News

October 18, 2016

VANCOUVER, BRITISH COLUMBIA, Logan Resources Ltd. (TSX-V: LGR) (“Logan” or the “Company”) announces that it has initiated a drilling program at its Brik gold property in Nevada. The project is subject to a previously-announced Option Agreement (see Logan news release July 7, 2016) with Pilot Gold Inc. (“Pilot”).

The drilling program is planned to consist of at least ten reverse circulation drill holes totaling approximately 2,000 meters. Brik is one of several, low sulfidation epithermal gold and silver systems in southeastern Nevada that occur in an area of nested volcanic calderas. The claim block includes several exploration targets of which one, Hidden Treasure, is the current focus of Logan’s exploration program.

Discovery outcrops at Hidden Treasure consist of gold-bearing quartz veins and breccias, which display evidence of multiple hydrothermal events in a structurally complex setting. The target centers on a prominent silicified knob that includes phases of milky quartz, chalcedonic quartz, and quartz breccia, covering an area roughly 200 x 200 meters.  Drilling by Pilot in 2011 confirmed the presence of significant gold in the silica cap, returning results that averaged 1-3 g/t Au over 10-30 metres width (PB-17, PB 24, PB-25).  Drill holes also encountered deeper, higher grade Au vein mineralization, with assay values to 15 g/t Au over 1.5 meters* (PB-19, PB 24). To see the complete Pilot drill results for the Hidden Treasure target click here or visit the Logan Resources website.

As reported in the September 20, 2016 News Release, both the silica cap and lower zone vein mineralization will be tested in the current program, together with geophysical targets interpreted to represent additional zones of silicification favorable for gold mineralization. 

The Brik property is located in the Cedar Range of Lincoln County, Nevada. The nearest community is the town of Panaca, located 15 kilometers away. The property consists of 135 unpatented lode claims on public lands under BLM jurisdiction, owned by either Logan or Pilot. 

To see a graphic with historic Pilot holes and the proposed Logan collars, click here or visit the Logan Resources website. The technical information within this document has been reviewed and approved by Dr. Craig S. Bow, Vice President Exploration for Logan. Dr. Bow is a Certified Professional Geologist with the American Institute of Professional Geologists and a Qualified Person as defined in National Instrument 43-101.

About Logan

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.

LOGAN RESOURCES LTD.

On behalf of the Board
“Mark Morabito”
Chief Executive Officer

For further information regarding this press release, please contact:

Investor Relations
T: 604-681-8030 x 240
F: 604-681-8039
E: info@loganresources.ca
www.loganresources.ca

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 timing and details of the drill program, (ii) the exploration potential and prospective nature of the properties, and (iii) the potential results of the drill program.

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.

VANCOUVER, BC--(Marketwired - September 20, 2016) - Logan Resources Ltd. (TSX VENTURE: LGR) ("Logan" or the "Company") announces the commencement of exploration and planned drill programs for the Brik and Drum Projects, located in southeast Nevada and western Utah, respectively. The projects are the subject of a previously-announced Option Agreement (see Logan news release July 7, 2016) with Pilot Gold Inc. ("Pilot"). Under the Option Agreement, Logan can earn a 51% participating interest in four of nine properties (the "Properties") by incurring US$1.0 million in total expenditures in the first 12 months after closing and by issuing 9.9% of its issued and outstanding common shares to Pilot upon completion of the first financing (see Logan news release August 18, 2016). Additional mechanisms are in place that would allow Logan to earn up to 80% in the selected projects.

Brik Project, Nevada

The Hidden Treasure target at the Brik Project represents a high priority exploration target for Logan; drilling is anticipated to begin before the end of October, 2016. An eleven-hole, 2,000 meter reverse-circulation drill program is planned with the objective to follow up on strong gold intercepts from the 2011 Pilot Gold drill program, as well as to test deeper resistivity targets generated by the CSAMT survey.

The Brik property is located in the Cedar Range of Lincoln County, Nevada. The nearest community is the town of Panaca, located 15 kilometers away. The property consists of 135 unpatented lode claims on public lands under BLM jurisdiction, owned by either Logan or Pilot.

