Expedition Mining Signs Agreement to Acquire Private Company
Holding Rights to Earn Interests in Burkina Faso Gold Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 26, 2014) -
Expedition Mining Inc. (TSX-VENTURE:EXU) (the "Company") reports it
has signed an agreement with 0909189 B.C. Ltd. to acquire all of
the outstanding shares of 0909189 B.C. Ltd. by issuing one share of
Expedition Mining for each share of 0909189 B.C. Ltd. and paying
the sum of CDN $125,000 to 0909189 B.C. Ltd. 0909189 B.C. Ltd.
presently has six million shares issued and outstanding. The
agreement allows the Company to review the results of the current
exploration and drilling on two properties. After viewing the
results, the Company has the right to cause 0909189 B.C. Ltd. to
exercise its options as to one or both of two properties or to
terminate the agreement and forfeit the CDN $125,000 as a breakup
fee.
0909189 B.C. Ltd. has options on two properties in Burkina Faso,
West Africa. Each property has an area of approximately 100 square
kilometres.
The first, known as the Pouni property, is in the Boromo
Greenstone Belt in Western Burkina Faso. Work performed by previous
operators includes geochemical and geophysical surveys and a recent
Rotary Air Blast drill program comprising 1002 metres in 23 holes.
The Pouni property also has seen extensive and current artisanal
gold mining activity. 0909189 B.C. Ltd. has, during May and June of
this year, collected and assayed numerous gold surface samples and
has completed six core drill holes totaling 539.4 metres on targets
on the Pouni property. Assays of this material are currently being
tested at ALS Laboratory in Burkina Faso, with assay results
pending.
0909189 B.C. Ltd. has the right to acquire a 100% interest in
the Pouni property subject to the following conditions:
1. Payment to the optionor of US $30,000, on or before July 7,
2014
2. Payment of a further US $75,000, on June 30, 2015
3. Payment of a further US $125,000, on June 30, 2016
4. Payment of a further US $1 million, on June 30, 2017
5. Payment to the optionor of a 2% NSR on any commercial mineral
production on net sales of minerals from the property.
The second, known as the Kadjoa property, is in the Gnagna
greenstone belt in Eastern Burkina Faso. Work performed by previous
operators includes geochemical surveys and general prospecting. The
property also has seen extensive and current artisanal gold mining
activity. 0909189 B.C. Ltd. has, during May and June of this year,
collected and assayed numerous surface samples and has completed
five core drill holes totaling 162.2 metres on targets on the
Kadjoa property. Samples have been submitted for assaying at ALS
Laboratory in Burkina Faso with assay results currently
pending.
0909189 B.C. Ltd. has the right to acquire a 100% interest in
the Kadjoa property subject to the following conditions:
1. Payment to the optionor of US $25,000, on or before August 5,
2014
2. Payment of a further US $50,000, on July 30, 2015
3. Payment of a further US $100,000, on July 30, 2016
4. Payment of a further US $1 Million, on July 30, 2017
5. Payment to the optionor of a 2% NSR on any commercial mineral
production based on net sales of minerals from the property.
Subject to the TSX Venture Exchange approval, Expedition will
proceed with a placement of up to 10 million shares at $0.05 per
share, post consolidation. Proceeds of that offering will be used
to fund work on one or both Burkina Faso properties and for general
working capital.
Expedition Mining Inc. (TSX-VENTURE:EXU) is a publicly held
Canadian exploration company focused on acquiring, exploring and
developing gold properties located in favourable geo-political
climates. The company is led by a highly skilled, experienced board
and management team with significant successes in managing early
stage mineral exploration companies. For additional information
concerning Expedition Mining Inc. or its various exploration
projects please visit Expedition's website at
www.expeditionmining.com.
CAUTION REGARDING FORWARD LOOKING STATEMENTS:
This news release contains "forward-looking statements"
within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities
legislation. Generally, these forward-looking statements can be
identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"can", "could", "would", "might" or "will be taken", "occur" or "be
achieved". Forward-looking statements are subject to known and
unknown risks, uncertainties and other factors that may cause the
actual results, level of activity, performance or achievements of
Expedition Mining to be materially different from those expressed
or implied by such forward-looking statements, including but not
limited to: risks related to the exploration and potential
development of any of its properties, the actual results of current
exploration activities, conclusions of economic evaluations,
changes in project parameters as plans continue to be refined,
future prices of gold. Although Expedition Mining has attempted to
identify important factors that could cause actual results to
differ materially from those contained in forward-looking
statements, there may be other factors that cause results not to be
as anticipated, estimated or intended. There can be no assurance
that such statements will prove to be accurate, as actual results
and future events could differ materially from those anticipated in
such statements. Accordingly, readers should not place undue
reliance on forward-looking statements. Expedition Mining does not
undertake to update any forward-looking statements that are
incorporated by reference herein, except in accordance with
applicable securities laws.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board
Expedition Mining Inc.
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.
Standard & Poor's Listed
Issued Share Capital: 11,667,367
Expedition Mining Inc.William Galine(604)
662-3903bgaline@expeditionmining.comwww.expeditionmining.com
(TSXV:EXU)
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