Wolfden Completes $2.5M Financing with Kinross Gold Corporation
Wolfden Completes $2.5M Financing with
Kinross Gold Corporation
THUNDER BAY, ON
,
March 29, 2019
/CNW/ -
Wolfden Resources Corporation
(WLF.V)
("
Wolfden
" or the "
Company
") is pleased announce that it has completed a non-brokered private
placement of 12,500,000 common shares of the Company ("
Common Shares
") at a price of
C$0.20
per Common Share with Kinross Gold Corporation ("
Kinross
") for gross proceeds of
C$2,500,000
.
Kinross
now holds approximately 9.7% of the issued and outstanding shares of the
Company. The shares issued to
Kinross
are subject to a four-month hold period under applicable
Canadian securities laws, which expires on
July 30, 2019
.
The majority of the proceeds from the Offering will be used to explore the Company's 100%-owned
Pickett Mountain high-grade polymetallic deposit in North-eastern
Maine
, USA. The Company
expects to resume its expansion and exploration drill program in the spring once the road access
conditions are dry enough.
"We look forward to working with
Kinross
as a strategic partner in our efforts to expand the current
mineral resources and search for additional deposits at Pickett Mountain," said
Ron Little
, President
and CEO for the Company. This will include follow up of the recently discovered footwall zone in a
drill hole that intersected
4.1 m
of 38.2% ZnEq (incl. 612 g/t Ag and 0.5 g/t Au) and one of the last
deeper holes that hit
19.5 m
of 33.1% ZnEq (incl. 269 g/t Ag and 1.1 g/t Au) see press release
dated
January 15, 2019
.
About Wolfden
Wolfden is a Canadian exploration and development company primarily focused on advancing its
100%-owned
Pickett Mountain Project
in
Maine, USA
. The 6,800 acre Project is host to a high-
grade (Zn, Pb, Cu, Ag, Au) zinc-rich, volcanogenic massive sulphide deposit that is close to excellent
infrastructure and includes the land and all rights to minerals and timber, without any historic or
aboriginal encumbrances. With a mineral resource of 2.05 Mt at 19.3% ZnEq of indicated resources
and 2.03 Mt at 20.6% ZnEq of inferred resources, the Company plans to expand resources with
further drilling and complete sufficient exploration, definition drilling and various technical studies in
order to demonstrate the economic potential for an underground mining scenario on the Project. For
further information on the project, see technical report entitled "
National Instrument 43-101
Technical Report, Pickett Mountain Project Resource Estimation Report,
Penobscot County, Maine
,
USA
" dated
January 7
, 2019.
The information in this news release has been prepared, reviewed and approved by
Don Hoy
,
P.Geo., SVP Exploration and
Ron Little P.Eng
., President and CEO, who are Qualified Persons'
under National Instrument 43-101.
This press release contains forward-looking information (within the meaning of applicable
Canadian securities legislation) that involves various risks and uncertainties regarding future
events. Such forward-looking information includes statements based on current expectations
involving a number of risks and uncertainties and such forward-looking statements are not
guarantees of future performance of the Company, and include, without limitation, statements
relating to
information about future activities at the Pickett Mountain Project that include plans to
expand resources with further drilling and complete sufficient exploration, definition drilling and
various technical studies in order to demonstrate the economic potential for an underground
mining scenario on the Project
. There are numerous risks and uncertainties that could cause
actual results and the Company's plans and objectives to differ materially from those expressed in
the forward-looking information in this news release, including without limitation, the following risks
and uncertainties: (i) risks inherent in the mining industry; (ii) regulatory and environmental risks;
(iii) results of exploration activities and development of mineral properties; (iv) risks relating to the
estimation of mineral resources; (v) stock market volatility and capital market fluctuations; and (vi)
general market and industry conditions. Actual results and future events could differ materially
from those anticipated in such information. This forward-looking information is based on estimates
and opinions of management on the date hereof and is expressly qualified by this notice. Risks
and uncertainties about the Company's business are more fully discussed in the Company's
disclosure materials filed with the securities regulatory authorities in
Canada
at
www.sedar.com
.
The Company assumes no obligation to update any forward-looking information or to update the
reasons why actual results could differ from such information unless required by applicable law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
SOURCE
Wolfden Resources Corporation
View original content to download multimedia:
http://www.newswire.ca/en/releases/archive/March2019/29/c9376.html
%SEDAR: 00033002E
For further information:
please contact Ron Little, President & CEO, at (613) 862-3699.
CO: Wolfden Resources Corporation
CNW 13:37e 29-MAR-19