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Orea Commences Drill Program at the Maripa Gold Project in French Guiana

Orea Commences Drill Program at the Maripa Gold Project in French Guiana
Canada NewsWire
VANCOUVER, BC, Jan. 14, 2022

VANCOUVER, BC, Jan. 14, 2022 /CNW/ – Orea Mining Corp. (“Orea”) (TSX: OREA) (OTCQX: OREAF) (FSE: 3CG) is pleased to announce the c…

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Orea Commences Drill Program at the Maripa Gold Project in French Guiana

Canada NewsWire

VANCOUVER, BC, Jan. 14, 2022 /CNW/ – Orea Mining Corp. (“Orea”) (TSX: OREA) (OTCQX: OREAF) (FSE: 3CG) is pleased to announce the commencement of a diamond drilling program at the Maripa Gold Project (“Maripa”), located in eastern French Guiana, France. Orea has an option to acquire up to a 70% interest in Maripa.

Ten thousand (10,000) meters of diamond drilling have been approved by the State services on Maripa. Fourteen (14) drill holes, for 2,140 meters, are planned as an initial investigation by Orea of the promising Changement gold zone (“Changement”), with 1,000 meters of drilling to be completed this January and February. The initial program consists of 5 drill hole fences at 200- to 250-meter north-south spacing, which will test a 1,050-meter strike extent of the Changement gold mineralized trend, as defined by historical drilling and surface sampling by Orea. Drill pad and access road construction was completed and the drilling contractor has mobilized the equipment on site for an anticipated start date of January 15th.

Maripa and Changement maps are available at the following links:

Orea Project Locations:
www.oreamining.com/i/nr/2022-01-14-map-maripa-location.pdf

Maripa Project Geology:
www.oreamining.com/i/nr/2022-01-14-map-maripa-geo.pdf

Changement Planned Drill Hole Locations:
www.oreamining.com/i/nr/2022-01-14-map-maripa-changement.pdf

Changement Gold Zone

The Changement area was subject to placer gold mining from 1859 to 1950. All creeks peripheral to the deposit have been worked over time. Underground hard rock mining was recorded as early as 1880 and the deposit was exploited at surface by three shallow open pits from 1985 to 1996. Total declared historical placer and hard rock gold production is estimated to be approximately 100,000 ounces, with 40,000 ounces from hard rock. The Changement gold mineralization is localized within two subparallel north-northwest striking, moderately west dipping, shear zones of 10 to 25 meters in width cutting Paramaca Formation mafic volcano-sedimentary sequences. Gold mineralization is associated with quartz veining and sulfides, mainly as pyrite. The deposit has been traced by drilling to shallow depths over a lateral (strike) distance of 1,250 meters. A total of 63 diamond drill holes (4,500 meters) were drilled by the French geological survey (BRGM, 1978-1998) and by IAMGOLD (2002-2004). Most of drilling was confined to the surface oxidized saprolite layer.

Prospecting by Orea in 2019 identified numerous abandoned mine shafts and adits excavated by illegal artisanal miners, located some 800 meters to the south of the Changement mine main pit. Stockpiles of rock extracted from the mine workings consist of mineralized quartz-pyrite veins and mafic volcanic wall rock. Select samples of the mineralized material returned numerous high-grade assays including 115.70, 83.48, 68.43, 42.60, 29.57, 15.51, 14.70, 9.42, 6.05, 5.98, 52.33, 17.20, 16.99, 14.64, 14.50, 9.75, 9.00, 7.36 and 6.83 g/t gold (see news releases dated November 26, 2019). The discoveries extended the Changement gold mineralized trend another 250 meters to the south.

About Maripa

Orea entered into an agreement in July 2018 with IAMGOLD Corporation to acquire up to a 70% interest in Maripa. Maripa is located in eastern French Guiana along a paved national road, approximately 60 kilometers south of the capital city of Cayenne. The project is comprised of up to five contiguous exploration permits that cover an area of 120 square kilometers, namely the Changement, Maripa, Orapu, Crique Véoux (pending) and Maripa Sud-Est permits.

