Velocity Announces Preliminary Economic Assessment for the Rozino Gold Project, Southeast Bulgaria

By Ashley Cowell

Velocity Minerals Ltd. (TSXV:VLC) (“Velocity” or the “Company”) announces the results of an independent Preliminary Economic Assessment (“PEA”) on its Rozino gold project (“Rozino” or the “Project”) located in southeast Bulgaria. The PEA provides a base case assessment of developing the Project by open pit mining and gold recovery by a combination of on-site preconcentration in a flotation plant (“Flotation Plant”) and further processing in an existing operating carbon-in-leach plant (“CIL Plant”) located in Kardzhali, 85km by road from Rozino. Saleable gold doré will be produced at Kardzhali. The PEA financial model returns an after-tax NPV5% of $129 million and an after-tax internal rate of return (“IRR”) of 33.1%.

Rozino is located within the Tintyava prospecting license, an exploration property in which Velocity has an exclusive right to acquire a 70% interest by delivering the PEA report to the underlying property owner, Gorubso Kardzhali A.D. (“Gorubso”), in the coming weeks.

“We have achieved our goal of advancing Rozino from discovery and exploration drilling through to this positive economic assessment in just over one year. On delivery of the PEA, the Company will have earned its 70% interest in the Project and will move forward towards a prefeasibility study in joint venture with our partner Gorubso,” commented Keith Henderson, Velocity’s President & CEO. “We believe that there is significant potential for resource expansion at Rozino and additional exploration drilling is expected to be completed over the coming months in tandem with infill drilling of the existing mineral resource.”

Mr. Henderson continued, “The work completed at Rozino represents an important first step in Velocity’s strategy to explore and develop multiple satellite deposits for processing in the existing centrally located CIL Plant. The Company is completing due diligence on other advanced properties located within the exploration and mining alliance area, with a view to earning 70% interests through additional option agreements with Gorubso. The aim is to build a multi-asset production profile that maintains annual production of more than 100,000 ounces of gold over a period in excess of 10 years.”

PEA1 Highlights

  • After-Tax Financials: After-tax NPV5% of $129 million and after-tax IRR of 33%
  • Cash Cost: All-in sustaining cost2 of US$543 per ounce
  • Annual Gold Production: Steady state3 annual production of 65,000 ounces, peak annual production of 78,000 ounces
  • Capital Costs: Total estimated capital costs of $97.6 million (includes contingency)
  • Sustaining Capital: Low estimated sustaining capital of $6.3 million
  • Mining: Open pit with 0.6 g/t gold Cut-Off Grade (COG), attractive strip ratio of 2.5 and 1.51 g/t Life of Mine (“LOM”) gold grade
  • Processing: On-site flotation producing gold bearing pyrite concentrate assaying 30 g/t and transportation to the CIL Plant (located 85 km from the Project) for processing
  • ROCE: Return on capital expenditure of 3.3

(1) Base case parameters assume a gold price of US$1,250/ounce and an exchange rate (CAD$ to US$) of 0.75. All amounts are reported in Canadian dollars unless otherwise specified. Financial results on 100% equity basis.

(2) All In Sustaining Cost (AISC) is defined as all cash costs related to mining and processing to final product. It includes on-mine and off-mine costs (direct and indirect). Sustaining capital costs related to continuing the business including exploration, development and equipment required to sustain production are included. Taxes, working capital, M&A, disposals and acquisitions as well as new mine development capital costs are excluded.

(3) Steady state refers to the long-term average over time where processing throughput is maintained at nameplate capacity.

The PEA is preliminary in nature and includes Inferred mineral resources that are too speculative geologically to have economic considerations applied to them that would enable them to be categorized as mineral reserves. There is no certainty that the PEA results will be realized. Mineral resources are not mineral reserves and do not have demonstrated economic viability.

The PEA was prepared by CSA Global, an international mining consultancy with experience in Bulgaria, in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”). A technical report prepared pursuant to NI 43-101 on the Project will be filed on SEDAR within 45 days of the date of this news release.

Rozino Development: Mine Site to Payable Gold

The PEA provides a base case assessment of developing Rozino by open pit mining, on-site crushing, milling and simple flotation to produce a 30 g/t gold concentrate. The concentrate would then be trucked 85km on existing roads to the currently operating CIL Plant where saleable gold doré would be produced.

In addition to returning positive economic results, this assessment also provides significant benefits, including shortened permitting timelines and capital cost reductions for the following reasons:

  • the existing CIL Plant and tailing management facility (“TMF”) are fully permitted, currently operational, and have sufficient capacity to process concentrate from Rozino
  • the use of the existing CIL Plant reduces total capital cost requirements
  • development on-site at Rozino only requires permitting for mining, preconcentration and disposal of relatively benign waste products

The engineering work leading to the PEA economic results presented here included a range of development scenarios, which will be documented in the upcoming PEA.

PEA Results and Sensitivity

The PEA’s financial model returns an after-tax NPV5% of $129 million and an after-tax IRR of 33.1%. Total undiscounted post-tax cash flow over the life of the Project is estimated to be $182 million, with a robust return on capital expenditure of 3.3.

Sensitivities After-Tax IRR% After-Tax NPV5% ($M)
CAPEX -25% 43.8 % $148.5
Base Case 33.1 % $129.2
+25% 25.7 % $110.3
OPEX -25% 41.2 % $173.6
Base Case 33.1 % $129.2
+25% 24.2 % $84.5
Gold Price US$1,000 17.6 % 51.3
Base Case US$1,250 33.1 % 129.2
US$1,500 46.0 % 207.0
Cut-off Grade 0.5 g/t gold 29.2 % $133.3
Base Case 0.6 g/t gold 33.1 % $129.2
0.7 g/t gold 36.7 % $122.3


The PEA model uses open pit contractor mining and a gold price of US$1,250, which is the 3-year trailing average gold price. Pit shells at this gold price returned 461,000 ounces of potentially mineable gold …read more

From:: Investing News Network

Wallbridge Announces $3.9 Million Strategic Investment by Eric Sprott

By Anwesha Sengupta

Wallbridge Mining Company Ltd. (TSX:WM, FWB:WC7) (“Wallbridge” or the “Company”) is pleased to announce that it has closed a non-brokered private placement (the “Offering”) through the issuance of 30,000,000 units of the Company (each a “Unit”) for gross proceeds of $3,900,000. Eric Sprott, through 2176423 Ontario Ltd., a corporation which is beneficially owned by him, was the sole purchaser of the Offering.

