secretary marla@worldcopperltd.com
World Copper Ltd. 
Suite 2300, 1177 West Hastings Street
Vancouver, BC  V6E 2K3

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Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995.  All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to the expected trading date of the Company Shares on the TSXV, the Company’s anticipated business plans and the timing of future activities of the Company are forward-looking statements that involve various risks and uncertainties, are forward-looking statements.  Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct.  Forwardlooking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.  In making the forwardlooking statements in this news release, the Company has applied several material assumptions, including without limitation, that final TSXV acceptance of the Transaction and Debt Settlement will be obtained.  

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information Such risks and other factors include, without limitation, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, including final acceptance by the TSXV required for the Transaction and Debt Settlement and other risks and uncertainties disclosed in the Company’s continuous disclosure documents and the TSXV filing statement for the qualifying transaction.  All of the Company’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical report on the Company’s Escalones project which is filed on the Company’s SEDAR profile.

Readers are cautioned not to place undue reliance on forward-looking statements.  The Company does not undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper“) and Allante Resources Ltd. (TSXV: ALL.H) (“Allante“) are pleased to announce the closing of a non-brokered private placement consisting of 27,031,466 units of World Copper (each, an “Offered Unit“) at a price of $0.12 per Offered Unit for aggregate gross proceeds of $3,243,775.92 (the “Concurrent Financing“), which Concurrent Financing was previously announced in connection with the parties’ qualifying transaction (see news releases dated December 23, 2020 and December 24, 2020).  Each Offered Unit was comprised of one common share in the capital of World Copper (each, a “World Copper Share“) and one common share purchase warrant (each, a “World Copper Warrant“), with each World Copper Warrant exercisable for one World Copper Share at a price of $0.20 per World Copper Share from the date of issuance until July 27, 2025.

In connection with the Concurrent Financing, World Copper paid aggregate finder’s fees consisting of $237,742.09 in cash and issued 1,981,182 non-transferrable finder’s warrants (each, a “Finder’s Warrant“).  Each Finder’s Warrant entitles the holder thereof to purchase one World Copper Share at a price of $0.20 per World Copper Share for a period of 24 months from the date of issuance.

Mackie Research Capital Corporation received finder’s fees consisting of $137,758.08 cash and 1,147,984 Finder’s Warrants, Red Cloud Securities Inc. received finder’s fees consisting of $48,000 cash and 400,000 Finder’s Warrants, PI Financial Corp. received finder’s fees consisting of $1,920 cash and 16,000 Finder’s Warrants, Haywood Securities Inc. received finder’s fees consisting of $9,120 cash and 76,000 Finder’s Warrants, David Smith received finder’s fees consisting of $22,944 cash and 191,199 Finder’s Warrants, David R.G. Morum received finder’s fees consisting of $1,400 cash and 11,666 Finder’s Warrants, Gerald Stern received finder’s fees consisting of $1,000 cash and 8,333 Finder’s Warrants, and MJP Justus Inc. received finder’s fees consisting of $15,600.01 cash and 129,999 Finder’s Warrants.

All securities issued pursuant to the Concurrent Financing are subject to a four month and one day hold period in Canada.  The Concurrent Financing is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the final acceptance for filing of the Concurrent Financing with the TSX Venture Exchange (the “TSXV“) and any applicable securities regulatory authorities.

On Behalf of the Board of Directors of World Copper “Patrick Burns” President and CEO	On Behalf of the Board of Directors of Allante “Joe DeVries” President and CEO
For further information, please contact: World Copper Marla Ritchie, Corporate Secretary marla@worldcopperltd.com	Allante Joe DeVries, President and CEO (604) 336-8616

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Cautionary Statement Regarding Capital Pool Companies

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has in no way passed upon the merits of the proposed Concurrent Financing and has neither approved nor disapproved the contents of this press release.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Concurrent Financing may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to World Copper and Allante’s anticipated business plans and the timing of future activities of the Company are forward-looking statements that involve various risks and uncertainties, are forward-looking statements. In making the forward-looking statements in this news release, World Copper and Allante have applied several material assumptions, including without limitation, that final TSXV acceptance and the required corporate approvals of the Concurrent Financing will be obtained.  