Past exploration at Maripa includes 134 diamond drill holes, for a total of 9,000 meters, which partially defined 5 broad gold zones; namely, from north to south, Changement, Filon Dron, Maripa Sud-Est, Rhyodacite and Filon Scieur. Drilling was limited to shallow depths within the oxidized saprolite layer with all 5 prospects returning drill hole intersections of economic interest with demonstrated potential for expansion and mineral resource delineation. Gold mineralization is associated with shear-tension quartz vein systems and vein stockworks localized along major fault zones marking a regional deformation corridor known as the Northern Guiana Trough (NGT).

Initial prospecting by Orea in 2019 and 2020 in the north half of Maripa led to the discovery of 5 new quartz-gold vein systems with high-grade gold potential in the vicinity of the Changement and Filon Dron gold zones.

In October-November 2020, Orea completed 8 diamond drill holes, for 1,168 meters, that tested 4 separate targets identified in the central part of the Maripa (see news release date January 27, 2021). Six (6) of the 8 drill holes served to test the depth and lateral extent of 3 gold mineralized shear-hosted vein systems traced at surface in and around the Filon Dron gold zone. Four (4) drill holes intersected wide shear zones marked by quartz veining, strong hydrothermal alteration, and sulfide mineralization over 18 to 27 meters, which returned gold values.

Qualified Person

Rock Lefrançois, President & Chief Executive Officer of Orea and Qualified Person under National Instrument 43-101, has reviewed this news release and is responsible for the technical information reported herein, including verification of the data disclosed.

About Orea Mining Corp.

Orea is a leading gold exploration and development company operating in a prospective and underexplored segment of the Guiana Shield, South America. Its mission is to develop gold deposits with a reduced environmental footprint using innovative technologies, upholding the highest international standards for responsible mining. In French Guiana, Orea holds a major interest in the world-class Montagne d’Or mine development project and is also advancing the Maripa and Suriname gold exploration projects.

For more about Orea visit the company’s website at www.oreamining.com

ON BEHALF OF THE BOARD:

Rock Lefrançois
President & CEO

Forward-looking statements

Certain statements made herein, including statements relating to matters that are not historical facts and statements of the Company’s beliefs, intentions and expectations about developments, results and events which will or may occur in the future, constitute “forward looking information” within the meaning of applicable Canadian securities legislation (“forward-looking statements”). Forward-looking statements relate to future events or future performance, reflect current expectations or beliefs regarding future events and are typically identified by words such as “anticipate”, “could”, “should”, “expect”, “seek”, “may”, “intend”, “likely”, “budget”, “plan”, “estimate”, continue”, “forecast”, “believe”, “predict”, “potential”, “target”, “would”, “might”, “will”, and similar words, expressions or phrases (including negative variations) suggesting future outcomes or statements regarding an outlook. These include, but are not limited to, statements and information regarding: the Company’s plans to construct and develop the Montagne d’Or project, including anticipated timing thereof; the timing, processes, outcome and other matters related to the renewal of the Montagne d’Or concessions, including the appeal from the French Government; the satisfaction of regulatory requirements in respect of the permitting, construction and operation of the Montagne d’Or project, including but not limited to, the submission and processing of mine permit applications, the timing thereof and the timing of completion of environmental and engineering studies; the Company’s ability to renew the concessions for the Montagne d’Or project and to comply with the conditions thereof; economic analysis for the Montagne d’Or project and related exploration objectives and plans; the conversion of mineral resources into mineral reserves and the conversion of inferred mineral resources into higher resource classification categories; the Company’s objective of become an emerging gold producer; the acquisition of exploration projects including terms of acquisition, exploration or development plans, intentions to acquire additional exploration or development interests and the implications thereof; the production capacity and potential of future plant and equipment; future exploration and mine plans, objectives and expectations and corporate planning of the Company, future studies and environmental impact statements and the timetable for completion and content thereof and statements as to management’s expectations with respect to, among other things, the matters and activities contemplated in this news release.

Forward-looking statements are made based upon certain assumptions and other important factors that, if untrue, could cause the actual results, performance or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such statements. Such assumptions and analyses are made by the Company’s management in light of their experience and perception of historical trends, current conditions and expected future developments, as well as other factors management believes are reasonable and appropriate in the circumstances. All assumptions and analyses are those of the Company’s. There can be no assurance that such statements will prove to be accurate. Forward-looking statements are based on numerous assumptions regarding present and future business strategies, local and global economic conditions, and the environment in which the Company will operate in the future, including compliance by the Company with regulatory and permitting requirements applicable in French Guiana, the sufficiency of Company’s working capital; the Company’s ability to secure additional funding for the continued exploration and development of its properties; the price of gold and other metals; and the Company’s ability to retain key personnel. You are hence cautioned not to place undue reliance on forward-looking statements.