“We are pleased to have a gold investor such as Eric Sprott as one of our large shareholders. Eric is very familiar with high grade gold deposits in the world and Fenelon obviously fit that bill,” stated Marz Kord, President & CEO of Wallbridge. “On behalf of all Wallbridge shareholders, we welcome Eric’s support in our drive to make Fenelon Gold to be the first high grade operating mine in this emerging belt in Northwestern Quebec.”

Under the terms of the Offering, the Units were issued at a price of $0.13 per Unit. Each Unit consists of one common share of the Company (a “Common Share”) and a one-half Common Share purchase warrant. Each whole Warrant (a “Warrant”) will entitle the holder to acquire one additional Common Share (a “Warrant Share”) for a period of twenty-four (24) months from the closing date at an exercise price of $0.20 per Warrant Share.

In connection with the Offering, the Company paid an aggregate cash commission of 3% to a certain eligible person. All securities issued are subject to a statutory hold period of four months in accordance with applicable securities legislation.

Proceeds of the Offering will be used for general corporate purposes.

As of the date hereof, after giving effect to this acquisition of Units, Mr. Sprott beneficially owns and controls 33,333,334 Common Shares and 16,666,667 Warrants of Wallbridge, representing approximately 9.4% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 13.4% on a partially diluted basis. Prior to the date hereof, Mr. Sprott beneficially owned and controlled 3,333,334 Common Shares and 1,666,667 Warrants of Wallbridge, representing approximately 1.0% of the issued and outstanding Common Shares on a non-diluted basis, and approximately 1.5% on a partially diluted basis.

The Units were acquired for investment purposes. Mr. Sprott has a long-term view of the investment and may acquire additional securities of the Company either on the open market or through private acquisitions or sell securities of the Company either on the open market or through private dispositions in the future depending on market conditions, reformulation of plans and/or other relevant factors. A copy of 2176423 Ontario Ltd.’s early warning report will appear on the Company’s profile on SEDAR and may also be obtained by calling (416) 362-7172 (200 Bay Street, Suite 2600, Royal Bank Plaza, South Tower, Toronto, Ontario M5J 2J1).

About Wallbridge Mining

Wallbridge is establishing a pipeline of projects that will support sustainable production and revenue as well as organic growth through exploration and scalability.

Wallbridge is currently developing its 100%-owned high-grade Fenelon Gold property in Quebec with ongoing exploration and a bulk sample in 2018. Wallbridge is also pursuing other additional advanced-stage projects which would add to the Company’s near term project pipeline. These discussions benefit from the operating capabilities Wallbridge demonstrated by safely and efficiently mining the Broken Hammer deposit in Sudbury, which was completed in October 2015. Wallbridge is also continuing partner-funded exploration on its large portfolio of nickel, copper, and PGM projects in Sudbury, Ontario, with a focus on its high-grade Parkin project.

Wallbridge also has exposure to exploration for copper and gold in Jamaica and British Columbia through its 11.3% ownership of Carube Copper Corp. (CUC:TSX-V, formerly Miocene Resources Limited, a Wallbridge spin-out of its BC assets).

This press release may contain forward-looking statements (including “forward-looking information” within the meaning of applicable Canadian securities legislation and “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995) relating to, among other things, the operations of Wallbridge and the environment in which it operates. Generally, forward-looking statements can be identified by the use of words such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Wallbridge has relied on a number of assumptions and estimates in making such forward-looking statements, including, without limitation, the costs associated with the development and operation of its properties. Such assumptions and estimates are made in light of the trends and conditions that are considered to be relevant and reasonable based on information available and the circumstances existing at this time. A number of risk factors may cause actual results, level of activity, performance or outcomes of such exploration and/or mine development to be materially different from those expressed or implied by such forward-looking statements including, without limitation, whether such discoveries will result in commercially viable quantities of such mineralized materials, the possibility of changes to project parameters as plans continue to be refined, the ability to execute planned exploration and future drilling programs, the need for additional funding to continue exploration and development efforts, changes in general economic, market and business conditions, and those other risks set forth in Wallbridge’s most recent annual information form under the heading “Risk Factors” and in its other public filings. Forward-looking statements are not guarantees of future performance and such information is inherently subject to known and unknown risks, uncertainties and other factors that are difficult to predict and may be beyond the control of Wallbridge. Although Wallbridge has attempted to identify important risks and factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors and risks that cause actions, events or results not to be as anticipated, estimated or intended. Consequently, undue reliance should not be placed on such forward-looking statements. In addition, all forward-looking statements in this press release are given as of the date hereof.

Wallbridge …read more

From:: Investing News Network

White Gold Corp. Announces New High-Grade Gold Discovery from Surface on JP Ross Property

By Ashley Cowell

White Gold Corp. (TSXV:WGO, OTC – Nasdaq Intl:WHGOF, FRA:29W) (the “Company”) is pleased to announce initial drill results from the Vertigo target on the JP Ross property, Yukon. The Rotary-Air-Blast (“RAB”) drilling followed up on high-grade GT Probe results on the property announced on August 14, 2018. Results received to date include the first 10 of 17 RAB holes, with the balance expected in the near future. A Reverse Circulation (“RC”) drill is currently on site to further test the Vertigo target. Maps further detailing hole locations and results can be found at

Highlights Include:

  • JPRVERRAB18-001 intersected 56.25 g/t Au over 3.05m from 3.05m depth, within a broader intercept of 17.34 g/t Au over 10.67m, which are amongst the highest grades ever encountered in the White Gold district.
  • 75m to the west of JPRVERRAB18-001, JPRVERRAB18-011 intersected 45.00 g/t Au over 3.05m from 1.52m depth, within a broader intercept of 9.65 g/t Au over 15.24m.
  • At least 10 individual mineralized zones (V1 to V10) have been recognised over a 350m x 1,000m area, with individual zones having been traced up to 400m along strike with all zones open along strike and at depth.
  • The JP Ross property is road accessible from Dawson City and the Vertigo Target is within 2km of the existing road.
  • 17 RAB holes have been completed on the Vertigo target and assay results for the remaining 7 RAB holes will be released in due course.
  • An RC drill has been moved to the Vertigo target to further test the new discovery.

