Roscan Obtains Right to Assume Operatorship at Dormaa Project IN Ghana
RosCan Minerals Corporation News Release February 2, 2018
1
RosCan Minerals Corporation
365 Bay Street, Suite 400
Toronto, Ontario, M5H 2V1
NEWS RELEASE
ROSCAN OBTAINS RIGHT TO ASSUME OPERATORSHIP AT DORMAA PROJECT IN GHANA
Toronto, February 2, 2018 – RosCan Minerals Corporation (“RosCan” or the “Company”) (TSX-V: ROS) is pleased to provide
the following update on the Company’s Dormaa Gold Project in Ghana:
Option and Joint Venture Agreement – The agreement made with Pelangio Exploration Inc. (“Pelangio”) has been amended
and restated to provide RosCan with the right to assume operatorship in the Dormaa Project, upon RosCan earning its 50%
interest. As previously announced on December 5, 2017, the payment dates were extended to compensate for the delay in
receiving approvals for a 3,000 metre drill program. To earn its interest, RosCan is now required to make the following
payments:
(a) fund Cdn $1,700,000 in exploration expenditures, as follows:
Amount Due Dates
$700,000 By June 5, 2018; and,
$1,000,000 By June 5, 2019
(b) cash payments to Pelangio totalling Cdn $250,000, as follows:
Amount Due Dates
$50,000 By June 5, 2018; and,
$200,000 By June 5, 2019
Drill Program Update – As previously reported, a number of anomalous gold areas have been identified following the
completion of a prospecting program and gold-in-soil geochemical surveys. A number of high priority drill targets have been
defined. A 3,000 metre reverse circulation and air core rotary blast drill program has been designed to test these targets but
continues to be delayed due to obtaining the necessary approvals. RosCan has provided Pelangio with funding for the drilling
program.
COMMENTARY
Greg Isenor, President and CEO of RosCan, stated, “For RosCan in the Dormaa project area, it is important to have the option
to acquire operatorship of the Dormaa Gold Project while still utilizing the experience and expertise of the Pelangio technical
team who has developed extensive and invaluable knowledge by working in Ghana for many years. We are pleased we were
able to negotiate this change and value our excellent relationship with Pelangio.”
ABOUT ROSCAN
RosCan Minerals Corporation is a Canadian gold exploration company focussed on the acquisition of gold properties in West
Africa. The Company is currently exploring the promising gold potential of the early exploration stage Dormaa Project in
Ghana. RosCan is earning a 50% interest in the Dormaa Project from Pelangio Exploration Inc. In addition, RosCan is currently
assembling a contiguous land package in the prolific gold prospective Birimian rocks of west Mali.
For further information, please contact:
Greg Isenor
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Email: [email protected]
RosCan Minerals Corporation News Release February 2, 2018
2
RosCan Minerals Corporation
365 Bay Street, Suite 400
Toronto, Ontario, M5H 2V1
Forward Looking Statements
This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that relate to the Dormaa
Project. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects,
and opportunities to differ materially from those expressed or implied by such forward -looking statements. Forward-looking statements in
this news release include, but are not limited to, statements with r espect to the option to earn an interest in the Dormaa Project, the
Company’s proposed financing activities and its ability to satisfy its project financing and working capital needs, planned use of any proceeds
or available funds, objectives, goals or fut ure exploration plans at the Dormaa Project, the business and operations of the Company.
Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject
to known and unknown risks, un certainties and other factors which may cause actual results and future events to differ materially from
those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure of Pelangio to obtain the
authorizations for the assignment to it of the Prospecting License; the Company’s inability to obtain financing to satisfy the paymen ts
necessary for it to earn an interest in the Dormaa Project when due; political and economic risks related to Ghana, title ris ks, liquidity risks
related to the Company and Pelangio, general business, economic and social uncertainties; litigation, legislative, environmen tal and other
judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks
set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although
the Company believes that the assumptions and factors used in preparing the fo rward-looking statements are reasonable, undue reliance
should not be placed on these statements, which only apply 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. Except where required by law, the Company disclaims any intention or obligation to
update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
Neither the 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.