Advance Gold Acquires 100% Interest in Tabasquena Silver Mine in Zacatecas, Mexico
Vancouver, British Columbia--(Newsfile Corp. - September 11, 2017) - Advance Gold Corp. (TSXV: AAX) ("Advance" or "the Company") is pleased to announce that, upon regulatory approval, its wholly owned Mexican subsidiary, Advance Gold S.A. de C.V., ("Advance Mexico") will acquire a 100% interest in the Tabasquena Silver Mine in Zacatecas, Mexico (the "Mining Concessions").
Allan Barry Laboucan, President and CEO of Advance said; "We have been able to position ourselves in a silver project that remains open for exploration, in one of the most prolific silver districts worldwide. In fact, we share the same geological structure as several important Mexican mines. Our vending partners, who will become significant shareholders in the company, will retain an NSR and will help us develop the Tabasquena project as they bring local knowledge and experience needed for permitting, community relations and geological understanding. Our vending partners are key to rapidly advancing the Tabasquena project. Our small share float and timing to acquire this silver project with precious metal prices performing well, has us well positioned for growth."
Upon receipt of regulatory approval, Advance will issue to Hot Spring Mining, a Mexican based corporation, 1,000,000 common shares which will be subject to a statutory four-month hold period, in exchange for which Hot Spring Mining will transfer a 100% interest in the Mining Concessions to Advance Mexico. Hot Spring Mining will retain a 2.5% NSR, of which Advance Mexico has the right to buy 1.5% at a rate of $500k CAD per 0.50%.
Two of the managing partners of Hot Spring Mining, Gilberto Zapata Castaneda and Jose de Jesus Parga will become advisors to Advance.
On behalf of the Board of Directors of Advance Gold Corp.,
"Allan Barry Laboucan"
Allan Barry Laboucan, President and CEO
For further information contact Allan Barry Laboucan @:
Phone (604) 505-4753
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
The information contained herein contains "forward-looking statements" within the meaning of applicable securities legislation. Forward-looking statements relate to information that is based on assumptions of management, forecasts of future results, and estimates of amounts not yet determinable. Any statements that express predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance are not statements of historical fact and may be "forward-looking statements."
Forward-looking statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements, including, without limitation: risks related to failure to obtain adequate financing on a timely basis and on acceptable terms; risks related to the outcome of legal proceedings; political and regulatory risks associated with mining and exploration; risks related to the maintenance of stock exchange listings; risks related to environmental regulation and liability; the potential for delays in exploration or development activities or the completion of feasibility studies; the uncertainty of profitability; risks and uncertainties relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits; risks related to the inherent uncertainty of production and cost estimates and the potential for unexpected costs and expenses; results of prefeasibility and feasibility studies, and the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; risks related to gold price and other commodity price fluctuations; and other risks and uncertainties related to the Company's prospects, properties and business detailed elsewhere in the Company's disclosure record. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements. Investors are cautioned against attributing undue certainty to forward-looking statements. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances except as required by law. Actual events or results could differ materially from the Company's expectations or projections.
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