“We are very excited about the results from the Vertigo target confirming the discovery of multiple zones of high-grade, near-surface gold mineralization over 200m of strike length on the JP Ross property. These are very significant results for a first-round drill program and we are eagerly anticipating the additional results from the remaining holes on this new target,” stated Jodie Gibson, VP Exploration of the Company. “Our systematic approach to exploration has quickly advanced the Vertigo and we are looking forward to further exploring this exciting new discovery.”

Exploration Work on Vertigo Target
A total of 917.45m of RAB drilling over 17 holes was completed on the Vertigo target to follow up on previously announced GT Probe results from the area that yielded results ranging from trace to 29.1 g/t Au, including samples returning 6.5 g/t Au, 3.4 g/t Au and 3.3 g/t Au within 2m of surface on previously untested structures.

Several of the RAB holes failed to reach full depth due to difficult ground conditions adjacent to or within the mineralized zones. The RAB was therefore converted to an RC system to improve recoveries. To date 677.63m of RC has been completed over 8 holes and drilling is ongoing, with a focus on testing all the known zones of mineralization and follow up on areas of significant mineralization identified during the initial phase of RAB drilling.

Drill Results
Results for 10 of the initial 17 RAB holes from the Vertigo target have been received and are discussed below. Individual assays ranged from trace to 73.5 g/t Au and are associated with strongly elevated Ag, Pb, Bi, +/- As. All reported holes were drilled either due north (000o) or due south (180o) at dips ranging from -55o to -85o and cover a 200m strike extent along the western portion of the target area. A minimum of 3 of the known mineralized structures (V3 – V5) were tested by the reported drilling. The most significant results were obtained from holes JPRVERRAB18-001, 009, 010, & 011.

JPRVERRAB18-001 was drilled adjacent to historic trench JRVE10T0008(1) targeting a 5m section that averaged 4.28 g/t Au on the V4 zone. The hole was oriented to the south at a -60o dip, and intersected a 10.67m interval averaging 17.34 g/t Au from 3.05m depth; including a 3.05m interval averaging 56.25 g/t Au from 3.05m depth. The gold mineralization was also associated with 38.8 g/t Ag and 0.61% Pb over the upper 3.05m mineralized interval.

JPRVERRAB18-009 & 010
JPRVERRAB18-009 & 010 were drilled 115m to the E-SE and 135m to the NE of JPRVERRAB18-001 targeting the V3 and V5 structures respectively. JPRVERRAB18-009 was drilled to the north at a -60o dip and intersected 13.4 g/t Au over a 1.52m zone from 38.1m depth. JPRVERRAB18-010 was drilled to the south at a -65o dip and intersected 15.3 g/t Au over a 1.52m zone from 16.76m depth.

JPRVERRAB18-011 was drilled 75m to the west of JPRVERRAB18-001 along the western projection of the V3 zone. The hole was oriented to the south at a -65o dip and returned 15.24m of 9.65 g/t Au from 1.52m depth; including 3.05m of 45 g/t Au from 1.52m depth. The gold mineralization was also associated with 33.4 g/t Ag and 0.55% Pb over the upper 3.05m mineralized interval.

Interpretation of the results is ongoing, and there is not currently enough information to estimate true thickness of the mineralized zones.

Significant drill results from the Vertigo target are detailed in the table below.

Hole ID From(m) To(m) Interval(m) Au(g/t)
JPRVERRAB18-001 3.05 13.72 10.67 17.34
Including 3.05 6.1 3.05 56.25
JPRVERRAB18-003 32 35.03 3.05 3.11
JPRVERRAB18-004 19.81 21.34 1.52 3.73
JPRVERRAB18-005 Assays In Progress
JPRVERRAB18-006 21.34 22.86 1.52 0.76
JPRVERRAB18-007 12.19 13.72 1.52 2.37
And 44.2 45.72 1.52 1.85
And 82.3 83.82 1.52 4.83
JPRVERRAB18-008 1.52 3.05 1.52 4.11
And 33.52 35.05 1.52 3.40
JPRVERRAB18-009 38.1 39.62 1.52 13.40
JPRVERRAB18-010 16.76 18.29 1.52 15.30
And 64.01 65.53 1.52 1.07
JPRVERRAB18-011 1.52 16.76 15.24 9.65
Including 1.52 4.57 3.05 45.00
JPRVERRAB18-012 Assays In Progress
JPRVERRAB18-013 Assays In Progress
JPRVERRAB18-014 Assays In Progress
JPRVERRAB18-015 Assays In Progress
JPRVERRAB18-016 Assays In Progress
JPRVERRAB18-017 Assays In Progress

Vertigo Target, JP Ross Property
The Vertigo target is located on the Company’s JP Ross property, approximately 75km south of Dawson City, Yukon and 25km north of the Golden Saddle deposit. The JP Ross property is road accessible from Dawson City and the Vertigo Target is within 2km of an existing road.

