Highvista Gold Inc. Provides Corporate Update
November 05 2013 - 6:00AM
Marketwired Canada
Highvista Gold Inc. ("Highvista" or the "Company") (TSX VENTURE:HVV) is pleased
to provide an update on recent events at its Canasta Dorada project (the
"Project") in Sonora State, Mexico.
AuRico Gold Inc. ("AuRico Gold") has commenced its first drill campaign on the
El Chanate Extension, which was recently optioned by Highvista to AuRico Gold,
as previously announced on June 28th 2013. The El Chanate extension represents
approximately 30 percent of the Company's Canasta Dorada gold project.
AuRico Gold has been working diligently to identify the best potential drill
targets on the El Chanate fault extension, and has recently completed a total of
five drill holes. Three of the drill holes were completed at the Caballo Pinto
target, with the remaining two holes being drilled at the Chanate North
location. AuRico Gold is expecting to drill an additional five holes by the end
of 2013, with the intention to drill three holes at the Alamo Muerte target and
two additional holes at the newly defined Chupurate area. "AuRico Gold has been
very active in the optioned portion of the project, and have done extensive rock
chip sampling prior to the initial drill program, collecting approximately 400
samples. This current drill campaign should total approximately 3,000 meters,
and assay results from the current drill campaign are expected in the first
quarter of 2014." stated Rick Adams, president and CEO of Highvista Gold.
As previously announced on June 28th 2013, AuRico Gold and Highvista signed an
Option and joint venture agreement where AuRico Gold subscribed for 4,815,000
common shares of the Company and 2,407,500 Warrants. This represents
approximately 12.07% of the issued and outstanding common shares of the Company
on an undiluted basis, or approximately 17.08% on a partially diluted basis,
assuming full exercise of the 2,407,500 Warrants. Through the Option and JV
agreement AuRico Gold has the option to earn a 51% undivided interest in the El
Chanate Extension current owned by Higvista's Mexican subsidiary. AuRico Gold
must incur an aggregate of $3 million in exploration expenditures on the El
Chanate Extension property over the next 3 years. AuRico Gold also has the
option to earn an additional 19% interest in the joint venture by funding the
preparation to a feasibility study on the El Chante Extention.
Alternate targets on the western portion of the Canasta Dorada project are also
being considered for further exploration by Highvista. The H2 target has limited
historical drilling and is viewed by the company as being a high priority
target. Pending financing, a further drill campaign will be developed.
About Highvista
Highvista owns 100% of a Mexican subsidiary that controls the 24,055 hectare
Canasta Dorada
Gold Project. This project is located in the Sonoran Gold Belt immediately
adjacent to AuRico
Gold's El Chanate Mine.
Details of Highvista's Canasta Dorada Project can be viewed at the Company's
website at www.highvistagold.com.
Reader Advisory
Certain statements in this press release constitute "forward-looking
statements". These forward-looking statements include, but are not limited to,
statements regarding the use of proceeds from the Private Placement.
Forward-looking statements express, as at the date of this press release, the
Company's plans, estimates, forecasts, projections, expectations, or beliefs as
to future events or results. Forward-looking statements are based on certain
assumptions, including the key assumptions and parameters on which such
estimates are based, involve risks and uncertainties and there can be no
assurance that such statements will prove to be accurate. Therefore, actual
results and future events could differ materially from those anticipated in such
statements. Factors that could cause results or events to differ materially from
current expectations expressed or implied by the forward-looking statements,
include, but are not limited to, the effect of capital market conditions and
other factors on capital availability, and changes in project parameters as
exploration results are obtained and plans continue to be refined and other
risks more fully described in the Company's management discussion & analysis of
financial position and results of operations, which is available on SEDAR at
www.sedar.com. Readers are cautioned not to place undue reliance on the
forward-looking statements contained in this press release. Except as required
by law, Highvista assumes no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or any other
reason.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR
DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES,
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL
ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES
HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR
SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT
THEREFROM.
NEITHER THE 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 PRESS RELEASE.
FOR FURTHER INFORMATION PLEASE CONTACT:
Highvista Gold Inc.
Richard Adams
President and CEO
(416) 504-3588
(416) 504-4129 (FAX)
Highvista Gold (TSXV:HVV)
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