Certain important factors that could cause actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, political and economic risks in France, political and economic risks in French Guiana, risks related to the renewal applications for the Concessions and the possible outcomes thereof; possible negative outcomes of any appeals from the decision of the Administrative Court of Cayenne in French Guiana; regulatory risk including but not limited to unforeseen changes in regulatory requirements, the Company’s ability to enforce its contractual and other legal rights to explore and exploit its properties, risks related to exploration and development, permitting and licensing risk, the estimation of mineral resources and mineral reserves and related interpretations and assumptions, future profitability of the Company, the ability to obtain additional financing on a timely basis, the price of gold and marketability thereof, government regulations including with respect to taxes, royalties, land tenure and land use, title to the Company’s properties, currency exchange rates and fluctuations, environmental risks, dilution resulting from the issuance of additional securities of the Company, joint venture risks, reliance on Nord Gold plc as operator of the Montagne d’Or project, the availability of equipment, conflicts of interest, competition in the mining industry, uninsured risks, market fluctuations, global financial conditions, credit risk and risks arising from pandemics and epidemics such as the COVID-19 pandemic. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. These statements, however, are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements.

Readers are cautioned not to place undue reliance on forward-looking statements. By their nature, forward-looking statements involve numerous assumptions, inherent risks and uncertainties, both general and specific, which contribute to the possibility that the predicted outcomes will not occur. Events or circumstances could cause the Company’s actual results to differ materially from those estimated or projected and expressed in, or implied by, these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements are included in the “Risk Factors” section in Company’s annual information form dated December 15, 2021 for the year ended September 30, 2021 (“AIF”).

Readers are further cautioned that the list of factors enumerated in the “Risk Factors” section of the AIF that may affect future results is not exhaustive. When relying on the Company’s forward-looking statements and information to make decisions with respect to the Company, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Furthermore, the forward-looking statements and information contained herein are made as of the date of this document and the Company does not undertake any obligation to update or to revise any of the included forward-looking statements or information, whether as a result of new information, future events or otherwise, except as required by applicable law. The forward-looking statements and information contained herein are expressly qualified by this cautionary statement.

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SOURCE Orea Mining Corp.


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K2 Year in Review

Vancouver, British Columbia–(Newsfile Corp. – January 18, 2022) – K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) (FSE: 23K) ("K2" or the "Company") is…

Vancouver, British Columbia–(Newsfile Corp. – January 18, 2022) – K2 Gold Corporation (TSXV: KTO) (OTCQB: KTGDF) (FSE: 23K) (“K2” or the “Company“) is pleased to provide a 2021 annual review of progress.

Highlights:

The two most significant advancements at Mojave in 2021 were a 50% increase in the gold footprint, and the discovery of large zones of copper and base metals on the western margins of the property.

  • The Mojave property in California is progressing to the drill stage. The next phase of proposed drilling was submitted to the Bureau of Land Management (“BLM”) and is progressing through the necessary review process. The Company has applied for 30 drill sites (approximately 10,000m) which will infill and extend the footprint of gold mineralization previously drilled at the Dragonfly and Newmont targets in October 2020. The results of the next drilling programme will be incorporated into the current database to provide a preliminary gold resource estimation of the Eastern Target Area which will incorporate the Dragonfly, Remi and Newmont targets.
  • Through a comprehensive exploration program, the Company identified nine more areas of gold mineralization on the Eastern Target Zone expanding the anomalous geochemical surface expression from four to six kilometers in continuous strike length, an increase of thirty percent.
  • The 2021 exploration program was also successful in beginning to understand extensive areas of copper mineralization at the Stega target on the western side of the property.
    • Samples of up to 14.2% copper with mineralization associated with locally anomalous gold and silver.
    • The current surface expression of the Stega Copper Zone is up to 250m in width, 1.8km in length, and is open to the N-NW.
  • The relationship between the recently discovered sediment hosted copper sampled at surface, and possible buried intrusives/porphyries (identified by recent VTEMTM) is unclear at this time but spatially there appears to be a distinct and direct relationship.
  • The 360 Ha Morning Star property adjacent to Mojave was optioned from a private vendor. The property consists of a combination of patented and unpatented mining claims, the majority of which are unpatented. The geology is similar to Mojave, however, more mapping and interpretation is required to fully understand the mineralization style. The property has a valid drill permit. Previous drilling in the 80’s and 90’s on the property intersected grades up 3.7g Au over 38m (this figure is considered historical, the core is still available for review but the assay certificates from drilling have not been located).
  • Over the course of 2021 the Company has been actively pursuing prospective gold properties in Nevada and other states in southwestern USA. News on potential property additions are expected to be released in Q1 and Q2 2022.