Mineralization on the Vertigo consists of brecciation, quartz veining, and strong sericite alteration with disseminated to vein-controlled pyrite, arsenopyrite, galena, bismuthinite and locally visible gold. At least 10 individual zones (V1 to V10) are currently recognised over a 350m x 1000m area, with individual zones having been traced up to 400m along strike and all are currently open along strike and at depth. The mineralized zones are associated with a series of W-NW trending, steeply dipping structures and splays associated with a regional-scale …read more

From:: Investing News Network

Fortune Announces Successful Tests to Produce Upgraded and Clean Cobalt Concentrate From the Nico Project

By Anwesha Sengupta

Fortune Minerals Limited (TSX:FT; OTCQX:FTMDF) (“Fortune” or the “Company”) ( is pleased to announce that it has received successful results of metallurgical test work verifying that it can produce an upgraded and essentially arsenic-free cobalt concentrate for the NICO Cobalt-Gold-Bismuth-Copper development in Canada (“NICO Project”). Gold can also be recovered by Fortune from its metal concentrates at the mine site allowing the Company to control the gold revenue stream, while producing separate cobalt and bismuth concentrates for sale to third party processors after arsenic that is typically penalized is removed. The 100% owned NICO Project is a development stage primary cobalt asset with significant gold and bismuth by-products. Fortune has already received environmental assessment (“EA”) approval and the major permits for the mine and concentrator in the Northwest Territories as well as EA approval for a refinery in Saskatchewan.

Fortune engaged Dundee Sustainable Technologies Inc. (“DST”) to conduct a metallurgical test work program to assess the application of its “Pyrolysis Roast” and “Arsenic Stabilization” processes on metal concentrates produced from the NICO Project. The objective of this work was to demonstrate that Fortune can remove the arsenic and create metal concentrates that are more attractive to the market and can be processed in existing metal recovery circuits operating around the world. The test work was initiated after several mining and refining companies contacted Fortune expressing interest in purchasing metal concentrates directly from the mine (see News Release, dated June 14, 2018). The DST processes have already been proven in pilot scale tests conducted for other gold and base metal projects as well as a development stage cobalt project with similar cobalt concentrate composition. A commercial plant utilizing DST’s arsenic stabilization by vitrification process has also been constructed for a metal processing facility that will be commissioned later this year.

Key Results of DST Test Work:

  • Successful removal of 99% of the arsenic in NICO bulk concentrate to lower than 0.2%
  • Metal grades in the concentrate increased by 20-30% due to mass reduction from selective removal of arsenic and sulphur during pyrolysis
  • No cobalt, gold, or copper losses from pyrolysis
  • Gold can be successfully recovered by cyanidation of the bulk concentrate
  • Recovery of bismuth has already been proven with secondary flotation
  • Recovery of bismuth oxide by pyrolysis has now also been demonstrated as an option
  • Successful separation and capture of arsenic from sulphur liberated during pyrolysis
  • Arsenic removed from the concentrate was successfully stabilized using vitrification
  • Fused arsenic glass passes TCLP tests for safe disposal

The DST technology utililizes proven fluidized bed pyrolysis technology to roast metal concentrates in an oxygen deprived environment for selective removal and capture of arsenic and much of the sulphur from the contained sulphide minerals. Arsenic is then stabilized by vitrification in a fused iron silicate glass that passes U.S. Environmental Protection Agency Procedure TCLP Method 1311 tests for environmentally safe disposal in a landfill. Gold would be recovered by cyanidation of the bulk concentrate prior to secondary flotation to produce separate cobalt and bismuth concentrates. The pyrolysis roast would be applied to the cobalt concentrate to remove the arsenic and enable its sale to third party processors without excessive arsenic penalties.

Additional work is in progress at DST to optimize roast conditions and gold recovery, after completion of which, Fortune may complete a pilot plant from ores it has stockpiled to produce feasibility level economic analysis of the process. Negotiations are also progressing with third-party refineries to obtain indicative prices for the sale of upgraded cobalt and bismuth concentrates with Fortune to remain in control of the gold process stream and revenues.

The DST process technology is anticipated to have materially lower capital and operating costs for the NICO development in comparison to building and operating a fully vertically integrated hydrometallurgical plant producing cobalt sulphate, gold, bismuth ingot and copper cement. However, revenues would be comparatively lower for the sale of metal concentrates and there would be greater dependence on third party processors. The engineering for the facilities in the Northwest Territories is essentially complete for the updated Technical Report to produce metal concentrates. A small gold recovery circuit may now be required in the mill if pryrolysis process technology is pursued for the project. Fortune is evaluating the merits and conducting cost-benefit analysis of building a lower capital cost project that would produce concentrates vs. a higher capital cost project that would produce value added cobalt chemicals in a purpose built refinery. The Company will evaluate the best development option in consultation with potential strategic partners and in consideration of their downstream product and commercial objectives. A technical report will be prepared to document the most commercially attractive project. Fortune has more than 35 confidentiality agreements with companies interested in strategic partnerships to build and operate the NICO Project.

The disclosure of scientific and technical information contained in this news release has been approved by Robin Goad, M.Sc., P.Geo., President and Chief Executive Officer of Fortune, who is a “Qualified Person” under National Instrument 43-101.

About Fortune Minerals

Fortune is a Canadian mining company focused on developing the vertically integrated NICO cobalt-gold-bismuth-copper project in the Northwest Territories and a related refinery the Company plans to construct in Saskatchewan. Fortune also owns the Sue-Dianne copper-silver-gold deposit located 25 km north of the NICO Project and a potential future source of incremental mill feed to potentially extend the life of the NICO Project mill.

Follow Fortune Minerals:

Click here to subscribe to Fortune’s email list.

Click here to follow Fortune on LinkedIn.

This press release contains forward-looking information and forward-looking statements within the meaning of applicable securities legislation. This forward-looking information includes statements with respect to, among other things, the Company’s plans to develop the NICO Project, the Company’s plans to complete a pilot plant to assess the impact of the application of DST’s processing technology to the Nico Project and the economic impact of utilizing such technology . Forward-looking information is based on the opinions and estimates of management as well as certain assumptions at the date …read more

From:: Investing News Network

Pancon Provides Exploration Update on Montcalm Project

By Anwesha Sengupta

Pancontinental Resources Corporation (“Pancon”) (TSXV:PUC) (“Pancon” or the “Company”) provides an update on exploration activities at the Company’s early stage nickel-cobalt-copper Montcalm Project, 65km northwest of Timmins, Ontario. The Montcalm Project covers 3,780 hectares and is adjacent to Glencore’s former Montcalm Mine.