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper and Allante to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, without limitation, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper or Allante, as applicable, to obtain any necessary permits, consents, approvals or authorizations, including final acceptance by the TSXV required for the Concurrent Financing and other risks and uncertainties disclosed in Allante’s continuous disclosure documents and the TSXV filing statement for the qualifying transaction. All of Allante’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical report on World Copper’s Escalones project which is filed on Allante’s SEDAR profile.

Readers are cautioned not to place undue reliance on forward-looking statements. Neither World Copper nor Allante undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

Not for distribution to United States newswire services or for release, publication, distribution or dissemination directly, or indirectly, in whole or in part, in or into the United States.

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper”) and Allante Resources Ltd. (TSXV: ALL.H) (“Allante”) advise of an amendment to the terms of a previously announced (see news release dated December 23, 2020) concurrent financing of a minimum of 24,166,667 units of World Copper up to a maximum of 27,083,333 units (each consisting of one common share and one warrant) at a price of $0.12 per unit for minimum gross proceeds of $2,900,000 and up to a maximum gross proceeds of $3,250,000 (the “Concurrent Financing”).  As amended, each warrant will be exercisable for one common share from the date of issuance until July 27, 2025.  The Concurrent Financing is expected to close immediately prior to or concurrently with the closing of the previously announced qualifying transaction.  

This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in the United States or in any jurisdiction in which such offer, solicitation or sale would be unlawful.

On Behalf of the Board of Directors of World Copper “Patrick Burns” President and CEO	On Behalf of the Board of Directors of Allante “Joe DeVries” President and CEO
For further information, please contact: World Copper Marla Ritchie, Corporate Secretary marla@worldcopperltd.com	Allante Joe DeVries, President and CEO (604) 336-8616

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Cautionary Statement Regarding Capital Pool Companies

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has in no way passed upon the merits of the proposed Concurrent Financing and has neither approved nor disapproved the contents of this press release.

Completion of the Concurrent Financing is subject to a number of conditions, including but not limited to, final TSXV acceptance.  There can be no assurance that the the Concurrent Financing will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Concurrent Financing may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to World Copper and Allante’s expectation that they will be able to complete the Concurrent Financing, are forward-looking statements. In making the forward-looking statements in this news release, World Copper and Allante have applied several material assumptions, including without limitation, that final TSXV acceptance and the required corporate approvals of the Concurrent Financing will be obtained, that there will be investor interest in the Concurrent Financing.  

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper and Allante to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, lack of investor interest in the Concurrent Financing, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper or Allante, as applicable, to obtain any necessary permits, consents, approvals or authorizations, including final acceptance by the TSXV required for the Concurrent Financing and other risks and uncertainties disclosed in Allante’s continuous disclosure documents and TSXV filing statement for the qualifying transaction. All of Allante’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical report on World Copper’s Escalones project which is filed on Allante’s SEDAR profile.

Readers are cautioned not to place undue reliance on forward-looking statements. Neither World Copper nor Allante undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper”) and Allante Resources Ltd. (TSXV: ALL.H) (“Allante”) are pleased to announce the receipt of conditional approval of the TSX Venture Exchange (the “TSXV”) to proceed with their previously announced proposed qualifying transaction (the “Transaction”) (see news release dated October 8, 2020).  Detailed information regarding the Transaction and other relevant information is contained in the Filing Statement dated December 22, 2020 which has been filed on Allante’s SEDAR profile on www.sedar.com(the “Filing Statement”).

In connection with the Transaction, Allante intends to change its name to “World Copper Ltd.” and World Copper intends to change its name to 1188893 B.C. Ltd.  The trading symbol of the resulting issuer on closing of the Transaction is expected to be “WCU”.

The Transaction remains subject to satisfaction of a number of conditions, including completion of the Concurrent Financing (as defined below).

The Transaction is currently expected to close on or about January 15, 2021. 

World Copper Concurrent Financing

The parties have received conditional acceptance from the TSXV to undertake, concurrently with the closing of the Transaction, a non-brokered private placement of a minimum of 24,166,667 units of World Copper (each, an “Offered Unit”) up to a maximum of 27,083,333 Offered Units at a price of $0.12 per Offered Unit for minimum gross proceeds of $2,900,000 and up to a maximum gross proceeds of $3,250,000 (the “Concurrent Financing”).  Each Offered Unit will be comprised of one common share without par value in the capital of World Copper (each, a “World Copper Share”) and one common share purchase warrant of World Copper (each, a “World Copper Warrant”).  Each World Copper Warrant will be exercisable for one World Copper Share for a period of 24 months following issuance at a price of $0.20 per World Copper Warrant.  The Concurrent Financing is expected to close immediately prior to or concurrently with the closing of the Transaction.  

