Banyan GOLD Corp. Closes $500,000 Non-Brokered Private Placement
BANYAN GOLD CORP. CLOSES $500,000 NON-BROKERED PRIVATE
PLACEMENT
March 8, 2019 TSX-V: BYN
BANYAN GOLD CORP. (“Banyan” or “The Company”), announces that it has closed a non-
brokered private placement of $500,000 (the “Private Placement”).
The Private Placement, which encompasses the previous announcement on February 20, 2019,
consists of the issuance of 2,270,000 Flow Through common shares (“FTS”) (within the meaning
of the Income Tax Act (Canada)) at a subscription price of $0.05 per FTS and 7,730,000 units
(“Units”) at a subscription price of $0.05 per Unit for aggregate gross proceeds to the Company
of $500,000.
Each Unit is comprised of one common share (each, a “Common Share”) and one Common Share
purchase warrant (each, a “Warrant”). Each whole Warrant entitles the holder to purchase one
additional Common Share at an exercise price of $0.075 for a period o f 24 months following the
date of issue.
The Company intends to use the net proceeds from the Private Placement for advancing the
Company’s mineral exploration and development projects, and for general corporate purposes.
In connection with the closing of the Private Placement, the Company will pay a cash finder’s fee
in the amount of $9,375.
Certain insiders of the Company participated in the first tranche of the Private Placement for
$69,000 in Units. Such participation represents a related -party tran saction under Multilateral
Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”),
but the transaction is exempt from the formal valuation and minority shareholder approval
requirements of MI 61-101 as neither the fair market value of the subject matter of the transaction,
nor the consideration paid, exceed 25% of the Company’s market capitalization.
Under applicable Canadian securities laws, all securities issued pursuant to the first tranche of
the Private Placement are subject to, among other things, a statutory hold period of four months
and one day. The Private Placement remains subject to the final approval of the TSX Venture
Exchange (the “TSX-V”).
Technical Information
The technical information in this news release has been reviewed and approved by Paul D. Gray,
P.Geo., a Qualified Person as defined by NI 43-101.
About Banyan Gold
Banyan Gold is focused on gold exploration projects that have the geological potential, size of
land package and proximity to infrastructure that is advantageous for a mineral project to have
potential to become a mine. Our Yukon based projects both fit th is model and our objective is to
gain shareholder value by advancing projects in our pipeline.
The Hyland Gold Project, located 70km NE of Watson Lake, Yukon, along the southeast end of
the Tintina Gold Belt is a sediment hosted, structurally controlled, intrusion related gold deposit,
with a large land package (over 125 sq. km), with the resource contained in the Main Zone area
(900x600m) daylighting at surface and numerous other known surface gold targets. The Main
Zone oxide zone is amenable to heap lea ch open pit mining, with column leach recoveries of
86%. The project has an existing gravel access road.
The Hyland Main Zone Indicated Gold Resource Estimate, prepared in accordance with NI 43 -
101, at a 0.3 g/t gold equivalent cutoff, contains 8.6 millio n tonnes grading 0.85 g/t AuEq for
236,000 AuEq ounces with an Inferred Mineral Resource of 10.8 million tonnes grading 0.83 g/t
AuEq for 288,000 AuEq ounces.
Cut-off Grade
(AuEq g/t)
In situ Tonnes Au Ag AuEq
Grade
(g/t)
Ozs Grade
(g/t)
Ozs Grade
(g/t)
Ozs
Indicated
0.3 8,637,000 0.78 216,000 7.04 1,954,000 0.85 236,000
Inferred
0.3 10,784,000 0.77 266,000 5.32 1,845,000 0.83 288,000
(1) Mineral resources which are not mineral reserves do not have demonstrated economic viability. All figures are rounded to reflect
the relative accuracy of the estimate.
(2) Mineral resources are reported at a cut -off grade of 0.3 g/t AuEq. AuEq grade i s based on $1,350.00/oz Au, $17.00/oz Ag and
assumes a 100% recovery. The AuEq calculation does not apply any adjustment factors for difference in metallurgical recoverie s of
gold and silver. This information can only be derived from definitive metallurgical testing which has yet to be completed.
The 9,230 ha Aurex-McQuesten Property, in close proximity to Victoria Gold's Eagle Project and
Alexco Resource's Keno Hill Silver District, is highly prospective for structurally controlled,
intrusion related gold-silver mineralization in relation to quartz monzonite dykes of the Tombstone
intrusive suite. The property hosts numerous known gold targets and Banyan has developed a
mineralization model at the McQuesten Gold target, located adjacent to the main Yukon highway
and on the access road to the Victoria Gold heap leach mine.
Banyan trades on the TSX -Venture Exchange under the symbol “BYN”. For more information,
please visit the corporate website at www.BanyanGold.com or contact the Company.
ON BEHALF OF BANYAN GOLD CORPORATION
(signed) "Tara Christie"
Tara Christie
President & CEO
For more information, please contact:
Tara Christie David Rutt
Tel: (888) 629-0444 Tel: (888) 629-0444
Email: [email protected] Email: [email protected]
CAUTIONARY STATEMENT: Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information
contained herein. This news release contains forward-looking information, which is not comprised of historical facts.
Forward-looking information involves risks, uncertainties and other factors that could cause actual events, results,
performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking
information. Forward looking information in this news release includes, but is not limited to, Banyan’s objectives, goals
or future plans, statements regarding exploration expectations, exploration or development plans and mineral resource
estimates. Factors that could cause actual results to differ materially from such forward-looking information include, but
are not limited to, uncertainties inherent in resource estimates , capital and operating costs varying significantly from
estimates, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required
governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs
of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in
commodity prices, delays in the development of projects and the other risks involved in the mineral exploration and
development industry, enhanced risks inherent to conducting business in any jurisdiction, and those risks set out in
Banyan’s public documents filed on SEDAR. Although Banyan 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, which only applies as of the date of this news release, and no assurance can be given that such
events will occur in the disclosed time frames or at all. Banyan disclaims any intention or obligation to update or revise
any forward-looking information, whether as a result of new information, future events or otherwise, other than as
required by law.
Statements in this news release regarding Banyan Gold which are not historical facts are “forward-looking statements”
that involve risks and uncertainties. Such information can generally be identified by the use of forwarding -looking
wording such as “may”, “will”, “expect”, “estimate”, “anticipate”, “intend”, “believe” and “continue” or the negative thereof
or similar variations.