|By Marketwired .||
|May 29, 2014 08:06 PM EDT||
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.
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.
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.
President & CEO, Director
Container technology is shaping the future of DevOps and it’s also changing the way organizations think about application development. With the rise of mobile applications in the enterprise, businesses are abandoning year-long development cycles and embracing technologies that enable rapid development and continuous deployment of apps. In his session at DevOps Summit, Kurt Collins, Developer Evangelist at Built.io, examined how Docker has evolved into a highly effective tool for application del...
Nov. 26, 2015 07:00 PM EST Reads: 313
Cloud computing delivers on-demand resources that provide businesses with flexibility and cost-savings. The challenge in moving workloads to the cloud has been the cost and complexity of ensuring the initial and ongoing security and regulatory (PCI, HIPAA, FFIEC) compliance across private and public clouds. Manual security compliance is slow, prone to human error, and represents over 50% of the cost of managing cloud applications. Determining how to automate cloud security compliance is critical...
Nov. 26, 2015 04:00 PM EST Reads: 374
Internet of @ThingsExpo, taking place June 7-9, 2016 at Javits Center, New York City and Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 18th International @CloudExpo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo New York Call for Papers is now open.
Nov. 26, 2015 03:30 PM EST Reads: 519
The cloud. Like a comic book superhero, there seems to be no problem it can’t fix or cost it can’t slash. Yet making the transition is not always easy and production environments are still largely on premise. Taking some practical and sensible steps to reduce risk can also help provide a basis for a successful cloud transition. A plethora of surveys from the likes of IDG and Gartner show that more than 70 percent of enterprises have deployed at least one or more cloud application or workload. Y...
Nov. 26, 2015 03:30 PM EST Reads: 440
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York and Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty ...
Nov. 26, 2015 03:15 PM EST Reads: 515
We are rapidly moving to a brave new world of interconnected smart homes, cars, offices and factories known as the Internet of Things (IoT). Sensors and monitoring devices will touch every part of our lives. Let's take a closer look at the Internet of Things. The Internet of Things is a worldwide network of objects and devices connected to the Internet. They are electronics, sensors, software and more. These objects connect to the Internet and can be controlled remotely via apps and programs. ...
Nov. 26, 2015 02:15 PM EST Reads: 495
Today air travel is a minefield of delays, hassles and customer disappointment. Airlines struggle to revitalize the experience. GE and M2Mi will demonstrate practical examples of how IoT solutions are helping airlines bring back personalization, reduce trip time and improve reliability. In their session at @ThingsExpo, Shyam Varan Nath, Principal Architect with GE, and Dr. Sarah Cooper, M2Mi’s VP Business Development and Engineering, explored the IoT cloud-based platform technologies driving t...
Nov. 26, 2015 01:00 PM EST Reads: 388
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Nov. 26, 2015 01:00 PM EST Reads: 286
We all know that data growth is exploding and storage budgets are shrinking. Instead of showing you charts on about how much data there is, in his General Session at 17th Cloud Expo, Scott Cleland, Senior Director of Product Marketing at HGST, showed how to capture all of your data in one place. After you have your data under control, you can then analyze it in one place, saving time and resources.
Nov. 26, 2015 12:00 PM EST Reads: 145
As organizations shift towards IT-as-a-service models, the need for managing & protecting data residing across physical, virtual, and now cloud environments grows with it. CommVault can ensure protection & E-Discovery of your data - whether in a private cloud, a Service Provider delivered public cloud, or a hybrid cloud environment – across the heterogeneous enterprise.
Nov. 26, 2015 11:30 AM EST Reads: 118
The Internet of Things (IoT) is growing rapidly by extending current technologies, products and networks. By 2020, Cisco estimates there will be 50 billion connected devices. Gartner has forecast revenues of over $300 billion, just to IoT suppliers. Now is the time to figure out how you’ll make money – not just create innovative products. With hundreds of new products and companies jumping into the IoT fray every month, there’s no shortage of innovation. Despite this, McKinsey/VisionMobile data...
Nov. 26, 2015 11:00 AM EST Reads: 442
In recent years, at least 40% of companies using cloud applications have experienced data loss. One of the best prevention against cloud data loss is backing up your cloud data. In his General Session at 17th Cloud Expo, Sam McIntyre, Partner Enablement Specialist at eFolder, presented how organizations can use eFolder Cloudfinder to automate backups of cloud application data. He also demonstrated how easy it is to search and restore cloud application data using Cloudfinder.
Nov. 26, 2015 11:00 AM EST Reads: 121
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
Nov. 26, 2015 10:00 AM EST Reads: 283
DevOps is about increasing efficiency, but nothing is more inefficient than building the same application twice. However, this is a routine occurrence with enterprise applications that need both a rich desktop web interface and strong mobile support. With recent technological advances from Isomorphic Software and others, rich desktop and tuned mobile experiences can now be created with a single codebase – without compromising functionality, performance or usability. In his session at DevOps Su...
Nov. 26, 2015 09:45 AM EST Reads: 366
As organizations realize the scope of the Internet of Things, gaining key insights from Big Data, through the use of advanced analytics, becomes crucial. However, IoT also creates the need for petabyte scale storage of data from millions of devices. A new type of Storage is required which seamlessly integrates robust data analytics with massive scale. These storage systems will act as “smart systems” provide in-place analytics that speed discovery and enable businesses to quickly derive meaningf...
Nov. 26, 2015 09:30 AM EST Reads: 372