Steve Swatton, President and CEO of K2, commented: “2021 was a pivotal year for K2. As the US’s government departments adjusted to the expectations of the new administration, we continued to advance the Mojave property as per the BLM guidelines. Our strategy was to continue exploration at Mojave while actively looking for complementary properties in other regions of the southwest US. The discovery of significant copper in addition to gold at Mojave was a welcomed development, particularly in light of the announcements throughout the year from the State Department that the government would like to source more critical metals from domestic sources. We have identified several mineral properties in other states, and we expect to be announcing agreements on one or more other projects in the short term as we await the BLMs decision on the timing of permitted drilling at Mojave.”

Please CLICK HERE to view all figures related to this news release.

Summary of 2021 Highlights:

March 2021 – Positive decision letter of completion of documents for Phase 2 of drilling delivered to K2 by the BLM.

April 2021 – The Company announced that based on a comprehensive rock sampling program the mineralization in the area of previous drilling (by Newmont, BHP and K2) was extended to approximately 1 km at surface.

May 2021 – Further sampling in the Dragonfly zone returned gold values of up to 14.5 g/t gold and both the Newmont and Flores zones were extended at surface. In addition to the known gold zone of previous drilling the company discovered sediment hosted copper in a parallel zone approximately 3km to the west. Extensive sampling recovered samples of up to 14.2% Cu from the Stega zone.

June 2021 – Additional sampling at Stega revealed that the mineralization is zoned with a distinct Cu, Pb and Zn banding occurring adjacent to a gold zone. Both zones are pervasive along a distinct north-west fault and the mineralization extends for approximately 6km by 1km.

August 2021 – K2 signed an option agreement to acquire the Morning Star property (formerly known as the Cerro Gordo property) for certain cash payments, work commitments and a 3% NSR of which 1.5% can be purchased by the Company.

November 2021 – Results of additional soil, rock and select ionic leach samples confirmed and extended mineralization at 4 zones (Stega, Soda Canyon, Upland Valley and Gold Valley). This information combined with previous work lead to the conclusion that the mineralization at the Mojave property is district wide and occurs intermittently over 100km2.

December 2021 – Announced results of a heli-borne electromagnetic VTEMTM survey. The interpretation of the results is highly suggestive of at least 2 or more buried intrusives that may be the source of the fluids that transported the mineralization at Mojave.

Qualified Person

Jodie Gibson, P.Geo, Vice President of Exploration and a Qualified Person under National Instrument 43-101, has reviewed and approved the technical information on this release.

About K2

K2 is a member of the Discovery Group of companies and has option agreements on projects in SW USA and the Yukon. In the USA, the Company is represented by its 100% subsidiary, Mojave Precious Metals Inc. (“MPM”). The Company is focused on the Mojave property in California, a 5,830-hectare oxide gold project with base metal targets. The location of Mojave enables the Company to have year-round news flow on multiple previously recognized surface gold targets that have been successfully drilled in the past by majors BHP and Newmont. Besides affording immediate drill targets based on the Company’s soil data integrated with LiDAR and Worldview-3 data, the property also has undrilled locations with gold enriched historical trench results including one at the Flores zone which recorded 8.4 g/t gold over 25.6m (see October 30, 2013 news release from Great Bear Resources Ltd.).

K2 and MPM are committed to transparency, accountability, environmental stewardship, safety, diversity and inclusion, and community engagement.

On behalf of the Board of Directors,

“Stephen Swatton”

President and CEO

K2 Gold Corporation.

For further information about K2 Gold Corporation or this news release, please visit our website at k2gold.com or contact Investor Relations Offices in Canada 604-653-9464, or in the USA at Lone Pine, California +1 (760) 614-5605 or by email at [email protected].