“We are encouraged by initial and ongoing results of our carefully designed geophysical program to identify the best possible drill targets at the Montcalm Project,” said Layton Croft, Pancon President and CEO. “Our preliminary analysis of VTEM and gravity data corroborate our value creation thesis that the former Montcalm Mine is potentially just one of many prospective nickel-cobalt-copper areas within the larger Montcalm Gabbro Complex. Pancon has strategically secured most all available exploration land within this Gabbro Complex outside of Glencore’s property. At Montcalm, we will continue taking a studious approach to gathering and integrating all relevant data using the latest technology and the best analysts. This will maximize our probability of drilling success.”


  • State-of-the-art Virtual Time Domain Electromagnetic (VTEM) and gravity airborne geophysical surveys have been flown over approximately 80% of the Project area.
  • Pancon has identified 25 priority geophysical targets which warrant follow-up as a result of initial VTEM analysis, in addition to analysis of historic University of Toronto Electromagnetic (UTEM) survey results.
  • As part of the follow up, Pancon plans to conduct a ground pulse electromagnetic (PEM) survey in mid-December, after the ground freezes over historic UTEM targets for target confirmation and acquisition of EM profiles to determine positioning of drill holes.
  • The Company expects a final VTEM assessment report in the coming weeks; this data will be integrated with the preliminary gravity data to further prioritize the VTEM and historical ground UTEM targets.
  • By the end of 2018, Pancon expects to have a strategic drilling plan for the most prospective targets with a diamond drill program of 5,000 to 10,000 metres for the 2018-2019 winter season.
  • Productive First Nation consultations and local government engagement has commenced in order to secure community support and all necessary permits well in advance of drilling season, which is January-April.

About the Montcalm Project

The Montcalm Project (3,780 hectares) is located within the prospective Montcalm Gabbro Complex in the Montcalm Greenstone Belt, 65 kilometres northwest of Timmins, Ontario. The Project is contiguous to and surrounds the western, northwestern and southwestern portion of the former Montcalm Mine, which was discovered and developed based on a single airborne electromagnetic anomaly identified in the 1970s and previously mined 3,931,610 tonnes of ore grading 1.25% nickel (Ni), 0.67% copper (Cu), and 0.051% cobalt (Co), producing in excess of 4 million pounds of Co (Ontario Geological Survey, Atkinson, 2011). The Company cautions that the mineralization on this adjacent property is not necessarily indicative of the mineralization that may be identified on the Company’s property.

In January 2018, Pancon acquired an option to earn a 100% interest in the Montcalm Project, as well as in the nearby Nova Project, as detailed in its January 10, 2018 news release.

Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and reviewed and approved by J. Kevin Filo, PGeo, a Qualified Person as defined by NI 43-101, a member of Pancon’s Technical Advisory Committee, and Pancon’s Project Manager for the Montcalm West Project. Certain technical information within this news release is historical in nature and pre-dates NI 43-101 standards, this information is believed to be reliable however the Company has not verified this material.

About Pancontinental Resources Corporation

Pancontinental Resources Corporation (TSXV: PUC) is a Canadian-based mining company focused on four nickel-cobalt-copper projects in Ontario — three early stage projects near Timmins: Montcalm Project, Gambler Project, and Nova Project; and the advanced stage McBride Project near Bancroft. Pancon’s mission is to generate value through responsible exploration, focusing on prospective assets in proximity to producing or former mines areas and/or with existing resources. The Company also holds a 100% interest in the Jefferson Gold Project in South Carolina, USA. In 2015, Pancon sold its interest in its Australian rare earth element (REE) and uranium properties, formerly held through a joint venture, and retains a 1% gross overriding royalty on 100% of future REE production.

For further information, please contact:

Layton Croft, President & CEO or Jeanny So, Manager, External Relations
T: +1.416.293.8437

For additional information please visit our new website at and our Twitter feed: @PanconResources.

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.

Cautionary Language and Forward Looking Statements

This news release contains forward-looking information which is not comprised of historical facts. Forward-looking information is characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, and opportunities to differ materially from those expressed or implied by such forward-looking information. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, changes in the state of equity and debt markets, fluctuations in commodity prices, delays in obtaining required regulatory or governmental approvals, and other risks involved in the mineral exploration and development industry, including those risks set out in the Company’s management’s discussion and analysis as filed under the Company’s profile at Forward-looking information in this news release is based on the opinions and assumptions of management considered reasonable as of the date hereof, including that all necessary governmental and regulatory approvals will be received as and when expected. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information. The Company disclaims any intention or obligation to update or revise any forward-looking information, other than as required by applicable securities laws.

Click here …read more

From:: Investing News Network

Bonterra Intersects 29.6 g/t Au Over 3.0 m At The Gladiator Gold Deposit As New High-Grade Trends Continue To Emerge

By Ashley Cowell

Bonterra Resources (TSXV:BTR; OTCQX:BONXF, FWB:9BR1) (the “Company” or “Bonterra”) is pleased to announce the latest drilling results from the ongoing resource development program at the Gladiator Gold Deposit, including an intersection of 29.6 g/t Au over 3.0 m at the South Zone. This indicates the presence of a new high-grade chute and is open at depth. Recent infill drilling results demonstrate the continuity of mineralization and increase the thickness of all defined zones. Step out drilling revealed new areas of high-grade mineralization and has expanded the known extents of mineralization along multiple zones.

Gladiator Gold Deposit All Zones (CNW Group/Bonterra Resources Inc.)

