|By Marketwired .
|June 26, 2014 09:15 AM EDT
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 06/26/14 -- Expedition Mining Inc. (TSX VENTURE: EXU) (the "Company") reports it has signed an agreement with 0909189 B.C. Ltd. to acquire all of the outstanding shares of 0909189 B.C. Ltd. by issuing one share of Expedition Mining for each share of 0909189 B.C. Ltd. and paying the sum of CDN $125,000 to 0909189 B.C. Ltd. 0909189 B.C. Ltd. presently has six million shares issued and outstanding. The agreement allows the Company to review the results of the current exploration and drilling on two properties. After viewing the results, the Company has the right to cause 0909189 B.C. Ltd. to exercise its options as to one or both of two properties or to terminate the agreement and forfeit the CDN $125,000 as a breakup fee.
0909189 B.C. Ltd. has options on two properties in Burkina Faso, West Africa. Each property has an area of approximately 100 square kilometres.
The first, known as the Pouni property, is in the Boromo Greenstone Belt in Western Burkina Faso. Work performed by previous operators includes geochemical and geophysical surveys and a recent Rotary Air Blast drill program comprising 1002 metres in 23 holes. The Pouni property also has seen extensive and current artisanal gold mining activity. 0909189 B.C. Ltd. has, during May and June of this year, collected and assayed numerous gold surface samples and has completed six core drill holes totaling 539.4 metres on targets on the Pouni property. Assays of this material are currently being tested at ALS Laboratory in Burkina Faso, with assay results pending.
0909189 B.C. Ltd. has the right to acquire a 100% interest in the Pouni property subject to the following conditions:
1. Payment to the optionor of US $30,000, on or before July 7, 2014
2. Payment of a further US $75,000, on June 30, 2015
3. Payment of a further US $125,000, on June 30, 2016
4. Payment of a further US $1 million, on June 30, 2017
5. Payment to the optionor of a 2% NSR on any commercial mineral production on net sales of minerals from the property.
The second, known as the Kadjoa property, is in the Gnagna greenstone belt in Eastern Burkina Faso. Work performed by previous operators includes geochemical surveys and general prospecting. The property also has seen extensive and current artisanal gold mining activity. 0909189 B.C. Ltd. has, during May and June of this year, collected and assayed numerous surface samples and has completed five core drill holes totaling 162.2 metres on targets on the Kadjoa property. Samples have been submitted for assaying at ALS Laboratory in Burkina Faso with assay results currently pending.
0909189 B.C. Ltd. has the right to acquire a 100% interest in the Kadjoa property subject to the following conditions:
1. Payment to the optionor of US $25,000, on or before August 5, 2014
2. Payment of a further US $50,000, on July 30, 2015
3. Payment of a further US $100,000, on July 30, 2016
4. Payment of a further US $1 Million, on July 30, 2017
5. Payment to the optionor of a 2% NSR on any commercial mineral production based on net sales of minerals from the property.
Subject to the TSX Venture Exchange approval, Expedition will proceed with a placement of up to 10 million shares at $0.05 per share, post consolidation. Proceeds of that offering will be used to fund work on one or both Burkina Faso properties and for general working capital.
Expedition Mining Inc. (TSX VENTURE: EXU) is a publicly held Canadian exploration company focused on acquiring, exploring and developing gold properties located in favourable geo-political climates. The company is led by a highly skilled, experienced board and management team with significant successes in managing early stage mineral exploration companies. For additional information concerning Expedition Mining Inc. or its various exploration projects please visit Expedition's website at www.expeditionmining.com.
CAUTION REGARDING FORWARD LOOKING STATEMENTS:
This news release contains "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "can", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Expedition Mining to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks related to the exploration and potential development of any of its properties, the actual results of current exploration activities, conclusions of economic evaluations, changes in project parameters as plans continue to be refined, future prices of gold. Although Expedition Mining has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Expedition Mining does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.
ON BEHALF OF THE BOARD:
Ronald Atlas, President & Chairman of the Board
Expedition Mining Inc.
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.
Standard & Poor's Listed
Issued Share Capital: 11,667,367
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