ROUYN-NORANDA, QC, March 26, 2015 /CNW Telbec/
- Visible Gold Mines Inc. (TSXV: VGD)
(Frankfurt: 3V4) is pleased to announce that an aggregate
of 14,583,333 common share purchase warrants (the "Warrants")
held by McEwen Mining and Goodman Gold Trust have been exercised at
a price of $0.10 per common share,
for aggregate proceeds to Visible Gold Mines of $1,458,333. Visible Gold Mines issued a total of
14,583,333 Warrants on October 27,
2014 in connection with an equity financing, which Warrants
will expire on April 27,
2016. Following the exercise of these Warrants, there are no
warrants outstanding other than 2,043,795 broker warrants.
"The exercise of these Warrants represents a strong vote of
confidence from McEwen Mining and Goodman Gold Trust and, following
the recent private placement with them, puts Visible Gold Mines on
a strong footing to advance exploration on its 167 Project in the
James Bay area. With a drill
program already underway, this promises to be an exciting year for
Visible Gold Mines." stated Martin
Dallaire, President and Chief Executive Officer of Visible
Gold Mines.
Visible Gold Mines will use the proceeds from the exercise of
the Warrants for exploration on its properties in Québec and for
working capital purposes.
As a result of the exercise of the Warrants, there are
94,726,678 common shares of Visible Gold Mines issued and
outstanding on a non-diluted basis.
Diamond drilling update
The following table shows each hole number, its location, its
status and the core location. Furthermore, the table indicates
if the core has been logged, split and sent to the laboratory.
DDH
|
ZONE
|
LENGTH
(M)
|
STATUS
|
CORE
LOCATION
|
LOG
|
CORE SPLIT
|
ASSAYS
|
167-15-01
|
KM107
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Yes
|
167-15-02
|
KM107
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Yes
|
167-15-03
|
KM107
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Yes
|
167-15-04
|
KM107
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Yes
|
167-15-05
|
KM143
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Yes
|
167-15-06
|
KM144
|
252
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-07
|
KM147
|
204
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-08
|
KM147
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-09
|
KM150
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-10
|
KM155
|
300
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-11
|
KM150
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-12
|
KM150
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-13
|
KM160
|
201
|
Completed
|
Coreshack
|
Yes
|
Yes
|
Pending
|
167-15-14
|
KM152
|
201
|
Completed
|
Coreshack
|
Yes
|
No
|
No
|
167-15-15
|
KM107
|
201
|
Completed
|
Coreshack
|
Yes
|
No
|
No
|
167-15-16
|
KM107
|
201
|
Completed
|
Coreshack
|
Yes
|
No
|
No
|
167-15-17
|
KM107
|
201
|
Completed
|
Coreshack
|
No
|
No
|
No
|
167-15-18
|
KM107
|
225
|
Completed
|
Coreshack
|
No
|
No
|
No
|
167-15-19
|
KM107
|
201
|
Completed
|
Coreshack
|
No
|
No
|
No
|
167-15-20
|
KM107
|
201
|
Completed
|
Coreshack
|
No
|
No
|
No
|
Although anomalous values for gold, silver, copper and zinc have
been obtained, no economic intersection have been located in the
first five holes.
Qualified Persons
Mr. Martin Dallaire, P.Eng.,
President and Chief Executive Officer of Visible Gold Mines, is the
qualified person on the 167 Project exploration information
presented in this press release under National Instrument 43-101
Standards of Disclosure for Mineral Projects, is also
responsible for the technical contents of this press release and
has approved the disclosure of the technical information contained
herein. The data verification was conducted by Jeannot Theberge, P.Geo. under the supervision
of Martin Dallaire, P.Eng.
Quality Control
Visible Gold Mines has implemented and adheres to a strict
Quality Assurance/Quality Control for the current drill
programs. It includes one mineralized gold standard, one
duplicate and one blank for each batch of samples. Analyses are
performed by ALS Chemex, Val-d'Or,
Québec, or Techni-Lab, Ste-Germaine-Boulé, Québec, both accredited
laboratories.
About 167 Project
In 2011, when the Québec Government launched its ambitious Plan
Nord project to develop Québec's north, including the construction
of a 243 kilometre-long all-season road that links
Stornoway's Renard Diamond project
to the provincial highway network, Visible Gold Mines' management
decided to acquire the available mining rights along each side of
the new road in order to have access to new outcrops and strippings
generated by the road construction. Visible Gold Mines acquired
claims by acquisition and staking and so the 167 Project was born.
Out of the 140 kilometres of new road available for mining
exploration (the first 102 kilometres are in a planned provincial
park), Visible Gold Mines owns mining right along more than 110
kilometres of the 167 provincial road. The road has been completed
since October 1, 2014 at a
construction cost of approximately $350
million. The 167 Project is 100% owned by Visible Gold Mines
and represents with recent acquisitions up to 61,178 hectares or
611 km2.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic corporation aggressively
searching for the next important gold deposit in the province of
Québec, an area consistently ranked as one of the world's best
jurisdictions for mining and exploration.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Visible Gold Mines, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the development of
the 167 Project, or if any of them do so, what benefits Visible
Gold Mines will derive. Forward-looking information are based
on information available at the time and/or management's good-faith
belief with respect to future events and are subject to known or
unknown risks, uncertainties, assumptions and other unpredictable
factors, many of which are beyond Visible Gold Mines' control.
These risks, uncertainties and assumptions include, but are not
limited to, those described under "Financial Risk Management
Objectives and Policies, and Financial Risks" in Visible Gold
Mines' Annual Report for the fiscal year ended on
July 31, 2014, a copy of which is available on SEDAR at
www.sedar.com, and could cause actual events or results to differ
materially from those projected in any forward-looking statements.
Visible Gold Mines does not intend, nor does Visible Gold Mines
undertake any obligation, to update or revise any forward-looking
information contained in this news release to reflect subsequent
information, events or circumstances or otherwise, except if
required by applicable laws.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of theTSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of the release.
SOURCE Visible Gold Mines Inc.