Provenance Gold Granted Option to Acquire White Rock Gold Prospect in Nevada
PROVENANCE GOLD CORP.
Suite 2200, 885 West Georgia Street Vancouver, British Columbia V6C 3E8 www.provenancegold.com
NEWS RELEASE
Provenance Gold Granted Option to Acquire White Rock Gold Prospect in Nevada
Provenance Gold Corp. (CSE: PAU) (FSE: 3PG) (the “Company”) through its wholly-owned subsidiary, Provenance Gold USA, has signed an agreement in which it has been granted an option to acquire 100 percent of the White Rock gold property from Nevada Select Royalty Inc. (“Nevada Select”), a subsidiary of Ely Gold Royalties Inc. (TSXV: ELY). The four-year agreement allows the Company to acquire the property in consideration for a series of cash-payments to Nevada Select totaling $250,000, of which the Company has completed an initial payment of $10,000. Nevada Select will retain a two percent NSR royalty on production from the property, following the exercise of the option.
The property was historically explored by four companies who drilled 65 holes and conducted local soils sampling. Although most of the historic exploration intersected persistent and thick gold intervals, at the time gold prices were low and the companies sought higher gold grades than are normally being mined today. Additionally, the gold mineralization controls were poorly understood and strong gold intercepts along control structures were not followed up on.
The Company has evaluated and reinterpreted all available historic information on the property. Based on this historical information the Company believes the property contains a large, shallow gold resource that would be economic today, especially if historically intersected higher-grade gold structures are expanded by in-fill drilling. The Company plans a geological mapping and sampling program over the next three months, followed by confirmation and fill-in drilling.
Rauno Perttu, P. Geo., a Qualified Person (as defined by National Instrument 43-101), and the Chief Executive Office of the Company, has reviewed and approved the technical contents of this New Release.
On behalf of the Board,
Provenance Gold Corp.
Rauno Perttu, Chief Executive Officer
Neither the Canadian Securities Exchange, nor its regulation services provider, accepts responsibility for the adequacy or accuracy of this press release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this news release, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similar words or expressions identify forward-looking statements or information. These forward-looking statements or information may relate to proposed activities at the White Rock gold project, and other factors or information. Such statements represent the Company’s current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward- looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.