Highlights and Observations:

  • Infill and extension drill results continue to validate the Gladiator model.
  • BA-18-53A intersected multiple high-grade gold zones including 29.6 g/t Au over 3.0 m at the South Zone, indicating the presence of a new high-grade chute, expanding the known extents of mineralization and opening the South Zone at depth.
  • BA-18-53A intersected multiple structures in the North Zone with 6.5 g/t Au over 2.0 m and 4.0 g/t Au over 3.0 m.
  • BA-18-53A also intersected with Footwall Zone with 4.5 g/t Au over 3.0 m, increasing the thickness of the zone at 600 m below surface.
  • BA-18-54 further defines the North Zone with 9.4 g/t Au over 3.0 m. This intersection increases the grade and indicates the continuity of the North Zone in the eastern part of the deposit.
  • BA-18-58 intersected the South Zone at 600 m below surface with 12.3 g/t Au over 1.5 m, connecting the mineralization at the Rivage area to a high-grade chute at depth.
  • BA-18-58 intersected the Main Zone, expanding the extents of known mineralization up-plunge with 4.1 g/t Au over1.5 m.
  • BA-18-62 intersected the Main Zone, increasing the size of the high-grade chute 400 m below surface with 17.7 g/t Au over 2.0 m.
  • BA-18-62 intersected two structures in the South Zone with 9.8 g/t Au over 2.0 m and 5.8 g/t Au over 2.0 m, proving continuity.
  • To date, continuity of mineralization is now confirmed over a total drilled strike length on at least four horizons (North, Footwall, Main and South) of 1,300 m, as well as a drilled depth of over 1,000 m.

The ongoing resource development program continues to expand and define the Gladiator Gold Deposit ahead of the updated mineral resource estimate scheduled for Q4 2018. Drilling to be included in the upcoming mineral resource estimate has now been completed. Drilling continues with three drills at the deposit focused on extension drilling along strike to the northeast and southwest.

Hole From







(g/t Au)

BA-18-53A 605.0 607.0 2.0 6.5 North
BA-18-53A 614.0 617.0 3.0 4.0 North
BA-18-53A 684.0 687.0 3.0 4.5 Footwall
BA-18-53A 988.0 991.0 3.0 29.6 South
BA-18-54 564.0 567.0 3.0 9.4 North
BA-18-56 466.0 468.0 2.0 6.0 South
BA-18-57A 607.0 608.0 1.0 9.5 Main
BA-18-58 741.0 742.5 1.5 4.1 Main
BA-18-58 882.0 883.5 1.5 12.3 South
BA-18-61B 443.6 444.8 1.2 4.3 Main
BA-18-61B 504.0 505.1 1.1 5.6 South
BA-18-61B 722.0 724.0 2.0 6.9 Barbeau
BA-18-62 540.5 542.5 2.0 17.7 Main
BA-18-62 585.0 586.0 2.0 5.8 South
BA-18-62 594.0 596.0 2.0 9.8 South
BA-18-62 614.3 615.0 0.7 8.8 Barbeau
BA-18-62 619.2 622.5 3.3 5.5 Barbeau
*Stated lengths are core width as drilled, true widths vary and average between 60 and 80 percent of drilled widths. Core axis angles of the intersection contacts and surrounding rock units average 55 to 70 degrees.

Please see for updated maps including long sections and cross sections.

Bonterra Resources Quick Facts:

  • Well financed with approximately $65 million raised since 2017.
  • Strong Shareholder Base including: Eric Sprott, Van Eck, Kirkland Lake Gold
  • Gladiator Gold Deposit:
    • Deposit extension and resource expansion underway with 60,000 m completed in 2017 and 70,000 m planned for 2018.
    • Advancing to the completion of an updated NI 43-101 Mineral Resource Estimate in the Q4 2018.
    • Drilled dimensions of the Gladiator Gold Deposit are currently outlined to a depth of over 1,000 m below surface and a strike length of 1,300 m.
    • Gladiator remains open in all directions, where at least six distinct sub-parallel zones or mineralized horizons have been identified.
    • Drilling is currently focused on the continued expansion of Gladiator Gold Deposit and exploration targets within the 10,541-hectare Urban-Barry property.
  • Larder Lake Gold Property:
    • 100% controlled 2,221-hectare in the Cadillac-Larder Break camp in Ontario (refer to March 17, 2016 news release highlighting historical gold resource).
    • Excellent access to three high grade gold deposits between Kirkland Lake and Virginiatown.

Robert Gagnon, P.Geo., has approved the information contained in this release. Mr. Gagnon is a director of Bonterra and is a Qualified Person as defined by NI 43-101.


Nav Dhaliwal, President & CEO
Bonterra Resources Inc.

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.

This press release contains “forward-looking information” that is based on Bonterra’s current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra’s exploration and development plans. The words “will”, “anticipated”, “plans” or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra’s actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labor relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully, and readers should not place undue reliance on such forward-looking information. Bonterra …read more

From:: Investing News Network

5 Top Weekly TSX Stocks: RNC Minerals Soars on Gold Discovery

By Georgia Williams

gold outlook free report

The S&P/TSX Composite Index (INDEXTSI:OSPTX) opened flat on Friday (September 14), down 6.3 points to 15,995.41 at open. Canada’s largest exchange slowly climbed over the morning, and ended up picking up a few points by midday, reaching 16,008.43 at 12:17 p.m. EST.

Tech sector stocks gained as much as 2 percent, but that positive activity was offset by losses in the energy sector, where both US and Brent crude prices sunk by 0.7 percent.

A similar story played out in the cannabis market as stocks were affected by a report that border security officials will be cracking down on sales.

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Last week’s top TSX stocks include three precious metals companies and two energy-focused firms. The five TSX-listed mining stocks that saw the biggest gains are as follows:

  • RNC Minerals (TSX:RNX)
  • Platinum Group Metals (TSX:PTM)
  • Steppe Gold (TSX:STGO)
  • Laramide Resources (TSX:LAM)
  • Iron Bridge Resources (TSX:IBR)

Here’s a look at those companies and the factors that moved their share prices last week.

RNC Minerals

Canada-focused RNC Minerals is a diversified explorer engaged in developing its Dumont nickelcobalt project, located in the Abitibi region of Quebec. According to RNC, the Dumont site is the largest undeveloped nickel reserve and second-largest undeveloped cobalt reserve in the world.

Early in the week, RNC announced the discovery of a new high-grade gold deposit at its Beta Hunt mine. Some 9,250 ounces of high-grade gold were produced over a week-long period. The golden find is likely behind the growth in RNC shares. Last week, the company was up 211.11 percent, trading at C$0.28.

Platinum Group Metals

Platinum Group Metals is focused on platinum and palladium projects in the Bushveld Complex of South Africa. The jurisdiction is highly coveted for its precious metals deposits, and the Bushveld Complex is located within an area where 70 percent of global platinum production occurs.

