West Red Lake Gold Clarifies and Confirms Madsen Property has Mineral Resources but not Reserves
May 10 2024 - 8:02PM
West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or
“WRLG” or the “Company”) (TSXV: WRLG) (OTCQB: WRLGF)
announced today that, as a result of a review by the British
Columbia Securities Commission, the Company is issuing the
following news release to clarify certain information.
In an email circulated on behalf of the Company,
certain disclosure was made regarding mineral reserves. The Company
retracts such statements and any other disclosure that suggests the
Madsen property has mineral reserves. The Company wishes to clarify
that the property has only mineral resources (as defined under NI
43-101), as noted in its technical report titled “Independent NI
43-101 Technical Report and Updated Mineral Resource Estimate for
the Pure Gold Mine, Canada” dated June 19, 2023, and amended April
24, 2024 (the “Madsen Mine Technical Report”). The
Madsen Mine Technical Report is filed under the Company’s profile
on SEDAR+ at www.sedarplus.ca.
About West Red Lake Gold Mines
West Red Lake Gold Mines Ltd. is a mineral
exploration company that is publicly traded and focused on
advancing and developing its flagship Madsen Gold Mine and the
associated 47 km2 highly prospective land package in the Red Lake
district of Ontario. The highly productive Red Lake Gold District
of Northwest Ontario, Canada has yielded over 30 million ounces of
gold from high-grade zones and hosts some of the world’s richest
gold deposits. WRLG also holds the wholly owned Rowan Property in
Red Lake, with an expansive property position covering 31 km2
including three past producing gold mines – Rowan, Mount Jamie, and
Red Summit.
On behalf of West Red Lake Gold Mines Ltd.
Shane Williams
President & Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Freddie Leigh
Tel: (604) 609-6132
Email: investors@westredlakegold.com or visit the
Company’s website at https://www.westredlakegold.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 for the adequacy or
accuracy of this release.
Forward looking information
Certain statements contained in this news
release may constitute “forward-looking information” within the
meaning of applicable securities laws. Forward-looking information
generally can be identified by words such as “anticipate”,
“expect”, “estimate”, “forecast”, “planned”, and similar
expressions suggesting future outcomes or events. Forward-looking
information is based on current expectations of management;
however, it is subject to known and unknown risks, uncertainties
and other factors that may cause actual results to differ
materially from the forward-looking information in this news
release and include without limitation, statements relating to the
closing of the Offering, the exercise of the over-allotment option
and the expected closing date of the Offering. Readers are
cautioned not to place undue reliance on forward-looking
information.
Forward‐looking information involve numerous
risks and uncertainties and actual results might differ materially
from results suggested in any forward-looking information. These
risks and uncertainties include, among other things, market
volatility; the state of the financial markets for the Company’s
securities; fluctuations in commodity prices and changes in the
Company’s business plans. Forward-looking information is based on a
number of key expectations and assumptions, including without
limitation, that the Company will continue with its stated business
objectives and its ability to raise additional capital to proceed.
Although management of the Company has attempted to identify
important factors that could cause actual results to differ
materially from those contained in forward-looking information,
there may be other factors that cause results not to be as
anticipated, estimated or intended. There can be no assurance that
such forward-looking information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such forward-looking information. Accordingly,
readers should not place undue reliance on forward-looking
information. Readers are cautioned that reliance on such
information may not be appropriate for other purposes. Additional
information about risks and uncertainties is contained in the
Company’s management’s discussion and analysis for the year ended
November 30, 2023, and the Company’s annual information form for
the year ended November 30, 2023, copies of which are available on
SEDAR+ at www.sedarplus.ca.
The forward-looking information contained herein
is expressly qualified in its entirety by this cautionary
statement. Forward-looking information reflects management’s
current beliefs and is based on information currently available to
the Company. The forward-looking information is made as of the date
of this news release and the Company assumes no obligation to
update or revise such information to reflect new events or
circumstances, except as may be required by applicable law.
For more information on the Company, investors
should review the Company’s continuous disclosure filings that are
available on SEDAR+ at www.sedarplus.ca.
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