VG:CC - Volcanic Gold Announces the Appointment of Luc English as VP Exploration and the Extension of Guatemala Regional Exploration Rights
(TheNewswire)
News Release
Shares issued 45,551,210
VG close - C$0.20
W/C +$6.2 million cash
Vancouver, British Columbia – TheNewswire – December 7 th , 2022- Volcanic Gold Mines Inc. (TSXV:VG)(“Volcanic” or the “Company”) is pleased to advise Luc Englishhas been retained as Vice-President, Exploration of the Company.
Luc is an exploration geologist with over 25 years’experience in the mining industry. He has been responsible for goldand multi-metal exploration, resource definition and feasibilitystudies in Africa, Australia and, for the past 15 years in CentralAmerica. He has extensive technical and administrative experience ofoperating in the region and was the Country Exploration Managerresponsible for the concession acquisition, discovery and definitionof a 2M+oz gold resource, and a pre-feasibility open pit mining studyon Condor Gold PLC’s La India Project in Nicaragua. As a fellow ofthe Geological Society of London with Chartered Geologist (CGeol) andEuropean Geologist (EurGeo) accreditation, he is a recognizedQualified Person by the Canadian Institute of Mining for reporting toNI 43-101 standard. The Volcanic Board welcomes Luc to thismanagement position and looks for an exciting year of developments on the Company’s properties in 2023.
Guatemala Property EvaluationRight
Pursuant to an agreement signed in 2020, Volcanic wasgranted by Radius Gold Inc. (TSXV:RDU) (“Radius”) anoption to earn an interest in Radius’s Holly and Banderas Projectslocated in Guatemala, and the exclusive right to evaluate (the“Evaluation Right”) until September 1, 2022 the other propertyinterests of Radius in eastern Guatemala and to enter into anagreement with Radius to acquire an interest in any of such otherproperties on reasonable mutually agreed upon terms.
Pursuant to the Evaluation Right, Volcanic is in theprocess of conducting evaluation work on certain of Radius’sGuatemala properties and, subject to TSXV Venture Exchange approval,Radius has agreed to an extension of the Evaluation Right by one yearto September 1, 2023. No additionalconsideration, including exploration work requirements, is payable byVolcanic with respect to the Evaluation Right extension.
As Volcanic and Radiushave a common director and two common officers, Radius is a“non-arm’s length party” to Volcanic within the meaning of TSXVenture Exchange Policy 5.9. The extension of the Evaluation Rightis not, however, a “related party transaction” as defined inMultilateral Instrument 61-101, Protection of Minority SecurityHolders in Special Transactions (“MI 61-101”) and therefore therequirements of the Exchange’s Policy 5.9 and MI 61-101 do notapply.
Volcanic brings together an experienced andsuccessfu l mining, exploration and capitalmarkets team focused on building multi-million -ounce gold and silver resources in underexplored countries. Through the strategic acquisition ofmineral properties with demonstrated potential for hosting gold andsilver resources, and by undertaking effective exploration and drillprograms, Volcanic intends to become a leading gold-silver company.
For further information, visit our website at www.volgold.com .
Volcanic Gold Mines Inc.
Simon Ridgway, President and CEO
Neither the TSX Venture Exchange nor the Investment IndustryRegulatory Organization of Canada accepts responsibility for theadequacy or accuracy of this release.
Forward-looking statements
Certain statements contained in this news release constituteforward-looking statements within the meaning of Canadian securitieslegislation. All statements included herein, other than statements ofhistorical fact, are forward- looking statements and include, withoutlimitation, statements about the Company’s plans for its propertyinterests in Guatemala. Often, but not always, these forward lookingstatements can be identified by the use of words such as“estimate”, “estimates”, “estimated”, “potential”,“open”, “future”, “assumed”, “projected”, “used”,“detailed”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”,“containing”, “remaining”, “to be”, “periodically”, orstatements that events, “could” or “should” occur or beachieved and similar expressions, including negative variations.
Forward-looking statements involve known and unknown risks,uncertainties and other factors which may cause the actual results,performance or achievements of the Company to be materially differentfrom any results, performance or achievements expressed or implied byforward-looking statements. Such uncertainties and factors include,among others, the uncertainties inherent in the mineralresource estimates; whether the Company’s planned explorationwork will be proceed as intended; whether the Company will acquire anynew property interests in Guatemala; changes in general economicconditions and financial markets; the Company or any joint venturepartner not having the financial ability to meet its exploration anddevelopment goals; risks associated with the results of explorationand development activities, estimation of mineral resources and thegeology, grade and continuity of mineral deposits; unanticipated costsand expenses; and such other risks detailed from time to time in theCompany’s quarterly and annual filings with securities regulatorsand available under the Company’s profile on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors thatcould cause actual actions, events or results to differ materiallyfrom those described in forward-looking statements, there may be otherfactors that cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking statements contained herein are based on theassumptions, beliefs, expectations and opinions of management,including but not limited to: that the Company’s stated goals andplanned exploration and development activities will be achieved; thatthere will be no material adverse change affecting the Company or itsproperties; and such other assumptions as set out herein.Forward-looking statements are made as of the date hereof and theCompany disclaims any obligation to update any forward-lookingstatements, whether as a result of new information, future events orresults or otherwise, except as required by law. There can be noassurance that forward-looking statements will prove to be accurate,as actual results and future events could differ materially from thoseanticipated in such statements. Accordingly, investors should notplace undue reliance on forward-looking statements.
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