TSX-V: SMP
Frankfurt: 5RE
VANCOUVER, BC, Sept. 16, 2020 /CNW/ - Southern Empire Resources
Corp. (Southern Empire) (TSXV: SMP) (Frankfurt: 5RE) and MAS Gold Corp. (MAS Gold)
(TSXV: MAS) are pleased to announce the receipt of an interim order
from the Supreme Court of British
Columbia (the "Interim Order") in connection with Southern
Empire's previously announced acquisition of all of the issued and
outstanding shares of MAS Gold pursuant to a plan of arrangement in
accordance with the Business Corporations Act (British Columbia) (the
"Arrangement").
Dale Wallster, Southern Empire's
President and CEO stated: "Following the closing of the
Arrangement, which is expected in the fall of 2020, we will have a
strong balance sheet, with no debt and a robust cash position to
fund a two pronged exploration effort that will target the
expansion of the current Saskatchewan NI 43-101 resources as well
as continued exploration and development of our Oro Cruz Gold
Project."
Highlights of Southern Empire's MAS Gold Acquisition
The Arrangement will result in Southern Empire acquiring
interests in two road accessible, advanced-stage gold deposits
located approximately 60 kilometres west of SSR Mining Inc.'s
Seabee/Santoy gold operations in the La Ronge Gold Belt of
Saskatchewan, Canada:
- the North Lake Gold Deposit, located on the
Preview-North property, has an Inferred Mineral Resource estimated
at 417,000 ounces of gold (oz Au) contained in 14,110,000 tonnes
(t) grading 0.92 grams gold per tonne (g Au/t); see MAS Gold's News
Release dated March 25, 2020 and
their NI 43-101 Technical Report dated April
10, 2020 available on SEDAR
- the Greywacke North Gold Deposit, one of several
known stratabound, high-grade gold-bearing zones on the Greywacke
Lake Property33 kilometres southwest of Greywacke North, has 95,600
oz Au comprising an Indicated Mineral Resource of 255,500 t at 9.92
g Au/t, plus an Inferred Mineral Resource of 59,130 t at 7.42 g
Au/t, at a cut-off grade of 5 g Au/t; see MAS Gold's NI 43-101
Technical Report of June 1, 2016
available on SEDAR
- Significant potential for resource expansion exists at both the
Greywacke North and North Lake
deposits
- Saskatchewan is repeatedly
acknowledged as one of the best mining jurisdictions in the
world.
- Excellent exploration potential also exists for MAS Gold's
Preview-North Property (which hosts the Point gold deposit),
Henry Lake and Elizabeth Lake properties.
The Interim Order provides for, among other things, a meeting of
the MAS Gold shareholders to consider and vote upon the
Arrangement. Details of the Arrangement, including a summary of the
terms and conditions of the arrangement agreement, will be
disclosed in the management information circular and related
documents that MAS Gold will make available on SEDAR and
mail out to its shareholders.
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and
development of gold deposits in North
America.
At the Oro Cruz Gold Project, in the Cargo Muchacho mountains of
Imperial County, southeastern
California, Southern Empire owns
the American Girl Mine Property and holds options to acquire a 100%
interest in the 2,160 hectares (5,338 acre) Oro Cruz Property
located approximately 22.5 kilometres (14 miles) southeast of the
operating Mesquite gold mine of Equinox Gold Corp.
With a history that includes extensive drilling and large-scale
open pit and underground mining, which was suspended during the
gold market downturn in 1996, the Oro Cruz Gold Project hosts many
exploration targets in addition to a high-grade oxide gold zone
that, based on the historical mine operation records, is amenable
to conventional heap leach extractive methods. To watch a
virtual "fly by" of Southern Empire's Oro Cruz Gold Project, please
click here.
Qualified Person (QP)
The scientific and technical information contained in this news
release has been prepared, reviewed, verified and approved by
David Tupper, P.Geo. (British Columbia), Southern Empire's VP
Exploration and a Qualified Person within the context of Canadian
Securities Administrators' National Instrument 43-101; Standards
of Disclosure for Mineral Projects.
On behalf of the Board of Directors of Southern
Empire,
Dale Wallster, CEO
and Director
Cautionary Notice on Forward-Looking
Information
Information set forth in this news release contains
forward-looking statements that are based on assumptions as of the
date of this news release. These statements reflect management's
current estimates, beliefs, intentions and expectations. They are
not guarantees of future performance. Each of Southern Empire and
MAS Gold cautions that all forward-looking statements are
inherently uncertain and that actual performance may be affected by
a number of material factors, many of which are beyond their
respective control. Such factors include, among other things: risks
and uncertainties relating to each of Southern Empire and MAS
Gold's limited operating history, ability to complete the proposed
Transaction (including obtaining all necessary shareholder and
regulatory approvals), the need to comply with environmental and
governmental regulations, results of exploration programs on their
projects and those risks and uncertainties identified in each of
their annual and interim financial statements and management
discussion and analysis. Accordingly, actual and future
events, conditions and results may differ materially from the
estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, neither Southern Empire
nor MAS Gold undertakes no obligation to publicly update or revise
forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the Exchange)
accepts responsibility for the adequacy or accuracy of this
release.
SOURCE Southern Empire Resources Corp.