Brik is one of several, low sulfidation epithermal gold and silver systems in southeastern Nevada that occur in an area of nested volcanic calderas. The claim block includes multiple exploration targets of which one, Hidden Treasure, will be the focus of Logan's exploration program. Discovery outcrops at Hidden Treasure consist of gold-bearing quartz veins and breccias, which display evidence of multiple hydrothermal events in a structurally complex setting. The target centers on a prominent silicified knob that includes phases of milky quartz, chalcedonic quartz, and quartz breccia, covering an area roughly 200 x 200 meters. Drilling by Pilot in 2011 confirmed the presence of a significant, sub-horizontal mineralized zone at surface that averages 1-3 g/t gold over 10-30 meters width (PB-17, PB 24, PB-25)*. Drill holes also encountered deeper, higher grade gold mineralization probably controlled by steep structures (PB-19, PB 24)*. Please refer to Logan's website to see the full results of the drill holes completed by Pilot Gold.

Taken together, evidence from outcrop and drilling indicates the Hidden Treasure target is open for expansion in all directions with good potential for additional mineralization at depth and along strike.

Drum Project, Utah

The Drum Project is located 50 kilometers northwest of Delta, Utah. The property consists of 87 unpatented lode claims, located on public lands under BLM jurisdiction. Five distinct targets have been defined on the basis of rock and soil geochemistry and detailed geologic mapping. Each target is associated with the presence of outcropping jasperoid, with sub-gram gold concentrations common and maximum values in the range of 3-6 g/t. Host rocks are Cambrian shale and limestone that correspond to the same stratigraphic sequence at the adjacent Drum Mine, which produced in the order of 85,000 oxide ounces in the 1980s. Logan is planning to commence a 15-hole, 2,150 meters reverse-circulation drill program in Q1 of 2017.

Logan believes the Drum property to be under-explored and highly prospective for discovery of a sedimentary rock-hosted, "Carlin-type" gold system. It represents a rare example of a recent, grassroots gold discovery with multiple, undrilled targets at surface.

The technical information within this document has been reviewed and approved by Dr. Craig S. Bow, Vice President Exploration for Logan. Dr. Bow is a Qualified Person as defined in NI 43-101.

About Logan

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.

LOGAN RESOURCES LTD.
On behalf of the Board
"Mark Morabito"
Chief Executive Officer

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 timing of the exploration program, (ii) the exploration potential and prospective nature of the properties, and (iii) the potential results of the exploration program.

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 uranium 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.

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.

About Logan

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
“Carlo Valente”
Chief Financial Officer

 

For further information regarding this press release, please contact:

Investor Relations
T: 604-681-8030 x 240
F: 604-681-8039
E: info@loganresources.ca
www.loganresources.ca

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.

 

August 4, 2016

Logan Resources Ltd. (TSX-V: LGR) (“Logan” or the “Company”) announces it has closed its previously announced non-brokered private placement (the “Offering”) (see Logan Resources press releases dated July 7, 2016 and July 20, 2016). The Company has issued 22,000,000 units for gross proceeds of $2.2 million. Each unit consists of one common share and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant is exercisable to acquire one common share for a period of 36 months at an exercise price equal to $0.30.

The Company intends to use the net proceeds of the Offering to continue to evaluate and explore the mineral properties as per the Company’s option agreement with Pilot Gold (USA) Inc. (“Pilot Gold”) and for general corporate and working capital purposes. The closing of the Offering was a pre-condition to the completion of the transaction with Pilot Gold (the “Transaction”) that is described in the Company’s press releases dated July 7, 2016 and July 20, 2016. The Transaction has received the conditional approval of the TSX Venture Exchange (“TSX-V”), but remains subject to final approval. The final condition for final TSX-V is approval of an independent technical report and the TSX-V is currently reviewing a draft of the report.

Logan paid a finder's fee on certain subscriptions equal to 5% of the gross proceeds received from such subscriptions. The finder’s fees were payable in common shares issued at a price of $0.10 per common share and resulted in a total of 402,500 common shares being issued to finders.

The Company also announces it has issued 1,000,000 common shares of the Company at a deemed price of $0.10 per share to settle a total of $100,000 in outstanding debt (see July 20, 2016 press release). The common shares were issued in escrow subject to the final approval of the TSX-V for the shares for debt transaction.