K2 Gold Corporation is a member of Discovery Group based in Vancouver, Canada. For more information please visit: discoverygroup.ca.

Cautionary Statement on Forward-Looking Statements

This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the exploration program at Mojave, including results of drilling, and future exploration plans at Mojave. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company’s inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company’s public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the “1933 Act”) or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.

NEITHER TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110731







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Ero Copper Reports Two Separate Fatal Incidents at its Operations

VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is deeply saddened…

VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) — Ero Copper Corp. (TSX: ERO, NYSE: ERO) (“Ero” or the “Company”) is deeply saddened to report that, in recent days, two separate and isolated incidents occurred at its operations resulting in fatal injuries being sustained by two employees. One incident occurred at the Company’s MCSA Mining Complex, and the second incident occurred at its NX Gold Mine. No other personnel were injured.

Following each incident, the Company voluntarily suspended each of its operations to allow for investigations to be conducted and for leadership to provide support for the employees’ families and affected staff. Since the incident at the MCSA Mining Complex late last week, mining and milling operations have resumed. Since the incident at the NX Gold Mine yesterday evening, operations have been suspended as part of a site-wide safety stop initiative and are expected to resume within the next 24 hours.

The Company is actively assisting in the investigation of these tragic incidents.

ABOUT ERO COPPER CORP

Ero Copper Corp, headquartered in Vancouver, B.C., is focused on copper production growth from the MCSA Mining Complex located in Bahia State, Brazil, with over 40 years of operating history in the region. The Company’s primary asset is a 99.6% interest in the Brazilian copper mining company, MCSA, 100% owner of the MCSA Mining Complex, which is comprised of operations located in the Curaçá Valley, Bahia State, Brazil, wherein the Company currently mines copper ore from the Pilar and Vermelhos underground mines, and the Boa Esperança development project, an IOCG-type copper project located in Pará, Brazil. The Company also owns 97.6% of the NX Gold Mine, an operating gold and silver mine located in Mato Grosso, Brazil. Additional information on the Company and its operations, including technical reports on the MCSA Mining Complex, Boa Esperança and NX Gold properties, can be found on the Company’s website (www.erocopper.com), on SEDAR (www.sedar.com), and on EDGAR (www.sec.gov).

ERO COPPER CORP.  
   
/s/ David Strang For further information contact:
David Strang, CEO Courtney Lynn, VP, Corporate Development & Investor Relations
  (604) 335-7504
  [email protected]

CAUTION REGARDING FORWARD LOOKING INFORMATION AND STATEMENTS

This press release contains “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and “forward-looking information” within the meaning of applicable Canadian securities legislation (collectively, “forward-looking statements”). Forward-looking statements include statements that use forward-looking terminology such as “may”, “could”, “would”, “will”, “should”, “intend”, “target”, “plan”, “expect”, “budget”, “estimate”, “forecast”, “schedule”, “anticipate”, “believe”, “continue”, “potential”, “view” or the negative or grammatical variation thereof or other variations thereof or comparable terminology. Such forward-looking statements include, without limitation, statements with respect to the expected restart of operations at the NX Gold Mine.

Forward-looking statements are not a guarantee of future performance and are based upon a number of estimates and assumptions of management in light of management’s experience and perception of trends, current conditions and expected developments, as well as other factors that management believes to be relevant and reasonable in the circumstances, as of the date of this press release. While the Company considers such assumptions to be reasonable, the assumptions are inherently subject to significant business, social, economic, political, regulatory, competitive, global health, and other risks and uncertainties, contingencies and other factors that could cause actual actions, events, conditions, results, performance or achievements to be materially different from those projected in the forward-looking statements. Many assumptions are based on factors and events that are not within the control of the Company and there is no assurance they will prove to be correct.

Furthermore, such forward-looking statements involve a variety of known and unknown risks, uncertainties and other factors which may cause the actual plans, intentions, activities, results, performance or achievements of the Company to be materially different from any future plans, intentions, activities, results, performance or achievements expressed or implied by such forward-looking statements. Such risks include, without limitation the risk factors listed under the heading “Risk Factors” in the Annual Information Form for the year ended December 31, 2020 and dated March 16, 2021.

