Abitibi Royalties Notifies Shareholders of Updated Canadian Malartic Reserve and Resource Estimate
VAL-D'OR, QUÉBEC -- Aug. 22, 2014 - Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") announces that Agnico-Eagle Mines Limited and Yamana Gold Inc. have filed an updated NI 43-101 Reserve and Resource estimate for the Canadian Malartic mine on August 13th, 2014 (can be found on www.sedar.com). The Malartic CHL property, where Abitibi Royalties holds a 30% free carried interest to production and the Gouldie Zone, where the Company has a 2% NSR on a portion of the zone, were included in the Technical Report. Due to pending litigation by Abitibi Royalties in order to execute a Right of First Refusal on the Malartic CHL property, Agnico-Eagle and Yamana have reclassified Osisko's previously stated portion of the Reserves to Resources for the Malartic CHL property.
Upon receiving and reviewing the data from Agnico-Eagle and Yamana, the Company will determine if any changes are required to Abitibi Royalties' Reserves and Resources.
Abitibi Royalties last reported Reserves and Resources for the Malartic CHL property and the Gouldie Zone on March 28, 2014. The news release can be found by clicking here.
About Abitibi Royalties Inc.
Abitibi Royalties holds a 30% free-carried interest on the Malartic CHL Property near Val-d'Or, Québec, located beside the Canadian Malartic mine. In addition, the Company holds a 2% NSR on portions of the Gouldie and Charlie zones at the Canadian Malartic mine and 100% title to the Luc Bourdon and Bourdon West Prospects in McFauld's Lake, Ontario.
Golden Valley Mines and Rob McEwen hold approximately 58.8% and 9.3% interest in Abitibi Royalties, respectively.
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.
Abitibi Royalties Inc.
Ian J. Ball