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Orca Gold Increases Interest in Block 14 to 70%
|By Marketwired .
|September 2, 2014 08:04 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 09/02/14 -- Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") is pleased to advise that it now has made the third and final option payment to secure an effective 70% interest in the Block 14 mineral license in Sudan.
On March 1, 2012 Orca acquired the right and option to a 70% interest in Meyas Sand Minerals Co. Ltd ("MSMCL") from Meyas Nub Multiactivities Co. Ltd. ("Meyas Nub"). MSMCL is the holder of a 100% interest in the Block 14 mineral license. Under the agreement, Orca agreed to pay USD $9.5 million in three installments in exchange for an increasing ownership interest in MSMCL. On August 28, 2014, Orca made the final acquisition payment of US$3 million to Meyas Nub and now holds a 70% interest in MSMCL.
The Block 14 license hosts the Galat Sufar South prospect which has an initial Mineral Resource comprising Indicated Resources of 22.2MT at 1.84g/t for 1.3 million ounces of gold and Inferred Resources of 6.5Mt at 1.9g/t for an additional 0.4 million ounces of gold (News Release: January 29, 2014). In addition, Orca has identified numerous other exploration targets at Block 14 including a high grade discovery at EG3.2 (News Release: May 12, 2014). An update of our summer exploration programs will be released soon.
Orca Gold Inc. is a Canadian resource company focussed on exploration opportunities in Africa. The Company has an experienced board of directors and management team and a strong balance sheet that includes a substantial treasury.
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is the Vice President Exploration of the Company and a Chartered Geologist and Fellow of the Geological Society of London.
Samples used for the results described herein are prepared and analyzed by fire assay using a 50 gram charge at the ALS Chemex facility at Rosia Montana in Romania in compliance with industry standards. Field duplicate samples are taken and blanks and standards are added to every batch submitted.
On behalf of the Board of Directors:
Simon Jackson, President, CEO and Director
Cautionary Statement Regarding Forward-Looking Information
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "anticipate", "believe", "plan", "expect", "intend", "estimate", "forecast", "project", "budget", "schedule", "may", "will", "could", "might", "should" or variations of such words or similar words or expressions or statements that certain events "may" or "will" occur. Forward-looking statements in this press release include, but are not limited to, statements relating to indicates and inferred mineral resources, the potential to expand the resource targets in the Main and East Zones, the plans of the Company to conduct preliminary metallurgical testwork and increase its ownership in Block 14 and the future potential of GSS to become a commercial mining operation, including exploration activities. Forward-looking information is based on reasonable assumptions that have been made by the Company as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: risks associated with mineral exploration and development; metal and mineral prices; availability of capital; accuracy of the Company's projections and estimates; interest and exchange rates; competition; stock price fluctuations; availability of drilling equipment and access; actual results of current exploration activities; government regulation; local political instability or unrest, local economic instability; global economic developments; environmental risks; insurance risks; capital expenditures; operating or technical difficulties in connection with development activities; personnel relations; the speculative nature of strategic metal exploration and development including the risks of diminishing quantities of grades of reserves; contests over title to properties; and changes in project parameters as plans continue to be refined.
Forward-looking statements are based on assumptions management believes to be reasonable, including but not limited to the price of gold; the demand for gold; the ability to carry on exploration and development activities; the timely receipt of any required approvals; the ability to obtain qualified personnel, equipment and services in a timely and cost-efficient manner; the ability to operate in a safe, efficient and effective manner; the expected timing, costs, and results of a PEA; the expected burn rate; the regulatory framework regarding environmental matters, and such other assumptions and factors as set out herein. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. The Company does not undertake any obligation to update forward-looking information if circumstances or management's estimates, assumptions or opinions should change, except as required by applicable law. Accordingly, readers should not place undue reliance on forward-looking information contained herein.
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 release.
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