Coronet Enters Into Exclusive LOI to Negotiate Agreement to purchase Dixie Queen Gold Mine
June 29 2016 - 11:02AM
Coronet Metals Inc. (TSX-V:CRF) (FWB:2CM) (OTCPink:CORMF)
(“Coronet” or “the Company”) is pleased to announce that the
Company has entered into an exclusive letter of intent (“LOI”) with
Mr. Jim Parks to acquire 60% of the Dixie Queen Gold Mine, also
known as the Newell Prospect, in Cabarrus Country, North Carolina.
The Dixie Queen Gold Mine (“Dixie Queen”) is
located on private land and 100% owned by Mr. Parks. The mine lies
in the Charlotte belt of the North Carolina Piedmont about 20 miles
east of Charlotte. The known metalliferous deposits in Charlotte
belt rocks in the general vicinity of the Dixie Queen, consist
primarily of gold, but other metals have been produced, notably
copper and tungsten, largely as by-products of gold mining.
There is initial small scale production on the
property, using crushing and water gravity methods to recover the
free gold from the ore mined from the exposed vein systems. The
plan is to carefully assess current and future mine plans and to
involve Coronet’s experienced mining team to get the project into
commercial production.
Coronet has evaluated several historical reports
on the property, and the evaluation of the property is very
positive and could form a strong foundation for the preparation of
a NI 43-101 report, subject to further due diligence.
Mr. Theo van der Linde, President of Coronet
states: “The Dixie Queen Gold Mine is a perfect strategic fit with
Coronet’s business plan which calls for the company to focus on
near term cash flow-opportunities and exploration upside. The Dixie
Queen Mine is on private land, located right here in North America,
and situated in a mining-friendly jurisdiction. Best of all,
this project also strongly positions Coronet to build its portfolio
of gold assets.”
The closing of the proposed acquisition is
subject to satisfactory due diligence by Coronet, the completion
and execution of the appropriate formal documentation with Coronet
and the vendor and the acceptance for filing of the transaction by
the TSX Venture Exchange, if required. There can be no
assurance that the transaction will proceed as proposed or at
all.
About Coronet Metals
Coronet Metals Inc. is engaged in the business
of acquiring, exploring and developing natural resource properties,
with a focus on precious mineral properties/projects which have the
potential for both near-term cash flow and significant exploration
upside potential. Coronet's White Caps Gold Project
is near the town of Manhattan in Northern Nye County. The
Project is well in line with its strategy of acquiring
precious metals mining projects which have the potential for both
near-term cash flow and exploration upside.
The Company has launched a fresh new web site so
please visit www.coronetmetals.com for more information on the
project, the history of the area and up to date information
regarding its near-term plans, execution and strategy.
Forward Looking Information
This news release contains forward-looking
statements and other statements that are not historical facts.
Forward-looking statements are often identified by terms such as
"will", "may", "should", "anticipate", "expects" and similar
expressions. All statements other than statements of historical
fact included in this release are forward-looking statements that
involve risks and uncertainties. There can be no assurance that
such statements will prove to be accurate and actual results and
future events could differ materially from those anticipated in
such statements. Important factors that could cause actual results
to differ materially from the Company’s expectations are risks
detailed from time to time in the filings made by the Company with
securities regulations.
The reader is cautioned that assumptions used in
the preparation of any forward-looking information may prove to be
incorrect. Events or circumstances may cause actual results to
differ materially from those predicted, as a result of numerous
known and unknown risks, uncertainties, and other factors, many of
which are beyond the control of the Company. As a result, the
Company cannot guarantee that any forward-looking statement will
materialize and the reader is cautioned not to place undue reliance
on any forward-looking information. Such information, although
considered reasonable by management at the time of preparation, may
prove to be incorrect and actual results may differ materially from
those anticipated. Forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
The forward-looking statements contained in this news release are
made as of the date of this news release and the Company will only
update or revise publicly any of the included forward-looking
statements as expressly required by Canadian securities law.
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.
FOR FURTHER INFORMATION AND ENQUIRIES:
Theo van der Linde
President and CFO
Tel: +1 604-336-3193
Email: tvanderlinde@coronetmetals.com
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