(TheNewswire)
Toronto, Canada / TheNewswire / June 29, 2017 - Savary Gold Corp. (TSX-V: SCA) ("Savary" or the "Company") shareholders approved all matters put forth at the annual and special meeting of shareholders of Savary held on June 28, 2017.
Approval of Board of Directors
Messrs. Don Dudek, Daniel Nocente, Thomas Olesinski, Craig Pearman, and Paolo Lostritto have all been re-elected as directors of the board. Approximately 46% of the Company's common shares were represented at the meeting. Detailed results of the vote are set out below.
----------------------------------------------- ||% Votes For|% Votes Withheld| |---------------------------------------------| |Don Dudek |99.96|0.04| |---------------------------------------------| |Daniel Nocente|99.93|0.07| |---------------------------------------------| |Paolo Lostritto |99.93|0.07| |---------------------------------------------| |Thomas Olesinski|99.95|0.05| |---------------------------------------------| |Craig Pearman|99.97|0.03| -----------------------------------------------Re-Approval of Stock Option Plan
The Shareholders of Savary Gold have also re-approved the company's existing 10% rolling stock option plan.
Savary's board would like to express its gratitude to its shareholders for their continued support.
Exploration Update
The Phase 3 drill program, planned for up to 8,000 metres, commenced on June 1, a month behind schedule due to unavoidable permitting issues. To date, Savary has completed 68 air core (AC) holes totalling 2,631 metres and 23 reverse circulation (RC) holes totalling 2,421 metres. The AC holes were designed to follow-up on gold-in-auger anomalies that contained greater than 100 ppb gold. The RC holes are focused on extending zones of known gold mineralization and following up on new gold occurrences.
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 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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