Eskay Mining Corp Announces First Closing of Non-Brokered Private Placement, Further Increase to Flow-through Offering and Exploration Plans
1
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
NEWS RELEASE
FOR IMMEDIATE RELEASE: JUNE 4, 2020
Eskay Mining Corp Announces First Closing of Non-Brokered
Private Placement, Further Increase to Flow-through Offering
and Exploration Plans
Toronto, June 4, 2020 – Eskay Mining Corp. (“Eskay” or the “Company”) (TSX-V:ESK)
(OTC-PK: ESKYF) (Frankfurt: KN7; WKN: A0YDPM) wishes to announce that, further to
its Press Release of May 25, 2020, it has closed the first tranche of its non-brokered private
placement with the sale of 1,000,000 flow-through units (the “FT Units”) at a price of $0.255
per FT Unit for $255,000 and 550,000 working capital units (“WC Unit”) at a price of $0.17 per
WC Unit for $93,500. A finder was paid a cash fee of $1275.
The Company also wishes to announce that it plans to increase its flow-through offering by a
further 2,050,000 FT Units to up to 8,950,000 FT Units of the Company at a price of $0.255 per
FT Unit for up to $2,282,250 to fund its 2020 exploration. The Company will be closing the
remaining 7,950,000 FT Units for $2,027,250 along with a further 2,452,941 WC Units for
$417,000 (as referred to in the May 25, 2020 Press Release) within the next 2 weeks.
Proceeds from this financing will allow Eskay Mining to undertake an aggressive field program
over its approximately 500 sq km of prime tenure within the Golden Triangle, British Columbia.
Since October, 2019, Eskay, in collaboration with the Colorado School of Mines, has been
systematically collating and reinterpreting historic exploration data from the property. At this
point, the Company believes many areas remain far under-explored including its 100% owned
Corey tenements where limited work has been conducted in recent time.
Eskay is planning an multifaceted geophysical program including airborne electromagnetic
surveys to look for chargeable features such as potentially mineralized sulfide-bearing rocks,
audio magnetotelluric surveys to help elucidate stratigraphy to better the determine position of
favorable host units, and induced polarization surveys to look for near-surface sulfide-bearing
rocks for refined drill targeting. In addition, the Company will also conduct a property wide
specialized stream sediment program, "BLEG," in which clay fraction sediment is collected from
active waterways and analyzed for gold and associated pathfinder elements. Commencement of
this program is expected within the month of June.
As data returns from these various exploration programs, Eskay will rapidly evaluate results with
an eye toward identifying potential high-priority drill targets. Should opportunity arise, Eskay
could potentially mobilize a drill to site in the latter half of the season and test such targets.
2
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
Although the 2020 program is ambitious, the Company plans to abide by all COVID-19 related
guidelines and regulations.
"We are very pleased to attract funding and launch our 2020 exploration program," comment Dr.
Quinton Hennigh, technical advisor to Eskay Mining. "Disruption in the market due to COVID-
19 caused a temporary delay in our ambitions, but we are now set to undertake a robust field
season in which we will collect high quality geophysical data and BLEG samples with a focus on
developing new, high-priority drill targets. If our program progresses smoothly, we hope to drill
test such targets during the latter half the 2020 program. We are set for a very big year."
Each FT Unit comprises one (1) common share of the Company and one-half (½) of one (1)
common share purchase warrant. Each full warrant (a “Warrant”) entitles the holder to acquire
one (1) common share at a price of $0.30 until June 3, 2022.
Each WC Unit comprises one (1) common share of the Company and one-half (½) of one (1)
common share purchase warrant. Each full warrant (a “WC Warrant”) entitles the holder to
acquire one (1) common share at a price of $0.30 until June 3, 2022.
All securities issued are subject to a statutory hold period expiring on October 4, 2020.
Dr. Quinton Hennigh, P. Geo., the Company’s technical adviser, and a qualified person as
defined by National Instrument 43-101, has reviewed and approved the technical contents of this
press release.
About Eskay Mining Corp:
Eskay Mining Corp (TSX-V:ESK) is a TSX Venture Exchange listed company, headquartered in
Toronto, Ontario. Eskay is an exploration company focused on the exploration and development
of precious and base metals along the Eskay rift in a highly prolific region of northwestern
British Columbia known as the “Golden Triangle”, approximately 70km northwest of Stewart,
BC. The Company currently holds mineral tenures in this area comprised of 177 claims
(130,000 acres).
All material information on the Company may be found on its website at www.eskaymining.com
and on SEDAR at www.sedar.com.
For further information, please contact:
Mac Balkam T: 416 907 4020
President & Chief Executive Officer E: [email protected]
3
82 Richmond Street East
Toronto, ON M5C 1P1
T: 416 907 4020
W: eskaymining.com
Neither the TSX V enture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX V enture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Forward-Looking Statements: This Press Release contains forward-looking statements that
involve risks and uncertainties, which may cause actual results to differ materially from the
statements made. When used in this document, the words “may”, “would”, “could”, “will”,
“intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions are
intended to identify forward-looking statements. Such statements reflect our current views with
respect to future events and are subject to risks and uncertainties. Many factors could cause our
actual results to differ materially from the statements made, including those factors discussed in
filings made by us with the Canadian securities regulatory authorities. Should one or more of
these risks and uncertainties, such as actual results of current exploration programs, the general
risks associated with the mining industry, the price of gold and other metals, currency and
interest rate fluctuations, increased competition and general economic and market factors, occur
or should assumptions underlying the forward looking statements prove incorrect, actual results
may vary materially from those described herein as intended, planned, anticipated, or expected.
We do not intend and do not assume any obligation to update these forward-looking statements,
except as required by law. Shareholders are cautioned not to put undue reliance on such forward-
looking statements.