Midnight Sun Mining Commences 2018 Exploration Program
Midnight Sun Mining - Corporate Office
#1125 - 595 Howe Street, Vancouver, BC Canada V6C 2T5
Tel: +1 (604) 351-8850 Fax: +1 (778) 379-1434
Email: [email protected]
NOT FOR DISTRIBUTION TO THE UNITED STATES OR FOR DISSEMINATION IN THE UNITED STATES
MIDNIGHT SUN MINING COMMENCES 2018 EXPLORATION
PROGRAM
Vancouver, British Columbia, April 25, 2018 – Midnight Sun Mining Corp. (the “ Company”
or “ Midnight Sun ”) (TSX -V: MMA) has commenced it s exploration program for the 2018
field season. The Company has designed a comprehensive exploration program to further
advance its Zambian copper properties.
2018 EXPLORATION PROGRAM
The Company has mobilized the first diamond drill rig to the Solwezi Group of Licences
(“Solwezi Licences”) and will start operations in the next two weeks. The second diamond
drill rig is current ly at the Zambian border and should be at site in two weeks’ time,
commencing work shortly thereafter.
A team of seven geologists and data management personnel are on the ground and have
completed the re-logging of all historic drill core to facilitate a strong comprehension of the
geology and controls on mineralisation at the Solwezi targets. This knowledge will support
optimization of drill holes in the upcoming program . Additionally, the Company has
introduced robust QA/QC procedures for all work programs.
A Natural Sourced Audio Magneto Tellurics (“NSAMT”) ground geophysics programme over
the north-west area of the Mitu copper-cobalt target has been completed by Symons
Geophysics, with a total of 35 line kilometres surveyed. This survey was conducted on 500
metre spaced lines with the goal of providing a more detailed view of the position and
distribution of the favourable black shale units which host the identified copper -cobalt
mineralization. A final interpretation and model is expected in approximately three weeks.
The Company has also contracted GeoTech Ltd. to fly a 200 metre spaced airborne
geophysics survey, including Heli-borne Versatile Time Domain Electromagnetic s (“VTEM”),
magnetics and radiometrics over the entire property, with 100 m etre spaced infill over the
three main targets of Mitu, 22 Zone and Dumbwa (north and central) . The survey should
commence in the third week of May, subject to weather conditions at site.
Midnight Sun will utilize the new data generated from these VTEM and NSAMT surveys to
conduct a comparative interpretation using the exploration dataset, including the drill data
from its 2016 and 2017 drilling campaign, early 2018 drill results, and soil geochemistry. This
will help determine primary and secondary drill targets on the three main mineralized areas.
In particular, the survey can identify the position of additional black shale units along the
Mitu corridor and at depth below the limestones at 22 Zone , where the Company sees
Midnight Sun Mining - Corporate Office
#1125 - 595 Howe Street, Vancouver, BC Canada V6C 2T5
Tel: +1 (604) 351-8850 Fax: +1 (778) 379-1434
Email: [email protected]
potential for mineralization analogous to that found at the neighbouring Kansanshi Mine
(First Quantum Minerals).
The Company will a lso mobilise an air core drill rig to Mitu in late May to evaluate the
intensity of copper-cobalt mineralisation in the conductor rocks. This will guide the diamond
drill holes to focus on testing the most significant and sizeable mineralised conductors and
leverage the overall exploration program towards the discovery of significant mineral
resources.
The Company’s President and Chief Executive Officer, Brett Richards stated: “ We have
made tremendous strides in preparing Midnight Sun with the people, processes, site
infrastructure and logistics needed to maximize the comprehensive drilling campaign set to
start this forthcoming field season and continue (up to) the next three years, if required. All
of the planning and infrastructure built at site has been done so with a sustainable approach
to our future work requirements, and I look forward to first results in June 2018.”
