KAP Minkap Resources Inc

Kapuskasing Gold Corp. (TSX VENTURE:KAP) (the "Company" or "Kapuskasing")
announces that it has closed the acquisition of the Borden North and Rollo gold
exploration properties near Chapleau, Ontario as originally announced in
February (see news release dated February 28th 2014), following the receipt of
all regulatory approvals for the transactions. 


The Borden North Property is situated along the southern flank of the
Kapuskasing Structural Zone approximately 50 km northeast of Probe Mines' Borden
Gold project. The Rollo Property is situated within the Ridout Deformation Zone,
which and sits between IAMGold's Cote Lake gold deposit and the Borden Gold
project.


Probe Mines' Borden Gold project was discovered in 2010, hosting a multi-million
ounce gold zone. The Probe exploration team, along with prospector Mike
Tremblay, (see advisory board below), have been recognized with the "2013
Ontario Prospector Award" for the Borden Gold Discovery, during the OPA recent
awards ceremony.


Borden Properties Purchase Agreement

The Company has agreed to purchase from Mr. Tremblay, Jacques Robert and Randall
Salo, (the "vendors") an undivided 100% interest in the Borden North property
for a consideration of 600,000 common shares. The vendors shall retain a 2% net
smelter royalty (NSR) interest while the Company retains the option to buy back
1% of the NSR for $1,000,000. The vendors will also be entitled to Bonus Shares
of the Company equaling $600,000 with the number of shares to be calculated
based on the volume-weighted average trading price of the Company's common
shares on the TSX-V for the five-trading-day period commencing immediately
following the public release of a NI 43-101 compliant, combined measured and
indicated resource of greater than two million (2,000,000) troy ounces of gold..


Rollo Property Purchase Agreement

The Company has also agreed to purchase from the Rollo staking syndicate, an
undivided 100% interest in the Rollo properties for a consideration of 1,000,000
common shares. The vendors shall retain a 2% net smelter royalty (NSR) interest
while Olympic retains the option to buy back 1% of the NSR for $1,665,000. The
vendors will also be entitled to Bonus Shares of the Company equaling $1,000,000
with the number of shares to be calculated based on the volume-weighted average
trading price of the Company's common shares on the TSX-V for the
five-trading-day period commencing immediately following the public release of a
NI 43-101 compliant, combined measured and indicated resource of greater than
two million (2,000,000) troy ounces of gold. 


Finder's fees will not be payable in the two transactions as previously
contemplated.


In conjunction with the final approval of the property transaction and as
announced in the same news release on February 28th, the Company is pleased to
officially welcome the new Advisory Board along with the appointment of Garry
Clark to management and the Board of Directors.


Garry Clark, B.Sc. P.Geo., Exploration Manager and Director

The Company has appointed Mr. Garry Clark, a Qualified Person (P. Geo. -
Ontario) under NI 43-101, as Exploration Manager and a director of the Company.
Mr. Clark brings a wealth of experience, knowledge and skills to the Company
having focused the majority of his career in northern Ontario. He has held
various exploration positions with both major and junior explorers since the
late 1980's. Mr. Clark has been the Executive Director of the Ontario
Prospectors Association (OPA) since its restructuring in 2000 and has been a
Director, Vice President or President of the OPA since its formation in the
early 1990's. The Ontario Prospectors Association is focused on providing the
mineral explorers of Ontario a stronger voice for issues that affect them. Mr.
Clark serves on various provincial government committees and boards that support
mineral explorers. Some of these include the Minister of Mines Mining Act
Advisory Committee and Ontario Geological Survey Advisory Board.


Advisory Board

The Company also announced the formation of an advisory board comprised of
veteran Abitibi gold explorers to assist the Company in its efforts and in
identifying other opportunities in and around the Kapuskasing Structural Zone of
Ontario. The new advisory team consists of:


Michael A. Tremblay

Mike Tremblay who is widely regarded as one of Ontario's leading prospectors,
has been actively exploration the Kapuskasing Structural Zone region most his
career and has been involved with a number of discoveries in the area. Mike
along with Jacques Robert, Dr. David Palmer and the Probe exploration team have
been recognized with the "2013 Ontario Prospector Award" for the Borden Gold
Discovery, during the annual awards ceremony held in Sudbury on November 5,
2013. 


