Golden Valley Mines Provides Corporate and Exploration Update
- Eleven (11) Drill Holes Completed on Golden Valley's "Cheechoo Gold Prospect" Opinaca Area, James Bay, QC - Assay Results Pending - Update on Subsidiaries
(firmenpresse) - VAL-D'OR, QUEBEC -- (Marketwired) -- 10/05/15 -- Golden Valley Mines Ltd. ("Golden Valley" or the "Company") (TSX VENTURE: GZZ) announces that it has been advised by its joint venture partner, Sirios Resources Inc., that eleven (11) drill holes (totalling approximately 2,000-metres) have been completed thus far with the exploration program continuing. Further disclosure will follow once assay results are announced by the operator, Sirios. Golden Valley currently owns a 55% interest in the Cheechoo Prospect, with Sirios owning the remaining 45% interest. Under the terms of a revised JV agreement in 2013, Sirios may acquire Golden Valley's remaining 55% interest subject to the following general conditions:
Should vesting occur and Sirios obtain its additional interest in the Cheechoo Prospect, Golden Valley would then be entitled to additional consideration for the grant of the Option: Sirios shall grant to Golden Valley a royalty (the "Royalty") equal to 4% of the net returns from all mineral products mined or removed from the Cheechoo Prospect. Notwithstanding the foregoing, the Royalty relevant to gold mineral products mined or removed from the Cheechoo Prospect (the "Gold Portion") may be reduced depending on the market price of gold at the time of the payment of the Gold Portion.
Update on Subsidiaries:
As of October 1st, 2015, Golden Valley holds majority interests in 92 projects consisting of 1,332 mining titles ( 79,676 hectares or 796.76 km) in Canada, largely consisting of grassroots properties in the Abitibi Greenstone Belt, between Timmins and Kirkland Lake, Ontario, through to Rouyn-Noranda and Val-d'Or, Quebec in addition to its significant interests in its subsidiaries.
Glenn J. Mullan, P. Geo., the President and Chief Executive Officer of Golden Valley, is a Qualified Person for the purposes of National instrument 43-101, and is responsible for the technical content presented in this news release.
About Golden Valley Mines Ltd.
Golden Valley Mines Ltd. typically tests grassroots properties while owning a majority interest therein and then seeks partners to continue exploration funding. This allows Golden Valley to carry on its early-stage generative programs and systematic exploration efforts at other majority-owned grassroots projects. Golden Valley Mines Ltd. (together with its various subsidiaries) holds multiple property interests in gold, base-metal and energy mineral projects in Canada (Quebec, Ontario and Saskatchewan).
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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 news release.
Contacts:
Golden Valley Mines Ltd.
Glenn J. Mullan
Chairman, President, and CEO
+1.819.824.2808 ext. 204
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Unternehmensinformation / Kurzprofil:
Datum: 05.10.2015 - 12:00 Uhr
Sprache: Deutsch
News-ID 424627
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contact information:
Town:
VAL-D'OR, QUEBEC
Kategorie:
Mining & Metals
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