|By Marketwired .||
|July 24, 2014 10:53 AM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/24/14 -- Bold Ventures Inc. (TSX VENTURE: BOL) ("Bold" or the "Company") is pleased to report that application has been made for additional claims to be included within the Lac Surprise project. Technical review of available data and compilation work has led the exploration team to recommend staking an additional 46 claims that total approximately 2,589 hectares or 6,395 acres With these additional claims, the project currently encompasses 379 claims that are comprised of approximately 21,144 hectares or 52,226 acres.
The Company is also pleased to report that the exploration plan has been established and two exploration crews are mobilizing to the property. A prospecting, sampling and mapping program will provide additional assessment of the target areas that are found on the property in order to establish and prioritize the various locations for diamond drill testing later this year. The Technical team participating in this program will include both Bold and Northern Superior Resources Inc. personnel.
The Lac Surprise property is located approximately 50 Km south of Chapais and within the historic Chibougamau - Chapais gold camp in west central Quebec. Bold can earn a 50% working interest in the property by spending an aggregate of $2,000,000 on exploration of the property and issuing to Northern Superior a total of 350,000 common shares of Bold all over a three year period, 50,000 shares of which were issued upon signing the agreement. Bold is obligated to spend a minimum of $500,000 on exploration of the property in the first year, at the end of which a further 50,000 common shares of Bold are issuable. The second year optional commitment is 100,000 common shares of Bold and $500,000 in exploration work. The third year optional commitment calls for $1,000,000 in exploration work on the property and the issuance of 150,000 common shares of Bold.
Bold also holds the option to earn an additional 10% in the project by delivering a positive feasibility study within five years from the date of execution of the formal option agreement. If Bold takes up all parts of the option it will have earned a 60% interest in the property.
Recently, renewed exploration activity in the area has yielded several new gold discoveries made by Toma Gold/Iamgold (at Monster Lake); Vanstar (at Nelligan) and Soquem (at MOP II). All three of these companies have ongoing, major, multimillion dollar drilling programs underway. For additional information please visit the Bold Ventures Inc. website at www.boldventuresinc.com.
Richard E. Nemis, President and Chief Executive Officer
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.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on such forward-looking statements.
Bold Ventures Inc.
Richard E. Nemis
President and Chief Executive Officer
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