Robert L. Duess B. Sc. P. Geo:

Mr. Robert Duess (Bob) is a professional geologist with over 30 years experience
in mineral exploration and development. Bob was the Canadian project manager for
West Timmins Mining Inc. prior to its acquisition by Lake Shore Gold in the fall
of 2009. In his role with West Timmins, and in his previous role as Vice
president of Band-Ore Resources for over 15 years, Mr. Duess was instrumental in
the early development of the West Timmins area, including the discovery of the
Golden River Trend and the acquisition of the Thunder Creek Property that now
hosts the high grade Thunder Creek Gold deposit. Bob currently acts as a
technical advisor to Balmoral Resources Ltd., and was also involved as an
officer and/or director of several other companies including Lateegra Gold Corp,
Trelawney Mining and Exploration, and Lakeland Resources Inc. Most recently, Bob
was instrumental in the formation and financing of GTA Resources and Mining
Inc., and currently serves as Vice President and director of GTA.


Darin Wagner, M. Sc., P.Geo:

Mr. Darin W. Wagner has been the President and Chief Executive Officer of
Balmoral Resources Ltd since its inception in 2010. He has 25 years experience
in mineral exploration, development and management. Mr. Wagner served as
President and CEO of West Timmins Mining Inc. from September 2005 to its sale to
Lake Shore Gold in November of 2009 following the discovery of the Thunder Creek
gold deposit in Timmins. Prior to that Mr. Wagner served as Manager of
Exploration for Platinum Group Metals Ltd. from 2000 to 2005 during which time
he was awarded with the 2004 "Discovery of the Year" by the Northwestern Ontario
Prospectors Association for the Seagull PGE discovery. On November 13, 2013, Mr.
Wagner and Balmoral's exploration team were recognized as the "Prospectors of
the Year" in the Province of Quebec for their Bug Lake and related gold
discoveries on the Company's Detour Gold Trend Project.


Wayne Reid, BSc. Geo, P.Geo:

Mr. Wayne Reid has been the Chief Executive Officer and President of GTA
Resources and Mining Inc. since December 1, 2012. Mr. Reid serves as Vice
President of Corporate Development at Metals Creek Resources Corp. He served as
Exploration Manager for St. Andrew Goldfields, Canadian Exploration Manager for
Echo Bay Mines, as well as District Manager for Noranda Exploration and Hemlo
Gold Mines Inc. Mr. Reid has over 35 years experience in exploration and mining
geology, spanning a variety of Canadian geological terrains, from Newfoundland
to Yukon and Alaska. Mr. Reid was part of the exploration team involved in the
discovery of the Brewery Creek Gold Deposit in the Yukon Territory and the
Boundary Massive Sulphide Deposit / Duck Pond Mine in Central Newfoundland. Mr.
Reid is a Professional Geologist registered with the Association of Professional
Geoscientists of Ontario and the Professional Engineers and Geoscientists,
Newfoundland and Labrador.


On behalf of the Board of Directors:

KAPUSKASING GOLD CORP.

"Dean Nawata" 

Qualified Person

Mr. Garry Clark, the Exploration Manager and a director of the Company, a
Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed
the technical content of this release.


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.


Forward Looking Statements and Cautionary Notes

Statements in this document which are not purely historical are forward-looking
statements, including any statements regarding beliefs, plans, expectations or
intentions regarding the future. Forward-looking statements contained in this
document are based on certain key expectations and assumptions made by
Kapuskasing, including, without limitation, expectations and assumptions
respecting the outlook of exploration activity on the Borden and Rollo
properties and the impact on Kapuskasing's business and management assessment of
future operations. Although the forward-looking information contained in this
press release is based upon what Kapuskasing's management believes to be
reasonable assumptions, the Company cannot assure investors that actual results
will be consistent with such information. Forward-looking information reflects
current expectations of management regarding future events and operating
performance as of the date of this press release.


It is important to note that actual outcomes and the Company's actual results
could differ materially from those in such forward-looking statements. Risks and
uncertainties include, but are not limited to, economic, competitive,
governmental, environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers should refer to the
risk disclosures outlined in the Company's Management Discussion and Analysis of
its audited financial statements filed with the British Columbia Securities
Commission.


The forward-looking information contained herein is expressly qualified in its
entirety by this cautionary statement. Forward-looking information reflects
management's current beliefs and is based on information currently available to
the Company. The forward-looking information is made as of the date of this
press release and Kapuskasing assumes no obligation to update or revise such
information to reflect new events or circumstances, except as may be required by
applicable law.


This news release contains information with respect to adjacent or similar
mineral properties in respect of which the Company has no interest or rights to
explore or mine. Readers are cautioned that the Company has no interest in or
right to acquire any interest in any such properties, and that mineral deposits
on adjacent or similar properties are not indicative of mineral deposits on the
Company's properties.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Dean Nawata
President & CEO, Director
Phone 1-604-561-2821

Minkap Resources (TSXV:KAP)
Historical Stock Chart
From Nov 2024 to Dec 2024

Minkap Resources (TSXV:KAP)
Historical Stock Chart
From Dec 2023 to Dec 2024