All securities issued in the Offering and for the debt settlement are subject to a statutory four month hold period expiring on December 4, 2016.

This news release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the Unites States Securities Act of 1933, as amended, and such securities may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.

About Logan

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.

LOGAN RESOURCES LTD.
On behalf of the Board
“Carlo Valente”
Chief Financial Officer

For further information regarding this press release, please contact:

Investor Relations
T: 604-681-8030 x 240
F: 604-681-8039
E: info@loganresources.ca
www.loganresources.ca

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 closing of the Transaction, (ii) the receipt of regulatory approvals, and (iii) the anticipated use of proceeds of the Offering.

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 uranium 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 uranium 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.

 

July 20, 2016

Logan Resources Ltd. (TSX-V: LGR) (“Logan” or the “Company”) is pleased to announce that it has appointed Dr. Craig Bow as Vice President Exploration to coordinate the Company’s exploration programs. Dr. Bow has over 35-years of domestic and international exploration experience. Dr. Bow obtained his Ph.D. in geology from the University of Oregon in 1979, and subsequently his global hard-rock exploration experience has extended to over a dozen countries, from greenfields exploration projects to advanced staged development. Domestically, he has direct mineral exploration experience in Nevada and Utah; most recently as a Consulting Geologist for AngloGold Ashanti. Dr. Bow is a Qualified Person with the American Institute of Professional Geologists and the Society of Economic Geologists.  

Dr. Bow’s accomplishments over his distinguished career included:

  • Contributing to the evolution of the Stillwater PGE project from an initial exploration stage to positive production decision;
  • Directing Cyprus Amax entry into Cu/Au exploration in north/central Peru and Colombia (Rio Blanco and Murindo porphyry projects);
  • Enhancing the performance of Newcrest as an Au explorer in South America by focusing on deposits with superior economics, and by increasing drill budgets, improving project quality, and decreasing overhead;
  • Managing a technically and financially successful Au exploration program in Central America and Canada as Exploration Manager North America for Gold Fields. Provided the catalyst for Gold Fields entry into the Arctic Platinum partnership with Outokumpu.

Dr. Bow will focus on developing and managing the exploration program on the gold exploration properties that are under option from Pilot Gold (see July 7, 2016 press release). The Company has received conditional approval from the TSX Venture Exchange (“TSXV”) for the transaction with Pilot Gold and is in the process of preparing the documentation required for final approval.

Logan also announces that the non-brokered private placement (the “Offering”) announced in its press release dated July 7, 2016 is significantly oversubscribed. There has been a 10% increase to the size of the Offering to 22,000,000 units for gross proceeds of $2.2 million. Each unit will consist of one common share and one common share purchase warrant (each whole warrant, a “Warrant”). Each Warrant shall be exercisable to acquire one common share for a period of 36 months at an exercise price equal to $0.30.

The Company intends to use the net proceeds of the Offering to continue to evaluate and explore the mineral properties as per the Company’s option agreement with Pilot Gold and for general corporate and working capital purposes.

The Company also announces that it has agreed with certain of its creditors to convert $100,000 in outstanding debt into 1,000,000 common shares of the Company issued at a deemed price of $0.10 per common share. The Company proposes to settle this outstanding indebtedness with common shares in order to preserve its cash for operations. The shares for debt transaction remains subject to the approval of the TSX-V.

Finally, the Company announces that upon the closing of the Offering it will grant incentive stock options to purchase a total of 2,800,000 common shares of the Company at an exercise price of $0.12 per share to certain directors, officers, and consultants of the Company. The options have a term of five years from the date of issuance and vest over a two year period.

The TSX Venture Exchange has in no way passed upon the merits of the proposed transaction and has neither approved nor disapproved the contents of this press release.

About Logan

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.

LOGAN RESOURCES LTD.
On behalf of the Board
“Carlo Valente”
Chief Financial Officer

For further information regarding this press release, please contact:

Investor Relations
T: 604-681-8030 x 240
F: 604-681-8039
E: info@loganresources.ca
www.loganresources.ca

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 closing of the transaction with Pilot Gold, (ii) the receipt of regulatory approvals, (iii) the Company’s exploration plans and (v) the anticipated use of proceeds from the Offering.

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 uranium 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 uranium 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.