Orca Gold Corporate Update
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 19, 2016) - Orca Gold Inc. (TSX VENTURE:ORG) ("Orca" or the "Company") announces that it has granted an aggregate 6,950,000 incentive stock options to certain officers, directors and other eligible persons of the Company. The options are exercisable, subject to vesting provisions, over a period of three years at a price of $0.27 per share.
The Company also announces that Jeff Yip, in addition to being the Chief Financial Officer of the Company, has taken on the role of Interim Corporate Secretary, effective April 13, 2016, replacing Rashida McLean, who is on temporary leave.
Orca Gold Inc. is a Canadian resource company focused on exploration opportunities in Africa. On the Block 14 exploration permit in Sudan, Orca has defined an Indicated Resource of 27.6Mt grading 1.83g/t for 1.63 million ounces of gold and an Inferred Resource of 10.3Mt grading 1.8g/t for an additional 0.6 million, based on a 1g/t cut-off grade (News Release: February 4, 2015).
The principal focus of the Company at present is on the compilation of a Preliminary Economic Assessment (PEA) for its 70% owned Block 14 Gold Project in the Sudan. Work on the PEA, which is being overseen by SGS Time Mining of South Africa, is expected to be completed by the end of the second quarter.
Exploration is continuing in Block 14, targeted on proving up extensions to the Galat Sufar South (GSS) and Wadi Doum and on identifying new high grade targets within the 3,750 km2 exploration permit.
The Company has an experienced board of directors and management team and a strong balance sheet, with a treasury of CAD 17.7 million at year end 2015.
The technical contents of this release have been approved by Hugh Stuart, BSc, MSc, a Qualified Person pursuant to NI-43101. Mr. Stuart is President and CEO 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:
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.