(TheNewswire)
Toronto, Canada / TheNewswire / August 2, 2017 - Savary Gold Corp. (TSX-V: SCA) ("Savary" or the "Company") is pleased to announce the creation of an Advisory Committee and to welcome Ron Little to the Savary Team.
Don Dudek, President and CEO states "It is with great pleasure that Savary welcomes Ron Little to Savary's Advisory Committee. Ron has unparalleled experience in West Africa. He is intimately familiar with several governing bodies, the people, and, over the years, has had the privilege of reviewing a significant number of projects from exploration through to feasibility. His support and guidance will be instrumental in advancing our Karankasso Project JV and exposing Savary to other opportunities in West Africa."
Mr. Little is a professional engineer with over 30 years of experience in mineral exploration, mine development, mine operations and capital markets. He has spent the last 20 years focused on African projects where he was the founder and CEO of Orezone Gold Corp. (ORE.V) and Orezone Resources Inc., a company that developed the largest operating gold mine in Burkina Faso, which was taken over by IAMGold in 2009.Mr. Little has been a director of other public and private companies and held senior operating positions in both major and junior gold producing companies. He is currently a director of Premier Gold Mines and Northern Graphite Corp.
In connection with the appointment, Mr. Little has been granted 200,000 stock options. The options may be exercised at a price of $0.06 per common share for a period of five years from the date of grant. The grant of options remains subject to the approval of the TSX Venture Exchange.
Exploration Update
The Phase 3 drill program, was completed on July 1 with 6,049 metres drilled in 34 reverse circulation holes and 68 air core holes. This program started a month late and due to volume at the laboratory, assays results will take approximately 1.5 months after submission and are currently expected in mid-August.
About Savary Gold Corp.
Savary is a Canadian exploration company which, along with JV partner Sarama Resources Limited, is focused on exploring and developing the Karankasso Gold Project in Burkina Faso. Upon closing, it is anticipated that the Karankasso JV Project will be approximately 69.5% owned by Savary and 30.5% owned by Sarama Resources Limited ("Sarama") with Savary as operator. The Project is located within the Birimian age, Hound?(C) Greenstone Belt, which hosts Semafo's Mana mine, Roxgold's Yaramoko Mine and additional gold deposits that are presently subject to production decisions and extensive exploration efforts (including Endeavour Mining's Hound?(C) Project, Orezone's (acquired by Sarama) Bondi Project and Sarama's/Acacia's South Hound?(C) Project, which is adjacent to Savary's property). The Project contains an Inferred open pit constrained mineral resource estimate of 9.16 million tonnes grading 2.28 g/t gold (Savary news release November 24, 2015). For additional information please visit our website at www.savarygold.com.
Qualified Person
Don Dudek, P.Geo., President and CEO of the Company and a qualified person under National Instrument 43-101, has reviewed and approved the scientific and technical information in this press release.
SAVARY GOLD CORP.
On behalf of the Board
"Don Dudek"
President & Chief Executive Officer
For more information, please contact:
Don Dudek, President and CEO
T: 647-259-2097
E: info@savarygold.com; www.savarygold.com
Cautionary Notes
Neither 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.
This news release may contain forward-looking statements. These statements include statements regarding the details of the impact of the appointment on the company, potential value growth of the JV, the upside of the property, and our expectations with respect to lower costs, cross marketing and funding synergies resulting from the JV, the drill program, the company's exploration plans, the focus on existing drill targets and new targets. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statements or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.
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