World Copper may pay a finder’s fee on all or a portion of the Concurrent Financing consisting of a cash commission equal to 8% of the gross proceeds raised by each finder and finder’s warrants (the “Finder’s Warrants”) equal to 8% of the corresponding number of Offered Units.  Each Finder’s Warrant is non-transferable and is exercisable for one World Copper Share for a period of 24 months following the closing of the Concurrent Financing at a price of $0.20 per Finder’s Warrant. 

The proceeds of the Concurrent Financing are expected to be used to fund costs associated with closing the Transaction, the proposed work program on the Escalones project described in the Filing Statement and for general working capital purposes.

This news release does not constitute an offer of sale of any of the foregoing securities in the United States.  None of the foregoing securities have been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”) or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements.  This news release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful. Shares for Debt

In connection with the Transaction, World Copper has agreed to settle outstanding corporate debts of Allante (the “Debt Settlement”) in the aggregate amount of $320,000 owing to Joe DeVries, the President and CEO of Allante, and Simco Services Inc., a private company controlled by Mr. DeVries (together, the “Creditors”) through the issuance of 2,666,666 World Copper Shares to the Creditors (the “Debt Settlement Shares”) concurrently with the closing of the Transaction.

Upon closing of the Transaction, the Debt Settlement Shares will be deposited into escrow with the resulting issuer’s transfer agent and registrar pursuant to the terms of a CPC Escrow Agreement on Exchange Form 2F as more particularly described in the Filing Statement.  

On Behalf of the Board of Directors of World Copper “Patrick Burns” President and CEO	On Behalf of the Board of Directors of Allante “Joe DeVries” President and CEO
For further information, please contact: World Copper Marla Ritchie, Corporate Secretary marla@worldcopperltd.com	Allante Joe DeVries, President and CEO (604) 336-8616

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Cautionary Statement Regarding Capital Pool Companies

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has in no way passed upon the merits of the proposed Transaction or the Concurrent Financing and has neither approved nor disapproved the contents of this press release.

Completion of the Transaction and the Concurrent Financing is subject to a number of conditions, including but not limited to, final TSXV acceptance.  There can be no assurance that the Transaction or the Concurrent Financing will be completed as proposed or at all.

Investors are cautioned that, except as disclosed in the Filing Statement, any information released or received with respect to the Transaction or the Concurrent Financing may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, World Copper and Allante’s expectation that they will be able to complete the Transaction and the Concurrent Financing or enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper, Allante and the Resulting Issuer, are forward-looking statements. Although World Copper and Allante believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper and Allante have applied several material assumptions, including without limitation, that final TSXV acceptance and the required corporate approvals of the Transaction, the Concurrent Financing and the Debt Settlement will be obtained, that there will be investor interest in the Concurrent Financing, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper or the Resulting Issuer’s Chilean projects in a timely manner, including the Escalones project and the Cristal project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper and the Resulting Issuer’s projects and their ability to comply with environmental, health and safety laws.  

Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper, Allante and the Resulting Issuer to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper and the Resulting Issuer’s interests in the Cristal project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in the concurrent financing, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper or the Resulting Issuer’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper or Allante, as applicable, to obtain any necessary permits, consents, approvals or authorizations, including final acceptance by the TSXV required for the Transaction and the continued listing of the Resulting Issuer on the TSXV, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in Allante’s continuous disclosure documents. All of Allante’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the technical report on World Copper’s Escalones project and additional technical reports, when filed, with respect to the Resulting Issuer’s mineral properties. In this forward-looking statement, Allante, after completion of the Transaction, is referred to as the “Resulting Issuer”.

Readers are cautioned not to place undue reliance on forward-looking statements. Neither World Copper nor Allante undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.

