ROUYN-NORANDA, QC, Feb. 3, 2016 /CNW Telbec/ - Visible Gold Mines
Inc. (TSXV: VGD) (Frankfurt: 3V4) would like to report
that it has received a cash payment of $750,000 from Revenu Quebec. The payment
represents the Quebec mineral
exploration tax credit relating to the company's 2015 exploration
expenditures including expenditures made on its Project 167 located
in James Bay. Eligible exploration
expenditures on the company's Quebec properties qualify for a refundable
provincial tax credit between 28% and 31%. With receipt of the 2015
tax credit the Company currently has a cash reserve of
approximately $1.5 million including
the recent flow-through financing (December
2015) and no debt.
Drilling resumes in James
Bay
Visible Gold Mines is pleased to announce that its geological
team and drill crews have been mobilized to its Project 167 for the
2nd phase of diamond drilling. The objective of this
phase 2 winter diamond drill exploration program is to test
recently identified induced polarization targets on the property's
Central Block. Chibougamau Diamond Drilling Ltd of Chibougamau, Québec has been engaged to
conduct the current drilling campaign.
Visible Gold Mines is pleased to report that the assay results
from its previously-announced five hole drilling program totalling
966 metres on the North Block of its Project 167 have been
received. Of these, 2 drill holes, 167-15-23 and 167-15-25,
intersected anomalous gold values. 167-15-23, intersected a
mineralized quartz vein in a mudstone that returned 0.356 g/t
over 0.29m and hole 167-15-25 a vein containing pyrite,
pyrrhotite and arsenopyrite in sedimentary rock that returned 0.242
g/t over 0.40m.
Annual and special meeting of shareholders
Visible Gold Mines announces the voting results from its annual
and special meeting of shareholders. At the meeting held on
January 29, 2016, the shareholders
elected Martin Dallaire,
Sylvain Champagne, Pierre Vézina and
Sébastien Bellefleur as directors of the Corporation. The total
number of shares voted by shareholders present in person or
represented by proxy at the Meeting was 50,426,051, representing
50.22% of the Corporation's outstanding shares at the record date
(December 14, 2015). Following the
shareholders' meeting, the Board of Directors re-appointed
Martin Dallaire as President and
Chief Executive Officer of the Corporation, Sylvain Champagne as Secretary and Chief
Financial Officer of the Corporation and Robert Sansfaçon as Vice
President Exploration of the Corporation.
In addition, shareholders also approved resolutions ratifying
and confirming the Corporation's stock option plan and
re‑appointing Raymond Chabot Grant Thornton LLP, Chartered
Professional Accountants, as the auditors of the Corporation.
The Board of Directors has granted stock options in respect of
950,000 common shares to its directors. The options were granted
pursuant to Visible Gold Mines' Stock Option Plan. The
exercise price of the options is $0.05. The options expire in ten years.
Qualified Persons
Mr. Martin Dallaire, P.Eng.,
President and Chief Executive Officer of Visible Gold Mines, is the
qualified person on the Project 167 information presented in this
press release under National Instrument 43-101 Standards of
Disclosure for Mineral Projects, is 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 exploration
program. 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 Plan Nord Project 167
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 Project 167 was born.
Out of the 140 kilometres of new road available for mining
exploration (the first 102 kilometres are a planned provincial
park), Visible Gold Mines owns more than 110 kilometres. The 167
provincial road was completed in October 2014 at a
construction cost of approximately $350 million. The Project
167 is 100% owned by Visible Gold Mines, with the exception of 80
mining claims comprising the North Block, in which Visible Gold
Mines currently has a 90% interest. The Project 167 covers
approximately 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 Project 167, 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, 2015, 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 the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of the release.
SOURCE Visible Gold Mines Inc.