Click here to close now.




















Welcome!

News Feed Item

Kapuskasing Gold Closes Acquisition of Two Large Gold Properties in Borden Gold District, Ontario

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/30/14 -- 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.

Contacts:
Dean Nawata
President & CEO, Director
Phone 1-604-561-2821

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
There are many considerations when moving applications from on-premise to cloud. It is critical to understand the benefits and also challenges of this migration. A successful migration will result in lower Total Cost of Ownership, yet offer the same or higher level of robustness. In his session at 15th Cloud Expo, Michael Meiner, an Engineering Director at Oracle, Corporation, analyzed a range of cloud offerings (IaaS, PaaS, SaaS) and discussed the benefits/challenges of migrating to each offe...
Mobile, social, Big Data, and cloud have fundamentally changed the way we live. “Anytime, anywhere” access to data and information is no longer a luxury; it’s a requirement, in both our personal and professional lives. For IT organizations, this means pressure has never been greater to deliver meaningful services to the business and customers.
In a recent research, analyst firm IDC found that the average cost of a critical application failure is $500,000 to $1 million per hour and the average total cost of unplanned application downtime is $1.25 billion to $2.5 billion per year for Fortune 1000 companies. In addition to the findings on the cost of the downtime, the research also highlighted best practices for development, testing, application support, infrastructure, and operations teams.
Container technology is sending shock waves through the world of cloud computing. Heralded as the 'next big thing,' containers provide software owners a consistent way to package their software and dependencies while infrastructure operators benefit from a standard way to deploy and run them. Containers present new challenges for tracking usage due to their dynamic nature. They can also be deployed to bare metal, virtual machines and various cloud platforms. How do software owners track the usag...
"We've just seen a huge influx of new partners coming into our ecosystem, and partners building unique offerings on top of our API set," explained Seth Bostock, Chief Executive Officer at IndependenceIT, in this SYS-CON.tv interview at 16th Cloud Expo, held June 9-11, 2015, at the Javits Center in New York City.
Digital Transformation is the ultimate goal of cloud computing and related initiatives. The phrase is certainly not a precise one, and as subject to hand-waving and distortion as any high-falutin' terminology in the world of information technology. Yet it is an excellent choice of words to describe what enterprise IT—and by extension, organizations in general—should be working to achieve. Digital Transformation means: handling all the data types being found and created in the organizat...
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Chuck Piluso presented a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. Prior to Secure Infrastructure and Services, Mr. Piluso founded North American Telecommunication Corporation, a facilities-based Competitive Local Exchange Carrier licensed by the Public Service Commission in 10 states, serving as the company's chairman and president from 1997 to 2000. Between 1990 and 1997, Mr. Piluso served as chairman & founder of International Te...
The Software Defined Data Center (SDDC), which enables organizations to seamlessly run in a hybrid cloud model (public + private cloud), is here to stay. IDC estimates that the software-defined networking market will be valued at $3.7 billion by 2016. Security is a key component and benefit of the SDDC, and offers an opportunity to build security 'from the ground up' and weave it into the environment from day one. In his session at 16th Cloud Expo, Reuven Harrison, CTO and Co-Founder of Tufin,...
SYS-CON Events announced today that MobiDev, a software development company, will exhibit at the 17th International Cloud Expo®, which will take place November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software development company with representative offices in Atlanta (US), Sheffield (UK) and Würzburg (Germany); and development centers in Ukraine. Since 2009 it has grown from a small group of passionate engineers and business managers to a full-scale mobi...
With SaaS use rampant across organizations, how can IT departments track company data and maintain security? More and more departments are commissioning their own solutions and bypassing IT. A cloud environment is amorphous and powerful, allowing you to set up solutions for all of your user needs: document sharing and collaboration, mobile access, e-mail, even industry-specific applications. In his session at 16th Cloud Expo, Shawn Mills, President and a founder of Green House Data, discussed h...
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducte...
One of the hottest areas in cloud right now is DRaaS and related offerings. In his session at 16th Cloud Expo, Dale Levesque, Disaster Recovery Product Manager with Windstream's Cloud and Data Center Marketing team, will discuss the benefits of the cloud model, which far outweigh the traditional approach, and how enterprises need to ensure that their needs are properly being met.
In their session at 17th Cloud Expo, Hal Schwartz, CEO of Secure Infrastructure & Services (SIAS), and Chuck Paolillo, CTO of Secure Infrastructure & Services (SIAS), provide a study of cloud adoption trends and the power and flexibility of IBM Power and Pureflex cloud solutions. In his role as CEO of Secure Infrastructure & Services (SIAS), Hal Schwartz provides leadership and direction for the company.
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.