Abitibi Royalties Provides Update On Two Royalties Near Lapa Mine & Pandora Project In Québec
Val-d’Or, Québec, February 18th, 2016 (RZZ-TSX-V: “Abitibi Royalties” or the “Company”) announces that further to its press release dated December 14, 2015, the Company has amended the two letters of intent to reflect Integra Gold Corp.’s ownership in certain claims that make up the Bogside, Bogside NW and Riverside prospects. All other terms remain the same as previously disclosed.
As Abitibi Royalties has been a majority owned (currently 51.3%) subsidiary of Golden Valley since the reorganization of Golden Valley’s assets in July 2011, the two NSR transactions constitute related party transactions pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 – Protection of Minority Security Holders in Special Transactions and are subject to acceptance by the TSX Venture Exchange.
No finder’s fees are payable in connection with the two NSR transactions.
About Abitibi Royalties
Abitibi Royalties holds a 3% NSR on the Odyssey North discovery, Jeffrey Zone and the eastern portion of the Barnat Extension and a 2% NSR on portions of the Gouldie and Charlie zones all at the Canadian Malartic mine near Val-d’Or, Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines and it holds 100% title to the Luc Bourdon and Bourdon West Prospects in the Ring of Fire, Ontario. The Company owns 3,549,695 shares of Yamana Gold and 444,197 shares of Agnico Eagle Mines.
Golden Valley Mines and Rob McEwen hold approximately 51.3% and 8.7% interest in Abitibi Royalties, respectively.
For additional information, please contact:
Ian J. Ball – President and CEO
2864 chemin Sullivan
Val-d’Or, Québec J9P 0B9
Forward Looking Statements:
This news release contains certain statements that may be deemed “forward-looking statements”. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.
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.