Volcanic updates on progress at Holly Property and other developments in Guatemala
200 Burrard Street, Suite 650 Tel: 604.801.5432
Vancouver, BC V6C 3L6 Fax: 604.662.8829
TSX-V: VG
FOR IMMEDIATE RELEASE March 31, 2022
Volcanic updates on progress at Holly Property and other developments in
Guatemala
News Release
Shares issued 45,543,710 VG
Close - C$0.355
W/C +$7.5 Million cash
Vancouver, British Columbia – Volcanic Gold Mines Inc. (TSXV: VG) (“Volcanic” or “the Company”) is
pleased to report on the progress made at the Holly Property.
Government Progress
The Presidential Commission for Peace and Human Rights held the first coordination meetings with
institutions and authorities at the national, departmental, and municipal levels during the past few weeks
regarding the incidents that took place at the Holly property on February 23rd of this year.
From these meetings it is clear that the Central government and Departmental government of
Chiquimula support the Holly project and will work with Volcanic to regain the social licence. Volcanic
looks forward to a resolution of the issues and a resumption of work at the project and corresponding
news flow.
Holly Project Gold Discovery and New Exploration Opportunities
The gold and silver discovery we have made at Holly is significant. It is a high -grade vein deposit that
could be mined from underground, causing very little surface disruption. It will not require a processing
plant as in the near future there will likely be two mills in operation within trucking distance. We are in
the process of concluding a n inferred resource calculation and from that we will generate an
approximate value of the deposit that ha s been discovered to date. Further, the deposit is open in all
directions. We will continue to move forward at a pace that will protect the investment we have made
and the value we have created.
Elsewhere in the country the Company is actively reviewing the land position it optioned when we signed
the agreement with Radius Gold Inc on June 1 st 2020. Several of the areas have been reviewed, some
have been rejected and the concession applications cancelled. To date, three have shown significant
promise and the Company is going through the process of getting these concessions granted. There are
many more areas to review and the work is ongoing.
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ESG and CSR Responsibilities
Wherever we work, we make it clear to the local pop ulation the work we do, the goal of our work and
significance if we are successful (i.e. the development of a mine could follow, and the positive and
negative implications of that). We then focus on areas where the local population is in favor of
exploration work and where there is a consensus that long term employment is needed in the
community. Then we get to work and evaluate the potential of that particular area. Occasionally when
area community is clearly not in favor of mining, we inform our partner , Radius Gold Inc., drop the
application and move on.
We have all read about the caravans of young men, women, and families that are leaving their homes to
travel thousands of miles overland. They are taking those risks to get to the Mexico/US border with the
aim of entering the US in search of work for some stability in their family’s future. Why some anti-mining
and anti-development organizations collaborate to prevent the development of natural resources in
Central America, mostly with misinformation, is difficult to understand. It generates conflict in the area
by funding aggressive anti-mining and anti-development groups that conflict with the people who want
work and the influx of vital capital to the region.
In all elements of its exploration and business activities, Volcanic conducts itself with integrity and
transparency. Sustainability, truth, social responsibility, health and safety, and economic stability are
prioritized. Volcanic is proud of the strong relationships formed with local communities and government
entities. We strive to create employment and better quality of life for all we e ncounter. Shareholders
and employees alike can depend on Volcanic to take its responsibilities seriously as we strive to produce
lasting positive impacts for today and future generations.
About Volcanic
Volcanic brings together an experienced and succe ssful 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 exploration work 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”,
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“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 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’s planned exploration work will be proceed as intended; 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 diffe r 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 assumpt ions, 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.