The company did not make any announcements last week; however, the week prior the company filed the necessary paperwork to acquire mining rights for the Waterberg platinum-group project. The company’s share price was up 40 percent, ending the week at C$0.21.

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Steppe Gold

Gold-focused Steppe Gold is developing precious metals projects in Mongolia. In 2017, it acquired the advanced-staged ATO project, and has plans to commence production there later this year.

Last week, Steppe provided a drilling and development update. Highlights of the report include: the arrival of the crushing circuit, the near completion of the pre-strip for the ATO1 deposit and the completion of a stage 2 drilling program. Steppe’s share price was up 26.36 percent last week at C$1.39.

Laramide Resources

Laramide Resources is a Canada-based uranium explorer with assets strategically positioned in the US and Australia. Laramide did not make any announcements last week, but its share price rose 21.21 percent to reach C$0.40.

Iron Bridge Resources

Canada-based Iron Bridge Resources is an oil and gas explorer and developer. Iron Bridge’s main focus is roughly 53,000 acres of land in Elmworth, Alberta.

Last week, Iron Bridge entered an agreement under which it will be acquired by private company Velvet Energy for C$0.845 a share. Iron Bridge’s share price grew by 20 percent last week, ending at C$0.84.

Data for 5 Top TSX Stocks articles is retrieved each Friday at 10:30 a.m. PST using TradingView’s Stock Screener. Only companies with market capitalizations greater than $50 million prior to the week’s gains are included. Companies within basic materials and energy sectors are considered.

Don’t forget to follow us @INN_Resource for real-time updates!

Securities Disclosure: I, Georgia Williams, hold no direct investment interest in any company mentioned in this article.

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Riding Out the Storm: How Junior Mining Companies Survive the Downturn

By Investing News Network

Securing financing is, for obvious reasons, the most critical component for how junior mining companies survive the downturn of a market and advance an exploration project.

Not so easy a task for today’s junior resource companies, especially when exploration funding is so intimately linked with commodities prices, as evidenced by a recent Prospectors & Developers Association of Canada (PDAC) study.

“Commodity prices drive everything,” Glenn Mullan, president of PDAC, told the Investing News Network via phone. “That’s not just true on the down side … across the whole spectrum of commodities what this report really shows is that commodity prices drive first the level of financings and then as a consequence of the financings, more exploration.”

This INNspired Article is brought to you by:

Granada Gold Mine Inc. (TSXV:GGM;OTCPK:GBBFF;FRA:B6D) is a junior resource company currently developing its flagship Granada gold property in Canada’s Quebec province. The company’s wholly owned, previously-producing property was first acquired in 2006 and Granada Gold has been leading the mine to its upcoming first stage of production.Send me an Investor Kit

The ability of juniors to attract capital is also closely tied to the general risk appetite of investors which can ebb and wane with the commodity cycles. In today’s climate it is apparent that investors currently prefer less volatility, more security and higher rewards.

The 2008 recession brought about one of the most challenging financing environments for junior resource stocks in recent memory. The search for financing can be a matter of life and death. Unable to access capital, many found themselves culled from the herd. Those companies that have survived and are continuing to provide shareholder value even during a downturn have in common a number of specific qualities and survival strategies.

Qualities of strong junior resource companies

“I definitely think there’s money there. I think people have become more discriminating in who they give it to,” said Brian Leni, founder of Junior Stock Review, speaking about the challenging financial landscape in an interview with INN at the 2018 Sprott Natural Resource Symposium. Leni added that the companies “showing good targets or good potential — they’re going to get the money, it’s there.”

So how do you know which companies have the best potential to attract capital in a challenging financial environment? Most analysts will tell you to look for those with quality projects in favorable jurisdictions and a strong management team at the helm.

Project quality

Resource companies with high quality projects are much more likely to attract capital for exploration and development. The property is the strongest asset and the truest indicator of a company’s future profit potential. But what makes for a high quality project? Obviously the geology of the property has a lot to do with its value — grade, size, metallurgy and operation costs are three major points to consider. While high grades are preferable, sometimes lower grades can produce higher margins depending on the deposit size and amenability to low cost operations. “Although grade is often touted as king, it is actually the profit margin that counts and the ability to payback the original capital investment,” stated Joe Mazumdar and Brent Cook of Exploration Insights. Those projects with district-wide potential are an added bonus.

Some types of minerals can carry more value than others depending on the commodity cycle and the supply/demand fundamentals. For now, energy metals like lithium and cobalt may be hot, but gold still carries a lot of value for investors. “Gold still represents about half of all the exploration done globally, and about half of all the financings done globally,” said Mullan.

Uncertain financial climates make for risk averse investors. The more de-risked a project is the better. Taking the risk out of project begins at the jurisdictional level. A near surface, multi-million ounce, high grade gold deposit may not be worth more than a gravel pit if its located in a country with a lot of political risk or a state with no-go environmental laws. Mining-friendly jurisdictions with transparent permitting and well-established infrastructure are key.

Establishing an industry-compliant resource base, completing positive economic studies and advancing through permitting also have a dramatic impact on decreasing project risk in the eyes of investors because they provide hard numbers on a project’s likelihood of success. However, each of these critical catalysts require capital — a harsh catch-22 for this industry.

Management strength

This brings us to the management. Companies with strong, experienced leadership can inspire the confidence market participants need to finance a project. Look for a management team with an excellent track record including significant exploration and development experience. If the company’s end game is to be acquired by a major, does the team have past M&A success. If the company plans to bring the project through to production themselves, is their deck stacked with the right players to make that happen. “Of the roughly 3,000 junior exploration companies combing Earth chasing down anomalies,” says Brent Cook of Exploration Insights, “maybe half can be thrown out because of incompetent or unfocused management: management is key in the junior sector — get to know them.”

