Engineer Gold Announces Proposed Share Consolidation
Engineer Gold Announces Proposed Share Consolidation
Vancouver, British Columbia / May 24, 2023 – Engineer Gold Mines Ltd. (the “Company”)
(TSX-V: EAU) announces that, subject to the approval of the TSX Venture Exchange , it will be
proceeding with a consolidation (the “Consolidation”) of its common shares (the “Shares”) on
the basis of one (1) new Share for every four (4) old Shares held resulting in the Company having
approximately 26,101,548 Shares issued and outstanding.
Registered shareholders of the Company who hold their Shares in certificate form will receive a
letter of transmittal from the Company’s transfer agent, Computershare Investor Services Inc.,
with instructions for exchanging their pre -Consolidation Shares. Shareholders who hold their
Shares through a broker or other intermediary will not need to complete a letter of transmittal.
Shareholders who hold their Shares in DRS format will automatically receive an exchanged DRS
advice and will not need to complete a letter of transmittal.
No fractional Shares will be issued as a result of the Consolidation. Shares will be rounded down
to the nearest whole Share.
About Engineer Gold Mines Ltd.
Engineer Gold Mine: The historic Engineer Gold mine is a narrow vein past producing
underground gold mine with an Inferred Mineral Resource of 41,000 t grading 19.0 g/t gold for
25,000 oz contained gold. The resource uses a cutoff grade of 5 g/t Au and assumes a 1m
minimum mining width, which is similar to historical mining. It includes all material inside the
mineralized shoots and is based on the payability (stope) limits. Within this resource is a higher-
grade core of 14,000t grading 52.5 g/t gold (25 g/t gold Cut -Off) containing 23,600 oz contained
gold. The resource grade was reconciled to a bulk tonnage sample which contained 175 tonnes
at 23.9 g/t Au which is 16% higher than the resource grade of 20.6 g/t Au for the Engineer portion
of the resource. This is considered a cceptable for a nuggety gold deposit and exemplifies the
potential conservatism of the 2018 resource. This resource estimate was initially calculated by
Snowden Mining Industry Consultants Ltd. in 2011 and re-stated in the 2018 NI 43-101 Technical
Report.
Note that this resource estimate predates the 2019 CIM Guidelines for NI 43 -101 reporting. The
company has done no further work to confirm this historical resource.
Tag Property: The 1,070-hectare Tag property covers the 025 or Main zone, which contains an
historical mineral resource estimate including 250,000 tonnes of Indicated material at average
grades of 2.97 g/t Au and 12.09 g/t Ag, and an Inferred resource of 400,000 tonnes at average
grades of 2.98 g/t Au and 9.91 g/t Ag. The resource estimate was calculated using the polygonal
method with vertical section at 50m spacing, and grades composited over a minimum length of
2.0 meters. The Au was capped at a value of 4 g/t and Ag was capped at 25 g/t. Underground
mining was assumed with all material having a minimum composited length of 2m, within the
interpreted shapes and above the cutoff assumed to be amenable to underground mining. The
cut-off grade used was 3.0 g/t gold equivalent, calculated with a silver to gold ratio of 59.927. This
historical resource was published as an NI 43 -101 report filed on SEDAR entitled "Technical
Report on Resource Estimates for the Tag Property, Northern British Columbia", prepared for
CZM Capital Corporation by Reddick Consulting Inc. and dated December 29, 2009. Note t hat
this estimate predates the 2019 CIM Guidelines for NI 43-101 reporting. The Company has done
no further work to confirm this historical resource.
Wann River: The Wann River project has seen grab samples from the Lum showing with up to
263 g/t Au and 13 50 g/t Ag reported in 2010. Adjacent to the prolific Llewellyn fault, the Wann
River project holds potential for significant further exploration and discovery.
On Behalf of the Board of Directors
Engineer Gold Mines Ltd.
“Andrew Rees”
Director
Tel: 604.505.3739
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. The TSX Venture Exchange has not reviewed the content of this news release and
therefore does not accept responsibility or liability for the adeq uacy or accuracy of the contents
of this news release.