Southern Empire Announces MAS Gold Shareholder Meeting Results Southern Empire Resources Corp. (Southern Empire;
TSX-V: SMP
Frankfurt: 5RE
NEWS RELEASE
October 21, 2020
Southern Empire Announces MAS Gold Shareholder Meeting Results
Southern
Empire
Resources
Corp.
(Southern
Empire;
TSX-V:
SMP;
Frankfurt:
5RE)
announces
that
MAS
Gold
Corp.
(MAS
Gold;
TSX-V:
MAS
)
has
informed
Southern
Empire
that
the
special
resolution
to
approve
the
plan
of
arrangement
between
MAS
Gold
and
Southern
Empire
was
not
approved
by
the
shareholders
of
MAS
Gold
at
the
special
meeting
of
MAS
Gold
held
on
October
20,
2020
(the
“Meeting”).
A
total
of
65.67%
of
the
MAS
Gold
shareholders
present
at
the
meeting
(in
person
or
by
proxy),
voted
in
favour
of
the
special
resolution,
however,
a
vote
of
66.66
%
was
required.
Given
the
shareholders
of
MAS
Gold
did
not
approve
the
plan
of
arrangement,
Southern
Empire
will
not
be
proceeding
with
its
proposed
acquisition
of
all
of
the
issued
and
outstanding shares of MAS Gold.
Dale
Wallster,
CEO
of
Southern
Empire
stated:
“We
are
very
disappointed
given
that
we
came
within
1
percent
of
achieving
our
objective.
78.77%
of
the
issued
MAS
Gold
share
capital
was
voted
at
the
Meeting
and
the
majority
of
those
MAS
Gold
shareholders
that
voted
were
in
favour
of
Southern
Empire’s
proposed
acquisition
transaction,
but
the
minority
ruled
the
day.
We
would
like
to
especially
thank
the
many
MAS
Gold
shareholders
who
supported
our
efforts
and
believed
in
our
vision.”
Continuing,
he
said:
“Southern
Empire
currently
has
a
working
capital
of
about
$7
½
million.
We
will
use
our
strong
balance
sheet
to
focus
on
lower-risk, higher-grade gold assets, such as our Oro Cruz Gold Project.”
Southern
Empire
also
announces
that
Bryan
Slusarchuk
has
resigned
as
a
director.
Southern
Empire
wishes
to
thank
Bryan
for
all
of
his
considerable
efforts
in
Southern
Empire’s
development
to
date
and
his
service
as
a member of the Board of Directors.
Work programs during the COVID-19 pandemic
Southern
Empire
is
well-financed
to
fund
further
exploration
and
development
programs,
having
recently
completed
two
oversubscribed,
non-brokered
private
placement
financings
(see
Southern
Empire's
news
releases dated March 18 and June 12, 2020 for details).
Timing
of
Southern
Empire's
exploration
programs
will
be
contingent
on
governmental
regulations
regarding
the
COVID-19
pandemic
and
also
the
availability
of
exploration-related
personnel,
drill
contractors,
equipment,
lodging,
et
cetera.
Southern
Empire
will
adhere
to
COVID-19
directives
regarding
safe
working
practices
putting
worker,
community
and
national
safety
first
and
will
proceed
with
exploration
and
development work programs only if potential COVID-19 risks can be effectively managed.
Qualified Person
The
scientific
and
technical
information
contained
in
this
news
release
has
been
prepared,
reviewed,
verified
and
approved
by
David
Tupper,
P.Geo.
(British
Columbia),
Southern
Empire’s
VP
Exploration
and
a
Qualified
Person
(QP)
within
the
context
of
Canadian
Securities
Administrators’
National
Instrument
43-101;
Standards
of Disclosure for Mineral Projects.
About Southern Empire Resources Corp.
Southern
Empire
is
focused
on
the
acquisition,
exploration
and
development
of
gold
deposits
in
North
America.
In
the
Cargo
Muchacho
mountains
of
Imperial
County,
California,
Southern
Empire
owns
100%
of
the
historical
gold
producing
American
Girl
Mine
property
and
also
holds
options
to
acquire
a
100%
interest
in
the
adjacent
2,160
hectare
(5,338
acre)
Oro
Cruz
Property
located
approximately
22.5
kilometres
(km;
14
miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.
With
a
history
that
includes
extensive
drilling
and
large-scale
open
pit
and
underground
mining
by
the
American
Girl
Mining
Joint
Venture
(53
per
cent
owned
by
MK
Gold
Company,
then
a
subsidiary
of
Morrison
Knudsen
Corporation,
and
47
per
cent
owned
by
Hecla
Mining
Company),
which
was
suspended
during
the
gold
market
downturn
in
1996,
the
Oro
Cruz
Gold
Project
hosts
many
exploration
targets
in
addition
to
a
high-grade
oxide
gold
zone
that,
based
on
the
historical
mine
operation
records,
is
amenable
to
conventional
heap leach extractive methods.
On behalf of the Board of Directors of Southern Empire Resources Corp.,
Dale Wallster, CEO and Director
For
further
information
on
Southern
Empire
please
visit
both
www.smp.gold
and
SEDAR
or
contact:
Lubica Keighery, (778) 889-5476,
.
Cautionary Notice on Forward-Looking Information
Information
provided
in
this
news
release
may
contain
forward-looking
statements
that
are
based
on
assumptions
as
of
the
date
of
this
news
release.
These
statements
reflect
management’s
current
estimates,
beliefs,
intentions
and
expectations.
They
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
a
number
of
material
factors,
many
of
which
are
beyond
its
respective
control.
Such
factors
include,
among
other
things:
risks
and
uncertainties
relating
to
Southern
Empire
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.
Neither
the
TSX
Venture
Exchange
nor
its
Regulation
Services
Provider
(as
that
term
is
defined
in
the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.