Altair Resources Provides Corporate Update ON Burkina Faso and Kazakhstan Projects
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#1305 – 1090 W. Georgia Street, Vancouver, BC V6E 3V7 Canada
ALTAIR RESOURCES PROVIDES CORPORATE UPDATE ON BURKINA FASO AND
KAZAKHSTAN PROJECTS
January 24, 2022
Vancouver, British Columbia – January 24, 2022: ALTAIR RESOURCES INC. (“ALTAIR”
or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN
A2ALMP)
Mr. George S. Young, Chairman & CEO is pleased to provide this corporate update on the
Company’s activities in Burkina Faso and the spin-off of its interests in Kazakhstan.
The Company has completed its technical due diligence for the acquisition of the Marbera project
in Burkina Faso , described in the Company’s press release of June 21, 2021 and subsequent
releases. In mid-January, the Company’s VP Exploration, Dorian L. (Dusty) Nicol, led a technical
due diligence trip to the Marbera project along with a group of technical local professionals and an
independent professional geologist and a mining engineer. Our team returned very enthused about
the project, concluding that there is significant upside exploration potential on the license. The
next key step on this project will be to convert the historic resource to an NI 43 -101 compliant
resource for publication. This work is well in hand and will be concluded during Q1 of this year.
We are in advanced talks with several financing sources for the closing of the acquisition and the
development of this project as well.
In addition, the Company has advanced in its work in preparation for the spin-off of the Kazakhstan
interests and expects to have further information and an agreement to be announced in the near
future. As stated in our December 20, 2021 news release, the spin-off is expected to take the form
of a “vend-in” of the rights into a Canadian publicly -listed corporation, or a corporation in the
process of listing in Canada (the “new entity”), in exchange for stock of the new entity. Shares of
the new entity received in the vend -in would be allocated in a ccordance with certain transaction
costs, with the bulk of the shares being distributed on a pro rata basis to shareholders of Altair of
record as of a date to be announced in the near future. While no assurance can be given as to the
success of Altair’s plans to complete the vend-in, Altair is confident that a beneficial arrangement
for its shareholders can be structured effectively and closed in a reasonable time frame following
regulatory approval.
In the meantime, technical due diligence has essentially been completed on the Kazakhstan assets
and legal due diligence is in the final stages. Company management and its VP Exploration, along
with local technical and business professionals had concluded a site visit to the properties in
August, concluding that both properties have significant upside exploration potential, and that the
Central Kazakhstan property may include the upper portion of a much larger porphyry copper-gold
deposit. We are in the last stages of technical and legal due diligence on these properties and are
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in advanced talks with EPC contractors and financing sources from the UK for the acquisition and
the further exploration and development of the properties. These efforts can be assumed and taken
forward by the company with which we transact in the spin-off arrangement.
The spin-off transaction will leave in Altair its project rights in the Simon property in Nevada and
its rights to acquire the Marbera project in Burkina Faso. Altair’s shareholders would, as a result,
continue to have shares reflecting ownership of the rights in Nevada and Burkina Faso in addition
to shares of the new entity, representing ownership interests in the rights in Kazakhstan. Altair
also expects that the Altair shareholders’ aggregate share position in the new entity would constitute
a controlling interest and the vast majority of the shares of the new entity prior to any further
financings.
The two producing gold properties in Eastern and Central Kazakhstan contain a total historic
resource of 2,463,700 ozs. of gold , of which 1,923,900 ozs. is JORC -compliant. Current
aggregate gold production at the two properties is approximately 21,000 ounces of gold per
year.
An arm’s length finder’s fee may be paid in connection with the transaction.
Information of a technical and scientific nature that forms the basis of the disclosure in this press
release has been prepared and approved by Dorian L. (Dusty) Nicol, a Qualified Person, under
National Instrument 43-101, and Vice President, Exploration of Altair Resources Inc.
About Altair Resources Inc.
Altair Resources’ (TSX.V: AVX) primary focus is developing the Wadaradoo gold deposit, Burkina
Faso’s newest gold mine development opportunity. Wadaradoo has a historical resource of 1.388
million oun ces of gold at a grade of 0.95 g/t (0.5 gram cut off). An updated 43 -101 compliant
resource estimate is to be completed in early 2022 and a PEA and Feasibility study will commence
immediately after.
Burkina Faso is 2nd in gold production in West Africa with four major mining companies operating
successfully and 15 gold mines that have reached production. In addition, Altair shareholders own
an option to acquire two producing gold mines in Kazakhstan.
For further information:
George S. Young
Chairman, CEO, Altair Resources Inc.
+1 (806) 886- 3317 [email protected],
www.altairresources.com
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:
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This press release contains forward -looking statements with respect to the Company. By their
nature, forward-looking statements are subject to a variety of factors that could cause actual results
to differ materially from the results suggested by the forward -looking statements. In addition, the
forward-looking statements require management to make assumptions and are subject to inherent
risks and uncertainties. There is significant risk that the forward-looking statements will not prove
to be accurate, that the management’s assumptions may not be correct and that actual results may
differ materially from such forward -looking statements. Accordingly, readers should no t place
undue reliance on the forward-looking statements.
Generally forward -looking statements can be identified by the use of terminology such as
“anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”,
“potential” and similar expressions. Forward -looking statements contained in this press release
may include, but are not limited to, the completion of the private placement and the Company
receiving regulatory approval to the partial revocation order. These forward-looking statements are
based on a number of assumptions which may prove to be incorrect including, but not limited to,
the Company receiving regulatory approval to the private placement and the partial revocation
order application.
The forward-looking statements contained in this press release are made as of the date hereof or the
dates specifically referenced in this press release, where applicable. Except as required by law, the
Company does not undertake any obligation to update p ublicly or to revise any forward -looking
statements that are contained or incorporated in this press release. All forward -looking statements
contained in this press release are expressly qualified by this cautionary statement.