FOR IMMEDIATE RELEASE…Vancouver, British Columbia: World Copper Ltd. (“World Copper”) and Allante Resources Ltd. (TSXV: ALL.H) (“Allante”) announce the following corporate updates on activities spanning the past eight months. 

World Copper has officially changed its name from “Wealth Copper Ltd.” to “WORLD COPPER LTD.”.

Much has happened at World Copper since the last corporate update (see Wealth Minerals Ltd.’s news release dated February 11, 2020). World Copper has been advancing on several fronts despite the outbreak of the COVID-19 pandemic.

Copper supplies have decreased from South America, the U.S. and Africa since our last update at the beginning of the pandemic. Copper prices recently cleared USD$3.00 per pound as the world is now experiencing booming Chinese demand, but with limited supply. This represents a 52% gain in the copper price since the COVID-19 lows in March 2020. China consumes more than half of world copper production presently and LME inventories are now at 13-year lows. Additionally, disruptions to mine supply may reach between 750,000 to 1 million tonnes in 2020, as 8 of the 10 largest miners in the world have recorded increasingly lower output levels during the first six months of the year. World Copper believes the future for copper is bright, and as such we continue to push forward with our goals as a company operating in the burgeoning copper sector.  

Qualifying Transaction

World Copper and Allante are pleased to announce that Allante has filed its initial submission with the TSX Venture Exchange (“TSXV”) in connection with Allante’s proposed qualifying transaction with World Copper (the “Transaction”). The initial submission included, among other things, a draft filing statement and the Technical Report (as defined below), and is currently being reviewed by the TSXV. The Transaction is subject to TSXV approval, which we anticipate to be granted in fall 2020.

Escalones Project Update

In June 2020, and in connection with the Transaction, World Copper commissioned Hard Rock Consulting, LLC (“HRC”) of Lakewood, Colorado to update a 2014 National Instrument 43-101 resource estimate on World Copper’s Escalones porphyry copper project (the “Technical Report”). HRC made the original resource estimate for Gold Springs Resource Corp., formerly TriMetals Mining Corp. (“Gold Springs”). 

The Technical Report is entitled “Mineral Resource Estimate for the Escalones Copper Project, Santiago Metropolitan Region, Chile”, with an effective date of June 30, 2020. Once posted, the Technical Report will be able to be viewed on Allante’s SEDAR profile.

The Escalones ‘Cluster’

The Escalones Project is located 35 km east of El Teniente, one of the world’s largest underground copper mines and within the renowned Chilean porphyry copper belt that runs north-south in the central Andes Mountains.

The Escalones Project area covers 161 km2 and contains what may be one of the last remaining untested mineralized porphyry clusters in Chile comprising, along with the drill-tested deposit, an additional three large copper-anomalous hydrothermal alteration zones each measuring between 2,000 m and 3,000 m in diameter. These colour anomalies lie within 5 to 10 km to the north of the main discovery and were recce mapped and sampled by General Minerals Corporation (“GMC”) in 1999. GMC discovered disseminated and fracture controlled copper oxide and sulphide mineralization within the Rio Negro target, with outcrop channel samples returning highly encouraging initial results including 1m of 8.3% Cu, 2m of 0.52% Cu and, 500m to the southeast, 3m of 1.93% Cu within a broader channel sample of 34m of 0.4% Cu. GMC is the former parent company of Gold Springs.

No drilling has ever been carried out on these three significant new targets (including the Rio Negro target).  A qualified person has not done sufficient work to independently verify these historical sampling results and neither World Copper nor Allante consider them current or necessarily indicative of future results.  The potential quantity and grade of such results is conceptual in nature, there has been insufficient exploration to define a mineral resource and it is uncertain that further exploration will result in such targets being delineated as mineral resources.

An important feature of large Chilean copper deposits is that they often occur in clusters where more than one deposit occurs. 

Escalones Proposed Work Program

The work program planned for the Escalones Project includes a Phase 1 programme of 600 rock samples taken from the flanking targets at the main deposit and the three large distal surface anomalies.

In order to follow up on the enriched copper-oxide and secondary mineralization potential, metallurgical studies are planned using core sampling rejects for sequential copper leach analyses in order to further define acid soluble mineralization at Escalones.

World Copper is closely monitoring the COVID-19 situation in Chile before mobilizing work crews to its projects. Further updates will be forthcoming as we continue to move forward. 

