Southern Empire Announces AGM Results
Southern Empire Announces AGM Results
VANCOUVER, BC
,
June 29, 2023
/CNW/ - Southern Empire Resources Corp. ("Southern Empire")
(TSXV: SMP) (
Frankfurt
: 5RE) (OTCQB: SMPEF) announces the retirement of
Ron Netolitzky
from
the board of directors and the results of its annual general meeting of shareholders (the "AGM") held
on
June 27, 2023
. We are exceptionally pleased that Ron will remain active with Southern Empire as
an Advisor to the board of directors.
Ron Netolitzky
chose to not stand for re-appointment as a director at the AGM as he moves towards
retirement. A 2015 Canadian Mining Hall of Fame inductee responsible for multiple mine
discovery and development achievements, which included the Snip,
Eskay Creek
and Brewery Creek
mines in western
Canada
, Ron has been a company builder, overseeing many significant mergers
and acquisitions in his career. It is with immense gratitude and respect that we thank Ron for helping
to build Southern Empire and serving as Chairman and Director since we came public in March
2020.
At the AGM, 25,111,525 common shares (the "Common Shares") of Southern Empire, representing
37.47% of Southern Empire's issued share capital, were voted. All proposed motions were passed,
including the appointment of
Joel Dryer
as a new director filling the vacancy created by Mr.
Netolitzky's retirement from the board.
Joel Dryer
graduated from the
University of Illinois - Urbana
and holds an MBA from the
University of
Massachusetts - Amherst
. He is the former Chairman and CEO of M~Wave, Inc., a manufacturer of
high frequency circuits for defense and telecommunications, a company he founded and took public
on the NASDAQ. As an advisor to Crestview Capital, he was engaged in investments in the mining
and oil and gas sectors which led him to become a consultant and advisor to companies in the rare
earth elements and gold space. Today he is an active investor with a focus on oil and gas production
and metals and minerals development opportunities.
Qualified Person (QP)
The scientific and technical information contained in this news release has been prepared, reviewed
and approved by
David Tupper
, P.Geo. (
British Columbia
), Southern Empire's VP Exploration and a
Qualified Person within the context of National Instrument 43-101; Standards of Disclosure for
Mineral Projects ("NI 43-101").
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and development of metals and minerals
deposits in
North America
.
In the Cargo Muchacho mountains of
Imperial County, California
, Southern Empire owns 100 percent
of the historical gold-producing American Girl patented claims and a 100 percent interest in the
adjacent 2,160-hectare (5,338-acre) Oro Cruz Property located approximately 22.5 kilometres (14
miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.
At Oro Cruz, extensive historical drilling and large-scale open-pit and underground mining of the
American Girl, Padre y Madre, Queen, and Cross oxide gold deposits by the American Girl Mining
Joint Venture ("AGMJV") occurred between 1987 and 1996. During that time, gold was recovered
by either heap leaching of lower-grade, or milling of higher-grade ores until AGMJV operations
ceased in late 1996 because of declining gold prices leaving the Oro Cruz Property with many gold
exploration targets in addition to a historical inferred mineral resource estimate, reported In 2011 by
Lincoln Mining Corp., totaling 341,800 ounces gold based on 4,386,000 tonnes averaging 2.2 grams
gold per tonne (g Au /t) at a cut-off grade of 0.68 g Au/t (4,835,000 tons at 0.07 ounce gold per ton;
please refer to the Cautionary Notice Regarding the Oro Cruz Property Historical Resource Estimate
below).
During 2021 and 2022, Southern Empire identified and obtained four projects in northern México that
include a leachable copper prospect and three gold projects having bulk-tonnage potential. The gold
projects are the:
Centauro Gold Project, Escalón, Chihuahua State
Pedro Gold Project, Mapimí, Durango State; and,
La Loma Gold Project,
Nazas, Durango
.
These gold projects are located along what Southern Empire is now calling the
Mapimí
Gold
Corridor, a 150-kilometre, southeast-trending Oligocene
tectonostratigraphic
belt, the regional
geological setting of which, together with numerous, specific geological, mineralogical and
geochemical characteristics observed at
Centauro
, Pedro and La
Loma
, strongly support the
proposition that the
Mapimí
Gold Corridor has significant potential to host a
bulk-mineable
,
Carlin-
style
gold deposits. Please see Southern Empire's news releases and
March 29, 2023
Management
Discussion and Analysis (MD&A) posted on
SEDAR
for further details.
On behalf of the Board of Directors of Southern Empire Resources Corp.,
Dale Wallster
, CEO, President and Director
Cautionary Notice on Forward-Looking Information
Information provided in this news release may contain forward-looking information or forward-looking
statements that are based on assumptions as of the date of this news release. Such information or
statements reflect management's current estimates, beliefs, intentions, and expectations and are not
guarantees of future performance. Southern Empire cautions that all forward-looking statements are
inherently uncertain and that actual performance may be affected by many material factors, many of
which are beyond its respective control. Such factors include, among other things: risks and
uncertainties relating to Southern Empire's limited operating history, the need to comply with
environmental and governmental regulations, results of exploration programs on its projects, and
those risks and uncertainties identified in its annual and interim financial statements and management
discussion and analysis. Accordingly, actual and future events, conditions, and results may differ
materially from the estimates, beliefs, intentions, and expectations expressed or implied in the
forward-looking information. Except as required under applicable securities legislation, Southern
Empire undertakes no obligation to publicly update or revise forward-looking information.
Cautionary Notice Regarding Oro Cruz Project Historical Resource Estimate
The Oro Cruz Project historical resource estimate is disclosed in a technical report dated
April 29,
2011
, prepared for Lincoln Mining Corp. by Tetra Tech, Inc. and filed on Canadian Securities
Administrators' System for Electronic Document Analysis and Retrieval ("SEDAR"). It is termed an
inferred mineral resource, which is a category set out in NI 43-101. It was based on historical
reverse circulation and core drill hole sample, underground channel sample, and blasthole sample
assay results and calculated using ordinary kriging to estimate gold grades in 10-foot-by-10-foot-by-
five-foot blocks. Accordingly, Southern Empire considers this historical estimate reliable as well as
relevant as it represents key targets for future exploration work. However, a QP has not done
sufficient work to verify or classify the historical estimate as a current mineral resource and Southern
Empire is not treating this historical estimate as current mineral resources.
Cautionary Notice Regarding Exploration
Work Programs
The timing and the ability to conduct Southern Empire's exploration programs are, among other
things, contingent on: governmental regulations allowing for the issuance of permits; affects of the
COVID-19 pandemic; and the availability of exploration personnel, drill contractors, equipment,
lodging, etc. Southern Empire will adhere to COVID-19 and other regulatory directives regarding
safe working practices putting worker and community health and safety first and will proceed with
exploration and development work programs only if potential risks can be effectively managed.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy
or accuracy of this release.
SOURCE
Southern Empire Resources Corp.
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For further information:
For further information on Southern Empire please visit: www.smp.gold
and SEDAR or contact: Lubica Keighery, (778) 889-5476, [email protected]
CO: Southern Empire Resources Corp.
CNW 13:52e 29-JUN-23