Volcanic Gold announces the appointment of Luc English as VP Exploration and the extension of Guatemala regional exploration rights
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
FOR IMMEDIATE RELEASE 7th December, 2022
Volcanic Gold announces the appointment of Luc English as VP Exploration and
the extension of Guatemala regional exploration rights
News Release
Shares issued 45,551,210
VG close - C$0.20
W/C +$6.2 million cash
Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSX V-VG) (“Volcanic” or the “Company”) is
pleased to advise Luc English has been retained as Vice-President, Exploration of the Company.
Luc is an exploration geologist with over 25 years’ experience in the mining industry. He has been
responsible for gold and multi -metal exploration, resource definition and feasibility studies in Africa,
Australia and, for the past 15 years in Central Ame rica. He has extensive technical and administrative
experience of operating in the region and was the Country Exploration Manager responsible for the
concession acquisition, discovery and definition of a 2M+oz gold resource, and a pre -feasibility open pit
mining study on Condor Gold PLC’s La India Project in Nicaragua. As a fellow of the Geological Society of
London with Chartered Geologist (CGeol) and European Geologist (EurGeo) accreditation , he is a
recognized Qualified Person by the Canadian Institute of Mining for reporting to NI 43-101 standard. The
Volcanic Board welcomes Luc to this management position and looks for an exciting year of developments
on the Company’s properties in 2023.
Guatemala Property Evaluation Right
Pursuant to an agreement signed in 2020, Volcanic was granted by Radius Gold Inc. (TSXV:RDU) (“Radius”)
an option to earn an interest in Radius’s Holly and Banderas Projects located in Guatemala, and the
exclusive right to evaluate (the “Evaluation Right”) until September 1, 2022 the other property interests
of Radius in eastern Guatemala and to enter into an agreement with Radius to acquire an interest in any
of such other properties on reasonable mutually agreed upon terms.
Pursuant to the Evaluation Righ t, Volcanic is in the process of conducting evaluation work on certain of
Radius’s Guatemala properties and, subject to TSXV Venture Exchange approval, Radius has agreed to an
extension of the Evaluation Right by one year to September 1, 2023. No additional consideration,
including exploration work r equirements, is payable by Volcanic with respect to the Evaluation Right
extension.
As Volcanic and Radius have a common director and two common officers, Radius is a “non-arm’s length
party” to Volcanic within the meaning of TSX Venture Exchange Policy 5.9. The extension of the Evaluation
Right is not , however, a “related party transaction ” as defined in Multilateral Instrument 61 -101,
-2-
Protection of Minority Security Holders in Special Transactions (“MI 61 -101”) and therefore the
requirements of the Exchange’s Policy 5.9 and MI 61-101 do not apply.
About Volcanic
Volcanic brings together an experienced and successfu l mining, exploration and capital markets team
focused on building multi-million-ounce gold and silver resources in underexplored countries. Through the
strategic acquisition of mineral properties with demonstrated potential for hosting gold and silver
resources, and by undertaking effective exploration and drill programs, Volcanic intends to become a
leading gold-silver company.
For further information, visit our website at www.volgold.com.
Volcanic Gold Mines Inc.
Simon Ridgway, President and CEO
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in this news release constitute forward -looking statements within the meaning of
Canadian securities legislation. All statements included herein, other than statements of historical fact, are forward-
looking statements and include, without limitation, statements about the Company’s plans for its property interests
in Guatemala. Often, but not always, these forward looking statements can be identified by the use of words such
as “estimate”, “estimates”, “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”,
“has been”, “gain”, “upgraded”, “offset”, “limited”, “contained”, “reflecting”, “containing”, “remaining”, “to be”,
“periodically”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including
negative variations.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause
the act ual results, performance or achievements of the Company to be materially different from any results,
performance or achievements expressed or implied by forward -looking statements. Such uncertainties and factors
include, among others, the uncertainties inh erent in the mineral resource estimates; whether the Company’s
planned exploration work will be proceed as intended; whether the Company will acquire any new property interests
in Guatemala; changes in general economic conditions and financial markets; the Company or any joint venture
partner not having the financial ability to meet its exploration and development goals; risks associated with the
results of exploration and development activities, estimation of mineral resources and the geology, grade and
continuity of mineral deposits; unanticipated costs and expenses; and such other risks detailed from time to time in
the Company’s quarterly and annual filings with securities regulators and available under the Company’s profile on
SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in forward-looking statements, there may
be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.
Forward-looking statements contained herein are based on the assumptions, beliefs, expectations and opinions of
management, including but not limited to: that the Company’s stated goals and planned exploration and development
activities will be achieved; that there will be no material adverse change affecting the Company or its properties; and
such other assumptions as set out herein. Forward -looking statements are made as of the date hereof and the
Company disclaims any obligation to update any forward-looking statements, whether as a result of new information,
future events or results or otherwise, except as required by law. There can be no assurance that forward -looking
statements will prove to be accurate, as actual results and future events could differ materially from those anticipated
in such statements. Accordingly, investors should not place undue reliance on forward -looking statements.