THUNDER BAY, ON, March 19, 2019 /CNW/ - Wolfden Resources
Corporation (WLF.V) ("Wolfden" or
the "Company") is pleased announce that it has
entered into a subscription agreement with Kinross Gold Corporation
("Kinross") for a
non-brokered private placement of 12,500,000 common shares of the
Company ("Common Shares") at a price of C$0.20 per Common Share for gross proceeds of
C$2,500,000 (the
"Offering"). Upon closing, Kinross shall hold approximately 9.7% of the
issued and outstanding shares of the Company.
The majority of the proceeds from the Offering will be used to
explore the Company's 100%-owned Pickett Mountain high-grade
polymetallic deposit in North-eastern Maine, USA. As part of the terms of the
subscription agreement, the Company and Kinross have agreed to work together in the
form of an exploration committee.
"We are very pleased to have Kinross as a significant investor and a
strategic partner in our efforts to expand the current mineral
resources, search for additional deposits and provide additional
insight and expertise with respect to our next technical studies
and permitting at Pickett Mountain," said Ron Little, President and CEO for the Company.
The Company has been working recently to update the metallurgical
studies and expects to resume its expansion and exploration drill
program as soon as logistics permit. This will include follow-up of
the recently discovered footwall zone in a drill hole that
intersected 4.1 m of 38.2% ZnEq
(incl. 612 g/t Ag and 0.5 g/t Au) and one of the last deeper holes
that hit 19.5 m of 33.1% ZnEq (incl.
269 g/t Ag and 1.1 g/t Au) see press release dated January 15, 2019.
The Offering is expected to close on or about March 29th, 2019 and no later than
May 1, 2019 and is subject to TSX
Venture Exchange approval. The securities to be issued pursuant to
the Offering will be subject to a four-month hold period under
applicable Canadian securities laws.
About Wolfden
Wolfden is a Canadian exploration and development company
primarily focused on advancing its 100%-owned Pickett Mountain
Project in Maine, USA. The 6,800
acre Project is host to a high-grade (Zn, Pb, Cu, Ag, Au)
zinc-rich, volcanogenic massive sulphide deposit that is close to
excellent infrastructure and includes the land and all rights to
minerals and timber, without any historic or aboriginal
encumbrances. With a mineral resource of 2.05 Mt at 19.3% ZnEq of
indicated resources and 2.03 Mt at 20.6% ZnEq of inferred
resources, the Company plans to expand resources with further
drilling and complete sufficient exploration, definition drilling
and various technical studies in order to demonstrate the economic
potential for an underground mining scenario on the Project.
For further information on the project, see technical report
entitled "National Instrument 43-101 Technical Report, Pickett
Mountain Project Resource Estimation Report, Penobscot County, Maine, USA" dated
January 7, 2019.
The information in this news release has been prepared, reviewed
and approved by Don Hoy, P.Geo., SVP
Exploration and Ron Little P.Eng.,
President and CEO, who are Qualified Persons' under National
Instrument 43-101.
This press release contains forward-looking information
(within the meaning of applicable Canadian securities legislation)
that involves various risks and uncertainties regarding future
events. Such forward-looking information includes statements based
on current expectations involving a number of risks and
uncertainties and such forward-looking statements are not
guarantees of future performance of the Company, and include,
without limitation, statements relating to information about
future activities at the Pickett Mountain Project that include
plans to expand resources with further drilling and complete
sufficient exploration, definition drilling and various technical
studies in order to demonstrate the economic potential for an
underground mining scenario on the Project . There are
numerous risks and uncertainties that could cause actual results
and the Company's plans and objectives to differ materially from
those expressed in the forward-looking information in this news
release, including without limitation, the following risks and
uncertainties: (i) risks inherent in the mining industry; (ii)
regulatory and environmental risks; (iii) results of exploration
activities and development of mineral properties; (iv) risks
relating to the estimation of mineral resources; (v) stock market
volatility and capital market fluctuations; and (vi) general market
and industry conditions. Actual results and future events could
differ materially from those anticipated in such information. This
forward-looking information is based on estimates and opinions of
management on the date hereof and is expressly qualified by this
notice. Risks and uncertainties about the Company's business are
more fully discussed in the Company's disclosure materials filed
with the securities regulatory authorities in Canada at www.sedar.com. The Company assumes
no obligation to update any forward looking information or to
update the reasons why actual results could differ from such
information unless required by applicable law.
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.
SOURCE Wolfden Resources Corporation