Cristal Project Update

No work has been carried out on the Cristal Project since the February corporate update. However, a NI 43-101 technical report is in the process of being prepared for World Copper on the Cristal Project. 

The technical report on the Cristal Project prepared for the former property holder, New Energy Metals Corp. by Thomas A. Henricksen entitled “National Instrument 43-101 Technical Report for the Cristal Copper Property, Province of Arica, XV Region of Arica and Parinacota, Chile” dated effective February 28, 2018, was filed on SEDAR by New Energy Metals Corp. on March 29, 2018.

In the meantime, World Copper continues searching globally for opportunities in the copper asset space.

Qualified Person

John Drobe, P.Geo., a qualified person as defined by NI 43-101, has reviewed the scientific and technical information that forms the basis for this news release and has approved the disclosure herein.  Mr. Drobe is not independent of World Copper as he is the Chief Geologist of World Copper.

On Behalf of the Board of Directors of World Copper “Patrick Burns” President and CEO	On Behalf of the Board of Directors of Allante “Joe DeVries” President and CEO
For further information, please contact: World Copper Marla Ritchie, Corporate Secretary marla@worldcopperltd.com	Allante Joe DeVries, President and CEO (604) 336-8616

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Cautionary Statement Regarding Capital Pool Companies

Neither the TSXV nor its regulation services provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release. The TSXV has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Completion of the Transaction is subject to a number of conditions, including but not limited to, TSXV acceptance and if applicable pursuant to exchange requirements, majority of the minority shareholder approval. Where applicable, the Transaction cannot close until the required shareholder approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the management information circular or filing statement to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
Neither TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical fact, included herein including, without limitation, statements with respect to anticipated exploration program results from exploration activities, World Copper and Allante’s expectation that they will be able to complete the Transaction or enter into agreements to acquire interests in additional mineral properties, the discovery and delineation of mineral deposits/resources/reserves and the anticipated business plans and timing of future activities of World Copper, Allante and the Resulting Issuer, are forward-looking statements. Although World Copper and Allante believe that such statements are reasonable, they can give no assurance that such expectations will prove to be correct. Forward-looking statements are typically identified by words such as: “believes”, “expects”, “anticipates”, “intends”, “estimates”, “plans”, “may”, “should”, “would”, “will”, “potential”, “scheduled” or variations of such words and phrases and similar expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, World Copper and Allante have applied several material assumptions, including without limitation, that TSXV acceptance and the required corporate approvals of the Transaction will be obtained, that there will be investor interest in the concurrent financing, market fundamentals will result in sustained copper demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of World Copper or the Resulting Issuer’s Chilean projects in a timely manner, including the Escalones Project and the Cristal Project, the availability of financing on suitable terms for the development, construction and continued operation of World Copper and the Resulting Issuer’s projects and their ability to comply with environmental, health and safety laws.  
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of World Copper, Allante and the Resulting Issuer to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development activities, actual results of exploration activities, including on the Escalones Project and the Cristal Project, the estimation or realization of mineral reserves and mineral resources, the fact that World Copper and the Resulting Issuer’s interests in the Cristal Project and the Escalones exploitation concessions are options only and there is no guarantee that such interests, if earned, will be certain, the timing and amount of estimated future production, the costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for additional capital, future prices of copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, lack of investor interest in the concurrent financing, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental approvals, permits or financing or in the completion of development or construction activities, risks relating to epidemics or pandemics such as COVID–19, including the impact of COVID–19 on World Copper or the Resulting Issuer’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes, the inability of World Copper or Allante, as applicable, to obtain any necessary permits, consents, approvals or authorizations, including acceptance by the TSXV required for the Transaction and the continued listing of the Resulting Issuer on the TSXV, the timing and possible outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and other risks and uncertainties disclosed in Allante’s continuous disclosure documents. All of Allante’s Canadian public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials, including the Technical Report and the technical report on the Cristal Project, when filed, with respect to the Resulting Issuer’s mineral properties. In this forward-looking statement, Allante, after completion of the Transaction, is referred to as the “Resulting Issuer”.
Readers are cautioned not to place undue reliance on forward-looking statements. Neither World Copper nor Allante undertake any obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except as otherwise required by law.