Volcanic options third contiguous gold property in the Mandiana district, Guinea
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
NEWS RELEASE
Volcanic options third contiguous gold property in the Mandiana district, Guinea
May 1 , 2017 – Vancouver, British Columbia – Volcanic Gold Mines Inc. (“Volcanic”) (TSXV: VG) is
pleased to report that it has entered into a binding and exclusive Memorandum of Understanding (the
“MOU”) to acquire an initial 70% interest in the Seimana Project in Guinea. This interest may be further
increased to 100% th rough additional project expenditures. Seimana comprises four exploration permits,
which together adjoin much of the western boundary of Volcanic’s existing Mandiana Project (“Mandiana”),
as well as the lands the Company has under option from West African Mining Associates SARL
(“WAMA”), as announced by Volcanic on April 14, 2017. The acquisition of the Seimana Project will
expand Volcanic’s holding in the Mandiana district to almost 1,000 fully contiguous square kilometers of
highly prospective Birimian terrain , characterized by widespread , linear zones of shallow artisanal gold
mining.
The Seimana Project
Exploration at Seimana in 2014 and 2015 by a former option holder included the drilling of 31 reverse
circulation holes for a total of approximately 3,000m of drilling over 9 of the 40 reported targets. In much the
same fashion as drilling works conducted at Mandiana and WAMA – to which Seimana is geologically
similar - these targets were derived from artisanal workings. Drilling results include:
• 4m @ 19.8g/t from 50m in hole TAMRC001
• 5m @ 2.64g/t from 61m in hole TAMRC002
• 10m @ 2.58g/t from 36m in hole KROURC001
• 5m @ 2.02g/t from 55m and 3m @ 3.50g/t from 66m in hole KROURC002
• 3m @ 5.6g/t from 26m in hole KOTRC001
• 3m @ 5.06g/t from 21m and 3m @ 3.50g/t from 66m in hole KRDRC002
The reader is advised that the above results are historic in nature and are yet to be verified by Volcanic.
Earlier works at Seimana include surface geochemical and rock -chip sampling , and broad prospecting of
artisanal workings over much of the property . M ineralization at Seimana lies along strike from Avocet
Mining’s Resource1 of 1.99 million ounces (Measured and Indicated) and 1.02 million ounces (Inferred) of
gold at the Tri-K property, located 7 km to the south of the Seimana Project. Mineralization appears to be
associated with NW trending geological structures, in common wit h other known gold deposits within the
Siguiri Basin. It is anticipated that Volcanic will include Seimana in its airborne geophysical survey program
currently planned over its consolidated land package , to be followed-up by further prospecting, with the aim
of defining and refining drilling targets at the Project.
1Competent Persons’ Report, 31 December 2014 (JORC standards)
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The MOU
Pursuant to the terms of the MOU, Volcanic will make a cash payment of US$17,640 to the Seimana
optionors, which is to be used to complete the renewal of the mineral tenures that comprise the Project.
Subject to completion of satisfactory due diligence on title to the Seimana Project, Volcanic will have the
exclusive right to earn a 70% interest in the Project by incurring exploration expenditures of US$700,000 on
the Project within 18 mont hs of the effective date of the MOU, including expenditures of at least
US$300,000 within the first 6 months. Once Volcanic has acquired the 70% interest, t he remaining 30%
interest in the Project held by the optionors will remain undiluted until such time as Volcanic has incurred
aggregate exploration expenditures of US$2M. Thereafter, the minority owners will have the right, but not
the obligation, to participate in any project funding in proportion to their percentage ownership in the Project,
or will be diluted proportionally.
About Volcanic
Volcanic brings together a deeply experienced and successful mining, exploration and capital markets team
focused on building a multi -million ounce gold resource in the underexplored West African country of
Guinea and its neighbouring countries. Through the strategic acquisition of mineral properties with
demonstrated potential for hosting gold resources, and by undertaking effective exploratio n and drill
programs, Volcanic is seeking to become a leading junior gold resource company.
Qualified Person
Mr. Simon Meadows-Smith is a Qualified Person as defined by “National Instrument 43- 101 - Standards of
Disclosure for Mineral Projects” and has approved the disclosure of the scientific and technical information
contained in this news release. Mr. Meadows -Smith holds a BSc degree in geology from Nottingham
University, England, and has been involved in mineral exploration since 1988, including 20 years of
experience working in West Africa. He is a Fellow in good standing of the Institute of Materials, Minerals &
Mining in London.
For further information, contact Alex Langer, the Company’s VP Capital Markets, at 604-765-1604, or visit
our website at www.volgold.com.
Volcanic Gold Mines Inc.
Jeremy Crozier, President
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 forwar d-
looking statements and include, without li mitation, statements about the Company’s proposed optioning of the Seimana
Project and exploration plans therefor. 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.
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Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the
actual 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, whether the Company will complete the acquisition of an option to earn an interest in the Seimana Project as
planned, or whether the Company’s exploration work thereon will proceed as intended; changes in general economic
conditions and financial markets; t he 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 base d on the assumptions, beliefs, expectations and opinions of
management, including but not limited to: that the Company will complete its acquisition of an option to earn an
interest in the Seimana Project as planned and that the Company’s exploration work thereon will proceed as intended ;
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 prope rties; 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, investor s
should not place undue reliance on forward-looking statements.