Although the Company has attempted to identify important factors that could cause actual actions, events, conditions, results, performance or achievements to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events, conditions, results, performance or achievements to differ from those anticipated, estimated or intended.

There can be no assurance that forward-looking 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.

Forward-looking statements contained herein are made as of the date of this press release and the Company disclaims any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or results or otherwise, except as and to the extent required by applicable securities laws.

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ExGen Increases Common Share Private Placement to $2,850,000

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE…

NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

VANCOUVER, British Columbia, Jan. 18, 2022 (GLOBE NEWSWIRE) — ExGen Resources Inc. (TSX.V: EXG; OTC: BXXRF) (“ExGen”) is pleased to announce that, further to its news releases dated November 23, 2021 and January 14, 2022, the maximum gross proceeds of its non-brokered private placement offering of common shares in the capital of ExGen (“Offered Shares”) at a price of $0.10 per Offering Share has been increased to up to $2,850,000 (a maximum of 28,500,000 Offered Shares) (the “Private Placement”). The Private Placement is anticipated to close on or about January 28, 2022. The remainder of the terms of the Private Placement as set forth in the January 14, 2022 new release remain the same.

About ExGen Resources Inc.

ExGen, formerly Boxxer Gold Corp, is a project accelerator that seeks to fund exploration and development of our projects through joint ventures and partnership agreements. This approach significantly reduces the technical and financial risks for ExGen, while maintaining the upside exposure to new discoveries and potential cash flow. ExGen intends to build a diverse portfolio of projects across exploration stages and various commodity groups. ExGen currently has 5 projects in Canada and the US.
For more information on ExGen please contact ExGen Resources Inc.:

Jason Tong
Chief Financial Officer
Email: [email protected]
Phone: (604) 229-1238

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 news release.

This news release contains certain forward-looking information. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. In particular, this news release contains forward-looking information in relation to: the Private Placement, including, the magnitude of the Private Placement and the potential closing date of the Private Placement; and ExGen’s business model, goals and approach as a project accelerator, including ExGen’s intention to fund projects through joint ventures and partnerships, and its intention to diversify its portfolios of projects across exploration stages and commodity groups. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. This forward-looking information reflects ExGen’s current beliefs and is based on information currently available to ExGen and on assumptions ExGen believes are reasonable. These assumptions include, but are not limited to: the current share price of ExGen’s common shares; TSXV acceptance and market acceptance of the Private Placement; ExGen’s current and initial understanding and analysis of its projects; ExGen’s general and administrative costs remaining constant; market acceptance of ExGen’s business model, goals and approach; the availability of potential acquisitions and prices acceptable to ExGen; and the feasibility and reasonableness of conducting exploration on and developing any of ExGen’s projects. Forward-looking information is subject to known and unknown risks, uncertainties and other factors which may cause the actual results, level of activity, performance or achievements of ExGen to be materially different from those expressed or implied by such forward-looking information. Such risks and other factors may include, but are not limited to: there is no certainty that the ongoing work programs will result in significant or successful ‎exploration and development of the Empire Mine Project, or other projects, or development of the Empire Mine Project into a producing mine; uncertainty as to ‎the actual results of exploration and development or operational activities; uncertainty as to the availability and terms of ‎future financing on acceptable terms; uncertainty as to timely availability of permits and other governmental approvals; ExGen may not be able ‎to comply with its ongoing obligations regarding its properties including the Empire Mine Project; the early stage development of ExGen and its projects; general business, economic, competitive, political and social uncertainties; capital market conditions and market prices for securities, junior market securities and mining exploration company securities; commodity prices, in particular copper, gold, silver and zinc prices; the actual results of current exploration and development or operational activities; competition; changes in project parameters as plans continue to be refined; accidents and other risks inherent in the mining industry; lack of insurance; delay or failure to receive board or regulatory approvals; changes in legislation, including environmental legislation or income tax legislation, affecting ExGen; conclusions of economic evaluations; and lack of qualified, skilled labour or loss of key individuals. A description of additional risk factors which may cause actual results to differ materially from forward-looking information can be found in ExGen’s disclosure documents on the SEDAR website at www.sedar.com. Although ExGen 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. Accordingly, readers should not place undue reliance on forward-looking information. ExGen does not undertake to update any forward-looking information except in accordance with applicable securities laws.

 

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