How junior mining companies survive the downturn using unconventional strategies

The best way a management team can show its strengths is in the strategies they employ while guiding their company through the rough waters of a challenging financial landscape. One of the most effective strategies for keeping a project afloat is designing low cost, yet effective exploration programs and improving efficiencies. Decreasing costs is often tied to planning. A company that is actively seeking out low-cost solutions will stand a greater chance of providing investors with a high return on investment. Across the junior resource landscape, one can find companies employing these strategies to save time and money while advancing their exploration projects.

Granada Gold Mine (TSXV:GGM,OTC Pink:GBBFF,FWB:B6D), for instance, is using low-cost trenching methods instead of more expensive deep drilling to explore their Granada gold property in Quebec. The previously-producing property has a NI 43-101 resource …read more

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Northern Sphere Mining Corp. Announces Purchase of the Scadding and Arizona Interests from Joint Venture Partner

By Anwesha Sengupta

Northern Sphere Mining Corp. (CSE:NSM) (OTCQB:NSMCF) (“Northern Sphere” or the “Company”) is pleased to announce that it has acquired for nominal consideration Trueclaim Exploration Inc.’s (TSXV: TRM) remaining 20% interest in the joint ventures for the mineral property located in Scadding, Ontario and in Globe, Arizona.

“This is a meaningful acquisition for Northern Sphere. We believe that the projects at our Scadding and Arizona properties have a great deal of potential,” says A. John Carter, Chief Executive Officer of Northern Sphere. “As a result of this acquisition, we now have complete control over these projects and we are better positioned to move them forward.”

About Northern Sphere Mining Corp.

Northern Sphere is dedicated to growth through the acquisition and development of mining assets with an emphasis on gold, silver and copper. In efforts to expedite and optimize mineral targeting on its assets, the Company is employing cutting-edge exploration technologies to generate robust mining projects. Headquartered in Toronto, Ontario, Northern Sphere has a strong project pipeline of properties with a focus on gold, silver and other metal production in pro-mining jurisdictions.

Cautionary Statements

This press release contains forward-looking statements which reflect Northern Sphere’s current expectations regarding future events. The forward-looking statements involve risks and uncertainties. Actual results could differ materially from those projected herein. Northern Sphere disclaims any obligation to update these forward-looking statements other than as required by applicable securities laws.

For further information, please contact:

A. John Carter
Chief Executive Officer
Northern Sphere Mining Corp.
Tel: 905-302-3843

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From:: Investing News Network

Sojourn Announces Acquisition of Seven Properties in British Columbia, New Management Team, and Successful Closing of Second Tranche of $2.8 Million Financing

By Ashley Cowell

Sojourn Exploration Inc (TSXV:SOJ) (TSXV: SOJ) (the “Company” or “Sojourn”) is pleased to advise that further to its previous announcements on August 9, 2018 and August 23, 2018, it has closed on the mineral property purchase agreements with Seven Devils Exploration Ltd. (“Seven Devils”) for Seven Devils’ Oxide Peak, Eagle, Rip and Teeta Creek properties, and with Millrock Resources Inc. (“Millrock”) for Millrock’s Willoughby, Oweegee, and Todd Creek properties, all located in British Columbia.

The Company has also entered into Investor Rights Agreements (the “Agreements”) with Seven Devils and Millrock, entitling Seven Devils to nominate two board members and Millrock to nominate one board member. The Agreements also entitle Seven Devils and Millrock to maintain their ownership percentage in the Company by participating in future offerings of the Company’s securities.

New Management Team and Board

Sojourn has appointed the following management team members: Dr. Tyler Ruks as Chief Executive Officer and President, Nigel Luckman as Chief Operating Officer and Jeff Kyba as Vice President Exploration. John Meekison will remain as Chief Financial Officer. Timothy Henneberry has resigned as Interim Chief Executive Officer.

Sojourn’s board will be reconstituted to comprise four directors, including: Tyler Ruks, Gregory Beischer, John Meekison and Joel Dumaresq. Don Lay and Timothy Henneberry have resigned as Sojourn directors. The new board wishes to acknowledge and thank Mr. Lay and Mr. Henneberry for their time and service to Sojourn.

Private Placement

Sojourn also has closed the second tranche of its non-brokered private placement (the “Placement”) announced on August 9, 2018, raising additional gross proceeds of $496,500 by the sale of 4,965,000 units. In total, the Company raised gross proceeds of $2,800,000 through the issuance of 28,000,000 units. Each unit consists of one common share and one share purchase warrant entitling the holder to acquire an additional common share at a price of $0.15 per common share for a period of three years from closing.

The units sold in the second tranche of the Placement and any shares issued on the exercise of the warrants comprising these units, are be subject to a resale hold period under applicable Canadian securities laws which expires on January 14, 2019.

Sojourn intends to use the net proceeds of the Placement for early stage exploration of the Millrock and Seven Devils Properties, business development to attract joint venture partners, general administrative purposes, and for working capital. Approximately $600,000 of the net proceeds has been allocated to the exploration of the Oweegee Property; approximately $400,000 of the net proceeds has been allocated to the exploration of the Teeta Creek and Eagle projects; and approximately $500,000 of the net proceeds has been designated for potential acquisition and exploration of additional copper, gold and silver prospects. The remaining net proceeds will be used for general and administrative purposes.

Sojourn will provide a further update regarding its exploration programs and other activities in due course.

On behalf of the Board of Directors,

“Tyler Ruks”

Tyler Ruks, Chief Executive Officer, President and Director

For further information please contact: John Meekison Telephone: (604) 649-8778 Email:

Neither the 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 accuracy or adequacy of this release.

CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS: This news release contains forward-looking statements or forward-looking information (forward-looking statements). These statements can be identified by expressions of belief, expectation or intention, as well as those statements that are not historical fact. Forward-looking statements involve a number of risks, uncertainties and assumptions that could cause actual results or events to differ materially from those expressed or implied by the forward-looking statements. Forward-looking statements contained in this press release are based on our current estimates, expectations and projections, which the company believes are reasonable as of the current date. Actual results could differ materially from those anticipated or implied in the forward-looking statements and as a result undue reliance should not be placed on forward-looking information.


Click here to connect with Sojourn Exploration Inc (TSXV:SOJ) for an Investor Presentation.

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From:: Investing News Network