Eskay Provides Update
April 08 2014 - 8:30AM
Marketwired
Eskay Provides Update
TORONTO, ONTARIO--(Marketwired - Apr 8, 2014) - Eskay Mining
Corp. ("Eskay" or the "Company") (TSX-VENTURE:ESK) -
Mac Balkam, CEO of
Eskay reports that several existing shareholders have exercised
existing share purchase warrants at $0.10 to provide the Company
with $146,600 of additional working capital. The Company will
utilize the proceeds for general corporate purposes. No commissions
were paid on this transaction. The Company thanks those
shareholders as this provides Eskay with sufficient working capital
for the short term.
Eskay is currently
seeking a joint venture partner to explore our 130,000 acre project
in NW British Columbia's Golden Triangle. The project is adjacent
to those of Seabridge Gold with the Deep Kerr deposit and Pretium
Resourses with the Valley of the Kings high grade deposit. On the
north portion of the project, we surround the now closed Eskay
Creek mine of Barrick Gold which ceased production in 2008.
Work this season
will include completing the 3D data compilation by Mira Geoscience
of Vancouver. The new modeling will include available geological
data from neighboring projects. After reviewing all geological data
to date, management and its consultants concluded that previous
exploration on the project only focused on one geological model,
being the Eskay Creek VMS high grade mine model. As a result,
little work tested other geological structures or tested any deeper
known older rocks which host the deposits at Deep Kerr and Valley
of the Kings. Areas on the Corey project where outcrop grab samples
were previously reported with 3 and 5.5 ounces of gold per ton
respectively have never been researched or drilled. The new
modeling will incorporate new ideas from other neighboring deposit
models not investigated on the Eskay ground. It is very clear that
the geological models of Seabridge and Pretium are different from
the Eskay Creek Mine and deserve a thorough explanation as to the
sources of metals occurring on surface. The Valley of the Kings
deposit was only discovered in 2009 after that project had been
explored since the early 1960's. New interpretation of the geology
led to that discovery. The same is true for the Deep Kerr deposit
of Seabridge. Both stories may be viewed on the respective
corporate web sites for Pretium and Seabridge.
Following the
completion of the 3D model, the Company intends to revisit the
project to map plans for ultimate drilling of many untested targets
both near surface and at depth. Investors are advised that there is
no guarantee that a joint venture partner will be identified in the
near term. However, management is of the belief that success by
neighboring projects will bring necessary interest from potential
partners.
Investors are
advised to view Eskay's Corporate Presentation on our web site at
www.eskaymining.com.
James Rogers, P.
Geo., a consultant to the Company, is a Qualified Person under the
definition of National Instrument 43-101. Mr. Rogers has reviewed
and approved the technical information in this press release.
About Eskay Mining
Corp:
Eskay Mining
Corp (TSX-VENTURE:ESK) is a TSX Venture Exchange listed company,
headquartered in Toronto, Ontario. Eskay is an exploration company
focused on the exploration and development of precious and base
metals in British Columbia in a highly prolific, poly metallic area
known as the Eskay Rift Belt located in the "Golden Triangle", 70km
northwest of Stewart, BC. The company currently holds mineral
tenures in this area comprised of 177 claims (130,000
acres).
All material
information on the Company may be found on its website at
www.eskaymining.com and on SEDAR at www.sedar.com.
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 of the adequacy or accuracy of this
release.
Mac BalkamPresident & Chief Executive Officer416 907
6151macbalkam@aol.com
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