Kapuskasing Gold Closes Acquisition of Two Large Gold Properties in
Borden Gold District, Ontario
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 29, 2014) -
Kapuskasing Gold Corp. (TSX-VENTURE:KAP) (the "Company" or
"Kapuskasing") announces that it has closed the acquisition of the
Borden North and Rollo gold exploration properties near Chapleau,
Ontario as originally announced in February (see news release
dated February 28th 2014), following the
receipt of all regulatory approvals for the transactions.
The Borden North Property is situated along the southern flank
of the Kapuskasing Structural Zone approximately 50 km northeast of
Probe Mines' Borden Gold project. The Rollo Property is situated
within the Ridout Deformation Zone, which and sits between
IAMGold's Cote Lake gold deposit and the Borden Gold project.
Probe Mines' Borden Gold project was discovered in 2010, hosting
a multi-million ounce gold zone. The Probe exploration team, along
with prospector Mike Tremblay, (see advisory board below),
have been recognized with the "2013 Ontario Prospector Award" for
the Borden Gold Discovery, during the OPA recent awards
ceremony.
Borden Properties Purchase Agreement
The Company has agreed to purchase from Mr. Tremblay, Jacques
Robert and Randall Salo, (the "vendors") an undivided 100% interest
in the Borden North property for a consideration of 600,000 common
shares. The vendors shall retain a 2% net smelter royalty (NSR)
interest while the Company retains the option to buy back 1% of the
NSR for $1,000,000. The vendors will also be entitled to Bonus
Shares of the Company equaling $600,000 with the number of shares
to be calculated based on the volume-weighted average trading price
of the Company's common shares on the TSX-V for the
five-trading-day period commencing immediately following the public
release of a NI 43-101 compliant, combined measured and indicated
resource of greater than two million (2,000,000) troy ounces of
gold..
Rollo Property Purchase Agreement
The Company has also agreed to purchase from the Rollo staking
syndicate, an undivided 100% interest in the Rollo properties for a
consideration of 1,000,000 common shares. The vendors shall retain
a 2% net smelter royalty (NSR) interest while Olympic retains the
option to buy back 1% of the NSR for $1,665,000. The vendors will
also be entitled to Bonus Shares of the Company equaling $1,000,000
with the number of shares to be calculated based on the
volume-weighted average trading price of the Company's common
shares on the TSX-V for the five-trading-day period commencing
immediately following the public release of a NI 43-101 compliant,
combined measured and indicated resource of greater than two
million (2,000,000) troy ounces of gold.
Finder's fees will not be payable in the two transactions as
previously contemplated.
In conjunction with the final approval of the property
transaction and as announced in the same news release on February
28th, the Company is pleased to officially welcome the new Advisory
Board along with the appointment of Garry Clark to management and
the Board of Directors.
Garry Clark, B.Sc. P.Geo., Exploration Manager and Director
The Company has appointed Mr. Garry Clark, a Qualified Person
(P. Geo. - Ontario) under NI 43-101, as Exploration Manager and a
director of the Company. Mr. Clark brings a wealth of experience,
knowledge and skills to the Company having focused the majority of
his career in northern Ontario. He has held various exploration
positions with both major and junior explorers since the late
1980's. Mr. Clark has been the Executive Director of the Ontario
Prospectors Association (OPA) since its restructuring in 2000 and
has been a Director, Vice President or President of the OPA since
its formation in the early 1990's. The Ontario Prospectors
Association is focused on providing the mineral explorers of
Ontario a stronger voice for issues that affect them. Mr. Clark
serves on various provincial government committees and boards that
support mineral explorers. Some of these include the Minister of
Mines Mining Act Advisory Committee and Ontario Geological Survey
Advisory Board.
Advisory Board
The Company also announced the formation of an advisory board
comprised of veteran Abitibi gold explorers to assist the Company
in its efforts and in identifying other opportunities in and around
the Kapuskasing Structural Zone of Ontario. The new advisory team
consists of:
Michael A. Tremblay
Mike Tremblay who is widely regarded as one of Ontario's leading
prospectors, has been actively exploration the Kapuskasing
Structural Zone region most his career and has been involved with a
number of discoveries in the area. Mike along with Jacques Robert,
Dr. David Palmer and the Probe exploration team have been
recognized with the "2013 Ontario Prospector Award" for the Borden
Gold Discovery, during the annual awards ceremony held in Sudbury
on November 5, 2013.
