PHD:CC - Providence Gold Mines Inc. Financial Update
(TheNewswire)
VANCOUVER – TheNewswire - February 27, 2023 - Providence Gold MinesInc. ( TSX V :PHD ) ( OTC:PRRVF ) ( FRANKFURT EXCHANGE:7RH1-F) (“Providence” or the“Company”) is pleased to announce that ithas been approached by certain insiders and professional serviceproviders to forgive A/P that is owed to them for accounting,exploration and management services. The Board has unanimouslyaccepted their offer and has retired $277,838 of debt to this group.To be clear, this is not a debt for shares settlement but a completeforgiveness of the debt by these certain Insiders and professionals.The Board would like to thank the group for their significantcommitment to the Company, and for their instrumental role instrengthening the Company’s financials as the Company continues in discussions to complete funding for itsplanned 4,000 meters of HQ core drilling program.
Additionally, the Company announces that, subject tofinal regulatory approval, it has completed a small privateplacement of 1,236,860 units at a price of $0.07 raising a total proceeds of $86,580. These proceeds will be usedfor marketing and administrative purposes. Each Unit consists of onecommon share and one purchase warrant. Each purchase warrant entitlesthe holder to purchase an additional common share at a price of $0.05for a period of 24 months from the date of issue.
An Insider participated in the Private Placement, andno finders’ fees were paid in connection with the privateplacement.
Project Achievements andPlans:
Since optioning the Providence Group of Gold Mines,located nearby, Sonora California in the bountiful Motherlode goldbelt, the Company has utilized state of the art exploration technologyconsisting of underground 3D laser mapping, aerial survey photography,underground channel samples, conventional surface trenching channeland soil sampling. The success exploration resulted in thedevelopment of numerous modelled high grade drill targets that liewithin or near the past producing group of Providence Gold Mines. Inaddition, our most recent reported trenching program nearby thehistorical McCarthy mine discovered a zone with potential for lowgrade bulk tonnage mineralization.
The planned first phase of 4,000-meter of HQ coredrilling is designed to verify the gold targets projected nearsurface. For more information on the enhanced modeling used to developthe drill program can be found on the Company website at the followinglink:
https://providencegold.com/enhanced-real-time-drill-target-modeling/
Project Benefits:
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Gold has always been a good hedgeagainst financial uncertainty.
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Multiple significant modeled GoldTargets
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Politically safe, mining friendlycommunity located in the USA.
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Patented past producing privatelands.
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Good share structure
Project Summary:
Potential > 1 million Ounce modelled goldtargets
Funding required:
Project Funding Amount: $1.3M USD (~$1.7M CDN)
Project Start Date: ASAP
Project Completion Date: Project drilling completion is estimated to take 4 monthsfrom receipt of funds.
Project Location: Mining friendly , Sonora, California, USA
Historically, the property milled a reported 225,000ounces of high-grade gold and has sat idle for over 100 years sincethe profitable mining operations were ceased in 1916 due to a legaldispute, followed by major wildfires, and the Spanish Flu Pandemic of1918.
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This informationis historical and reported to the standards of the day we caution thereader that it is not too current NI43101 compliance standards.
News Releases and otherWeb Links:
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McCarthy Mine Results 3.77 Kg Sample Yields 77.0 to97.0 Grams Gold ( https://providencegold.com/providence-gold-mines-announces-mccarthy-mine-results-3-77-kg-sample-yields-77-0-to-97-0-grams-gold/
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Providence Gold Discloses Discovery of SignificantArchived Report ( https://providencegold.com/providence-gold-discloses-discovery-of-significant-archived-report/ )
Latest news release with video of Enhanced Modellingfor Drill Targeting ( https://providencegold.com/enhanced-real-time-drill-target-modelling/ )
Our Geological Team:
Company’s Qualified Person Dr. LeeGroat
Company’s Registered P. Geo in the Stateof California, Mark Payne, who has over 45 years
of experience in the California Mother LodeGold Belt
ON BEHALF OF THE BOARD
"Ronald Coombes"
Ronald A. Coombes, President &CEO
Phone: (604) 724-2369
Email: rcoombes@providencegold.com
STAY TUNED! VISIT OURWEBSITE FOR MORE DETAILS
LIKE & FOLLOW @providencegoldmines
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CAUTIONARY STATEMENT REGARDINGFORWARD-LOOKING INFORMATION
Neither the OTCQB and or the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility
for the adequacy or accuracy ofthis release.
All statements, trend analysis and other informationcontained in this press release relative to markets about anticipatedfuture events or results constitute forward-looking statements. Allstatements, other than statements of historical fact, included herein,including, without limitation, statements relating to the permittingprocess, future production of Providence Gold Mines, budget and timingestimates, the Company ’ sworking capital and financing opportunities and statements regardingthe exploration and mineralization potential of theCompany ’ s properties,are forward-looking statements. Forward-looking statements are subjectto business and economic risks and uncertainties and other factorsthat could cause actual results of operations to differ materiallyfrom those contained in the forward- looking statements. Importantfactors that could cause actual results to differ materially fromProvidence Gold Mines expectations include fluctuations in commodityprices and currency exchange rates; uncertainties relating tointerpretation of drill results and the geology, continuity and gradeof mineral deposits; the need for cooperation of government agenciesand native groups in the exploration and development of properties andthe issuance of required permits; the need to obtain additionalfinancing to develop properties and uncertainty as to the availabilityand terms of future financing; the possibility of delay in explorationor development programs and uncertainty of meeting anticipated programmilestones; and uncertainty as to timely availability of permits andother governmental approvals. Forward-looking statements are based onestimates and opinions of management at the date the statements aremade. Providence Gold Mines does not undertake any obligation toupdate forward-looking statements except as required by applicablesecurities laws. Investors should not place undue reliance onforward-looking statements.
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