TORONTO, Oct. 22, 2019 /CNW/ - Orefinders Resources Inc.
("Orefinders" or the "Company") (ORX:TSX.V) is pleased to announce
that Mistango River Resources ("Mistango") (MIS:CSE) shareholders
have elected Orefinders entire nominee slate, including
Stephen Stewart, Alexander Stewart, Charles Beaudry and Gautam Narayanan, as the new Board of Directors
("New Board") for Mistango, thereby replacing the incumbent
Mistango Board.
Orefinders owns 11.85 million shares of Mistango and is very
pleased with this development as it believes the New Board will
unlock substantial value as Mistango refocuses its efforts on its
Omega Project in Kirkland Lake.
The Omega Project hosts an indicated gold resource of 219,808
ounces at 1.39 gpt gold and an inferred gold resource of 365,400
ounces at 2.43 gpt gold, totaling over 585,000 ounces along the
prolific Cadillac-Larder Lake Break.
Omega Project in Kirkland Lake Resource
Estimate
Cut-off
Grade
|
Classification
|
Tonnes
(Mt)
|
Gold
(gpt)
|
Contained
Gold
(ounces)
|
0.5 gpt above 130
masl
|
Indicated
|
4.92
|
1.39
|
219,438
|
3.0 gpt below 130
masl
|
Indicated
|
0.003
|
3.19
|
370
|
|
|
|
Total
Indicated
|
219,808
|
0.5 gpt above 130
masl
|
Inferred
|
3.35
|
1.8
|
190,900
|
3.0 gpt below 130
masl
|
Inferred
|
1.34
|
4.0
|
174,500
|
|
|
|
Total
Inferred
|
365,400
|
Mistango's New Board was confirmed at its Annual General Meeting
on October 1, 2019 and will assume
control of Mistango effective immediately. The New Board will
communicate directly with Mistango shareholders and be forthcoming
with its plan in the near term and all shareholders are encouraged
to reach out directly.
About Orefinders Resources Inc.
Orefinders is a Gold
exploration and development company focused in the Kirkland Lake District of Ontario's Abitibi Greenstone Belt. The Company
is listed on the Toronto Venture Exchange under the symbol ORX.
Neither 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. Certain information in this press release may contain
forward-looking statements. This information is based on current
expectations that are subject to significant risks and
uncertainties that are difficult to predict. Actual results might
differ materially from results suggested in any forward-looking
statements. Orefinders' assumes no obligation to update the
forward-looking statements, or to update the reasons why actual
results could differ from those reflected in the forward
looking-statements unless and until required by securities laws
applicable to Orefinders. Additional information identifying risks
and uncertainties is contained in filings by Orefinders with
Canadian securities regulators, which filings are available under
Orefinders' profile at www.sedar.com
SOURCE Orefinders Resources Inc.