Robert L. Duess B. Sc. P. Geo:
Mr. Robert Duess (Bob) is a professional geologist with over 30
years experience in mineral exploration and development. Bob was
the Canadian project manager for West Timmins Mining Inc. prior to
its acquisition by Lake Shore Gold in the fall of 2009. In his role
with West Timmins, and in his previous role as Vice president of
Band-Ore Resources for over 15 years, Mr. Duess was instrumental in
the early development of the West Timmins area, including the
discovery of the Golden River Trend and the acquisition of the
Thunder Creek Property that now hosts the high grade Thunder Creek
Gold deposit. Bob currently acts as a technical advisor to Balmoral
Resources Ltd., and was also involved as an officer and/or director
of several other companies including Lateegra Gold Corp, Trelawney
Mining and Exploration, and Lakeland Resources Inc. Most recently,
Bob was instrumental in the formation and financing of GTA
Resources and Mining Inc., and currently serves as Vice President
and director of GTA.
Darin Wagner, M. Sc., P.Geo:
Mr. Darin W. Wagner has been the President and Chief Executive
Officer of Balmoral Resources Ltd since its inception in 2010. He
has 25 years experience in mineral exploration, development and
management. Mr. Wagner served as President and CEO of West Timmins
Mining Inc. from September 2005 to its sale to Lake Shore Gold in
November of 2009 following the discovery of the Thunder Creek gold
deposit in Timmins. Prior to that Mr. Wagner served as Manager of
Exploration for Platinum Group Metals Ltd. from 2000 to 2005 during
which time he was awarded with the 2004 "Discovery of the Year" by
the Northwestern Ontario Prospectors Association for the Seagull
PGE discovery. On November 13, 2013, Mr. Wagner and Balmoral's
exploration team were recognized as the "Prospectors of the Year"
in the Province of Quebec for their Bug Lake and related gold
discoveries on the Company's Detour Gold Trend Project.
Wayne Reid, BSc. Geo, P.Geo:
Mr. Wayne Reid has been the Chief Executive Officer and
President of GTA Resources and Mining Inc. since December 1, 2012.
Mr. Reid serves as Vice President of Corporate Development at
Metals Creek Resources Corp. He served as Exploration Manager for
St. Andrew Goldfields, Canadian Exploration Manager for Echo Bay
Mines, as well as District Manager for Noranda Exploration and
Hemlo Gold Mines Inc. Mr. Reid has over 35 years experience in
exploration and mining geology, spanning a variety of Canadian
geological terrains, from Newfoundland to Yukon and Alaska. Mr.
Reid was part of the exploration team involved in the discovery of
the Brewery Creek Gold Deposit in the Yukon Territory and the
Boundary Massive Sulphide Deposit / Duck Pond Mine in Central
Newfoundland. Mr. Reid is a Professional Geologist registered with
the Association of Professional Geoscientists of Ontario and the
Professional Engineers and Geoscientists, Newfoundland and
Labrador.
On behalf of the Board of Directors:
KAPUSKASING GOLD CORP.
"Dean
Nawata"
Qualified Person
Mr. Garry Clark, the Exploration Manager and a director of the
Company, a Qualified Person ("QP") as defined by National
Instrument 43-101, has reviewed the technical content of this
release.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward Looking Statements and Cautionary Notes
Statements in this document which are not purely historical are
forward-looking statements, including any statements regarding
beliefs, plans, expectations or intentions regarding the future.
Forward-looking statements contained in this document are based on
certain key expectations and assumptions made by Kapuskasing,
including, without limitation, expectations and assumptions
respecting the outlook of exploration activity on the Borden and
Rollo properties and the impact on Kapuskasing's business and
management assessment of future operations. Although the
forward-looking information contained in this press release is
based upon what Kapuskasing's management believes to be reasonable
assumptions, the Company cannot assure investors that actual
results will be consistent with such information. Forward-looking
information reflects current expectations of management regarding
future events and operating performance as of the date of this
press release.
It is important to note that actual outcomes and the Company's
actual results could differ materially from those in such
forward-looking statements. Risks and uncertainties include, but
are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers should
refer to the risk disclosures outlined in the Company's Management
Discussion and Analysis of its audited financial statements filed
with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly
qualified in its entirety by this cautionary statement.
Forward-looking information reflects management's current beliefs
and is based on information currently available to the Company. The
forward-looking information is made as of the date of this press
release and Kapuskasing assumes no obligation to update or revise
such information to reflect new events or circumstances, except as
may be required by applicable law.
This news release contains information with respect to adjacent
or similar mineral properties in respect of which the Company has
no interest or rights to explore or mine. Readers are cautioned
that the Company has no interest in or right to acquire any
interest in any such properties, and that mineral deposits on
adjacent or similar properties are not indicative of mineral
deposits on the Company's properties.
Dean NawataPresident & CEO, DirectorPhone 1-604-561-2821
Grafico Azioni Minkap Resources (TSXV:KAP)
Storico
Da Nov 2024 a Dic 2024
Grafico Azioni Minkap Resources (TSXV:KAP)
Storico
Da Dic 2023 a Dic 2024