Logan Resources Ltd. (TSX-V: LGR) (“Logan” or the “Company”) announces it has closed on the option agreement (the “Option Agreement”) with Pilot Gold (USA) Inc. (“Pilot Gold”) to acquire up to an 80% interest in certain gold mineral exploration properties located in Nevada and Utah, USA (the “Transaction”). With this closing, Logan has successfully transitioned into a dynamic gold exploration company, with a portfolio of prospective exploration projects located among some of the most prolific gold-bearing districts in the world, including the Cortez Trend, the Eastern Calderas, and the Long Canyon Trend. The details of the Transaction and a brief description of the properties are described in the Company’s press release dated July 7, 2016.
In connection with the Transaction, the Company previously closed a private placement for gross proceeds of C$2.2 million (See Logan Resources news release – August 4, 2016). On closing the Company issued 4,231,037 common shares to Pilot Gold. These common shares are subject to a statutory four-month hold period expiring on December 19, 2016. The Company is conducting site visits to the properties and will provide the details of its planned 2016 and 2017 work program in a future news release.
Commenting on this news, Craig Bow, Vice President Exploration, said, “These projects are highly prospective gold properties and they are located in excellent jurisdictions for mineral exploration. With the financing closed and several drill targets already established, we will be able to move quickly and efficiently into a work program. We are excited to get started and we look forward to sharing our exploration plans with the market shortly.”
The Company anticipates a resumption of trading of its common shares on the TSX Venture Exchange on August 22, 2016.
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing mineral properties. For more information on the property portfolio and Logan, please visit www.loganresources.ca.
Mr. Craig Bow, Vice President Exploration of Logan, is a Qualified Person (“QP”) as defined by National Instrument 43-101. The QP is a member in good standing of the American Institute of Professional Geologists as a Certified Professional Geologist (P.Geo.). Mr. Bow has reviewed and is responsible for the technical information disclosed in this press release.
LOGAN RESOURCES LTD.
On behalf of the Board
Chief Financial Officer
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Cautionary Note Regarding Forward-Looking Information
This news release contains "forward-looking information" concerning anticipated developments and events that may occur in the future. Forward looking information contained in this news release includes, but is not limited to, statements with respect to (i) the prospective nature of the properties and (ii) the Company’s future exploration plans.
In certain cases, forward-looking information can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" suggesting future outcomes, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. Forward-looking information contained in this news release is based on certain factors and assumptions regarding, among other things, the estimation of mineral resources, the realization of resource and reserve estimates, gold and other commodity prices, the timing and amount of future exploration and development expenditures, the estimation of labour and operating costs, the availability of necessary financing and materials to continue to explore and develop the Company’s properties in the short and long-term and to acquire new properties, the progress of exploration and development activities, the receipt of necessary regulatory approvals, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking information involves 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 future results, performance or achievements expressed or implied by the forward-looking information. Such factors include risks inherent in the exploration and development of mineral deposits, risks relating to variations in mineral resources, grade or recovery rates resulting from current exploration and development activities, risks relating to the ability to access infrastructure, risks relating to changes in gold and other commodity prices and the worldwide demand for and supply of gold and related products, risks related to increased competition in the market for gold and related products and in the mining industry generally, risks related to current global financial conditions, uncertainties inherent in the estimation of mineral resources, access and supply risks, reliance on key personnel, operational risks inherent in the conduct of mining activities, including the risk of accidents, labour disputes, increases in capital and operating costs and the risk of delays or increased costs that might be encountered during the development process, regulatory risks, including risks relating to the acquisition of the necessary licenses and permits, financing, capitalization and liquidity risks, including the risk that the financing necessary to fund the exploration and development activities on the Company’s properties, or to acquire new properties, may not be available on satisfactory terms, or at all, risks related to disputes concerning property titles and interest, environmental risks and the additional risks identified in the "Risk Factors" section of the Company's reports and filings with applicable Canadian securities regulators.
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 information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking information. The forward-looking information is made as of the date of this news release. Except as required by applicable securities laws, the Company does not undertake any obligation to publicly update or revise any forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.