VANCOUVER, Nov. 14, 2017 /CNW/ - Mason Resources Corp.
(TSX:MNR; OTCQB: MSSNF – "Mason" or the "Company") is
pleased to report its financial results for the period ended
September 30, 2017. Details of
the Company's consolidated interim financial results are contained
in the unaudited consolidated financial statements and Management's
Discussion and Analysis, which are available on the Company's
website at www.MasonResources.com and on SEDAR at www.sedar.com.
All figures are in US dollars unless otherwise noted.
Q3 2017 HIGHLIGHTS
- During Q3, the Company welcomed two new significant
shareholders in Mason:
-
- Mantos Copper (Bermuda)
Limited acquired 13,664,757 shares of Mason from Rio Tinto
International Holdings Limited and Turquoise Hill Resources Ltd.,
representing approximately 17.53% of the outstanding common shares
of Mason.
- Hudbay Minerals Inc. ("Hudbay") purchased an aggregate of
10,854,170 common shares of Mason including 10,755,170 common
shares on August 24, 2017 from
Sandstorm Gold Ltd. Hudbay holds a total of approximately 13.9% of
the outstanding common shares of Mason.
- Q3 2017 net loss was $1.3
million, which includes $0.7
million in non-cash expenses.
- The Company's cash balance at September
30, 2017 was $7.9 million with
no debt.
- Subsequent to the quarter end, the Company commenced trading on
the OTCQB Venture Market under the symbol "MSSNF". The Company
continues to trade on the Toronto Stock Exchange under the symbol
"MNR".
OUTLOOK AND STRATEGY
Corporate
The Company's corporate focus going forward will be to maximize
market value through increasing investor awareness of its key
asset, the Ann Mason copper-molybdenum project in Nevada, while undertaking a process to
prioritize and progress growth strategies, including introducing
one or more strategic partners, and evaluating opportunities for
district consolidation and other strategic acquisitions. The
Company will also continue to focus its efforts on fiscal
responsibility and conserving cash reserves.
Ann Mason Project
The Ann Mason Project is an advanced, large-scale, PEA-stage
copper-molybdenum project located in the prolific Yerington mining district in Nevada. The Company is currently evaluating
options for its Ann Mason Project which may include optimizing
certain aspects of the 2017 PEA, commencing a Pre-Feasibility study
and testing high priority exploration targets with potential to
provide early production options.
Lordsburg Property
The Company is managing the costs associated with its
Lordsburg copper-gold property in
New Mexico, while management
evaluates the best path forward to add value to the project.
QUALIFIED PERSON
Robert Cinits, P.Geo., Mason's Chief
Operating Officer, a Qualified Person as defined by National
Instrument 43-101, has approved the technical information in this
release.
ABOUT MASON RESOURCES CORP.
Mason Resources Corp. is
a well-funded Canadian company focused on copper exploration and
development in the U.S.A. The Company's key asset is its 100%
owned Ann Mason Project – an extensive, prospective land package
located in the Yerington District
of Nevada. The Ann Mason Project
hosts two copper-molybdenum porphyry deposits, Ann Mason and Blue
Hill, as well as numerous earlier-stage or untested priority
targets. The Ann Mason deposit is currently at a PEA level
and is among the largest undeveloped copper porphyry resources in
Canada/U.S.A. The excellent infrastructure,
year-round access, strong community support and clear permitting
process are all factors that contribute to making Yerington, Nevada one of the best mining
jurisdictions in the world. Mason also holds a 100% interest in the
Lordsburg property, an exciting
earlier-stage copper-gold porphyry project, located within an
historic mining district in New
Mexico.
Mason's strong financial position and high-quality asset
portfolio provide it with a solid foundation and flexibility for
growth, by advancing development of Ann Mason towards
Pre-Feasibility, introducing one or more strategic development
partners, exploring high priority targets or considering strategic
acquisitions. More information on Mason Resources can be found at
www.MasonResources.com.
This news release contains forward-looking statements within
the meaning of the United States Private Securities Litigation
Reform Act of 1995 and forward-looking information within the
meaning of applicable Canadian securities laws.
Forward-looking statements include, but are not limited to,
statements with respect to corporate strategies and plans of Mason;
uses of funds; the ability of Mason to maximize returns to
shareholders; the potential to optimize certain aspects of the 2017
Preliminary Economic Assessment; completion of a Pre-Feasibility
study on the Ann Mason Project; a potential strategic development
partner for the Ann Mason Project; the potential impact of future
exploration results on Ann Mason mine design and economics; the
potential development of Ann Mason; plans for future exploration
and development programs and budgets; anticipated business
activities; proposed acquisitions and dispositions of assets; and
future financial performance.
While the Company has based these forward-looking statements
on its expectations about future events as at the date that such
statements were prepared, the statements are not a guarantee of the
Company's future performance and are based on numerous assumptions
regarding present and future business strategies, local and global
economic conditions and the environment in which Mason will operate
in the future, including the price of copper, gold, silver and
molybdenum. Uncertainties and factors which could cause
actual results to differ materially from future results expressed
or implied by forward-looking statements and information include,
amongst others, unanticipated costs, expenses or liabilities;
discrepancies between actual and anticipated production, mineral
resources and metallurgical recoveries; the size, grade and
continuity of deposits not being interpreted correctly from
exploration results; the results of preliminary test work not being
indicative of the results of future test work; fluctuations in
commodity prices and demand; changing foreign exchange rates;
actions by government authorities; the availability of funding on
reasonable terms; the impact of changes in interpretation to or
changes in enforcement of, laws, regulations and government
practices, including laws, regulations and government practices
with respect to mining, foreign investment, royalties and taxation;
the terms and timing of obtaining necessary environmental and other
government approvals, consents and permits; the availability and
cost of necessary items such as power, water, skilled labour,
transportation and appropriate smelting and refining arrangements;
and misjudgements in the course of preparing forward-looking
statements. In addition, there are also known and unknown risk
factors which may cause the actual results, performances or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking statements and information. Such factors
include, among others, risks related to international operations,
including legal and political risk; risks associated with changes
in the attitudes of governments to foreign investment; changes in
project parameters as plans continue to be refined; inability to
upgrade Inferred mineral resources to Indicated or Measured mineral
resources; inability to convert mineral resources to mineral
reserves; conclusions of economic evaluations; future prices of
copper, gold, silver and molybdenum; failure of plant, equipment or
processes to operate as anticipated; accidents, labour disputes and
other risks of the mining industry; delays in obtaining government
approvals, permits or licences or financing or in the completion of
development or construction activities; environmental risks; title
disputes; limitations on insurance coverage; as well as those
factors discussed in the Company's most recently filed Managements'
Discussion and Analysis available at www.sedar.com. 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,
readers should not place undue reliance on forward-looking
statements. The Company is under no obligation to update or alter
any forward-looking statements except as required under applicable
securities laws.
SOURCE Mason Resources