PRIVATE PLACEMENT
The Company announces a non -brokered private placement of up to 3,750,000 units (the
"Units") at a price of $0.3 2 per Unit for gross proceeds of $ 1,200,000 (the “Offering”). Each
Unit will consist of one (1) common share ("Common Share") in the capital of the Company
and one half of one (1) Common Share purchase warrant (a "Warrant"). Each full Warrant
will entitle the holder to purchase one Common Sha re of the Company for a period of
twelve months from the closing of the Offering at an exercise price of $0.4 8. The net
proceeds from the Offering will be used by the Company to fund exploration on the Solwezi
Licences as well as general working capital. T he Company intends to close the Offering as
soon as practicable.
Brett Richards, Chief Executive Officer of the Company, has again committed to participate
in the private placement as the lead order, personally subscribing for $2 00,000 worth of
units.
The Offering, including the future issuance of the Common Shares and Warrants, is subject
to the final approval of the TSX Venture Exchange. All securities issued will be subject to a
hold period of four months and one day pursuant to applicable securities laws.
Please refer to the C ompany’s previous New Releases as well as the Company presentation
on its website at: www.midnightsunmining.com.
ABOUT MIDNIGHT SUN MINING
Midnight Sun Mining Corp. is a mineral ex ploration and development company that trades
on the TSX Venture Exchange under the symbol MMA.
Midnight Sun Mining - Corporate Office
#1125 - 595 Howe Street, Vancouver, BC Canada V6C 2T5
Tel: +1 (604) 351-8850 Fax: +1 (778) 379-1434
Email: [email protected]
Midnight Sun has earned a 60% interest in the Solwezi Licences, and has since agreed to a
term sheet and letter of intent to purchase the remaining 40% . The Solwezi Licences are
adjacent to First Quantum’s Kansanshi Mine; Africa's largest copper min ing complex, on the
prolific Zambia-Congo Copper Belt.
The Solwezi Licences are comprised of two (2) individual prospecting licences totalling 506
km2, located in the North -Western Province of Zambia approximately 450 km from the
capital city, Lusaka.
Led by experienced directors and talented management, Midnight Sun aims to further
explore the impressive mineralization and anomalies that have recently been discovered on
the Solwezi Permits.
ON BEHALF OF THE BOARD OF MIDNIGHT SUN MINING CORP.
Brett A. Richards – President and Chief Executive Officer
For Further Information Contact:
Brett A. Richards Al Fabbro
President and Chief Executive Officer Lead Director
Tel: +1 905 449 1500 Tel: +1 604 351 8850
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT
TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) AC CEPTS
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEW RELEASE.
These securities being offered have not been, and will not be, registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered
or sold in the United States or to, or for the benefit of, U.S. persons (as defined in Regulation
S under the U.S. Securities Act) absent U.S. registration or an applicable exemption from the
U.S. registration requirements. This release does not constitut e an offer for sale of securities
in the United States.
This news release includes certain statements that may be deemed as “forward -looking
statements”. All statements in this release, other than statements of historical facts, the
expected completion of any Offering, and the expected use of proceeds are forward -looking
statements. Although the Company believes the expectations expressed in such forward -
looking statements are based on reasonable assumptions, such statements are not
guarantees of future p erformance and actual results or developments may differ materially
from those in forward -looking statements. Factors that could cause actual results to differ
Midnight Sun Mining - Corporate Office
#1125 - 595 Howe Street, Vancouver, BC Canada V6C 2T5
Tel: +1 (604) 351-8850 Fax: +1 (778) 379-1434
Email: [email protected]
materially from those in the forward -looking statements include: changes in market
conditions, unsuccessful exploration results, changes in the price of commodities
(particularly copper, cobalt, gold and nickel), unanticipated changes in key management
personnel and general social, economic or geo -political conditions. Mining exploration and
development is an inherently risky business. Accordingly , the actual events may differ
materially from those projected in the forward-looking statements. This list is not exhaustive
of the factors that may affect any of the Company’s forward -looking statements. These and
other factors should be considered carefully and readers should not place undue reliance on
the Company’s forward -looking statements. The Company does not undertake to update
any forward –looking statement that may be from time to time by th e Company or on its
behalf, except in accordance with applicable securities laws.