Work on Fayolle Project and Results From Typhoon's Annual General Meeting
LAVAL, Québec, Oct. 01, 2018 (GLOBE NEWSWIRE) -- Typhoon Exploration Inc. (TSX-V: TYP) («Typhoon») announces the results of its Annual General Meeting, held September 28, 2018, in Laval, Quebec.
At the meeting, the shareholders of the Company voted for the election as director of each of the 4 nominees listed in the Information Circular as well as for the appointment of Dallaire & Lapointe as Auditors of the Company.
Mr. David Mc Donald has been elected as President, CEO and Director. Mr. Paul Antaki has been elected as CFO and Director. Mr. Léo Patry has been elected as Independent Director. Mr. David Secours has been elected as Independent Director.
Dallaire & Lapointe has been appointed as auditors of the company.
The Fayolle property consists of 39 claims for a 1,373 hectares surface. To update certain data onto the Fayolle project it is planned to make a georeferenced photographic survey by drone, the surveying of boreholes casings, and a Lidar airborne survey of a sector making about 2,0 km x 3,5 km. The Lidar is a remote sensing technology used to map with precision the digital elevation model.
A non-binding letter of intent dated September 14, 2018, has been signed between Hecla & Typhoon. Hecla agreed, on a non-binding basis to sell, and Typhoon agreed, on a non-binding basis, to buy Hecla’s 50% interest in the Fayolle property, as well as any and all the equipment, buildings and structures located on the Fayolle property, in consideration of a cash payment of $3,000,000 CDN and a 1% Net Smelter Return Royalty (NSR) in favour of Hecla. The payment will be due on or before December 10, 2018.See press release of September 17,2018 for all the details.
ABOUT TYPHOON EXPLORATION INC.
| - | Monexco Project (Chibougamau, Plan Nord territory): 100%-owned by Typhoon | |
| - | Ranger Project (Abitibi, Rouyn-Noranda): 100%-owned by Typhoon | |
| - | Sommet Project (Abitibi, Rouyn-Noranda): 100%-owned by Typhoon | |
| - | Futur Project (Abitibi, Rouyn-Noranda): 100%-owned by Typhoon | |
| - | Aiguebelle-Goldfields Project (Abitibi, Rouyn-Noranda): 49%-owned by Agnico Eagle Mines Limited / 51% by Typhoon | |
| - | Destorbelle Project (Abitibi, Rouyn-Noranda): 50%-owned by Axe Exploration Inc. / 50% by Typhoon | |
| - | Fayolle Project (Abitibi, Rouyn-Noranda): 50%-owned by Hecla Quebec Inc. / 50% by Typhoon which contains this day 156 000 ounces of gold of category indicated (press release on September 6th, 2012) | |
CORPORATE UPDATE
Typhoon focuses on the top of the class mineral potential of Québec for exploring and developing the next generation of world class deposits. The unfailing support of our shareholders (holding 39,077,849 outstanding shares) and business partners contribute to the success of the Company.
Typhoon common shares are listed on the TSX Ventures Exchange under the stock symbol TYP.
FOR MORE INFORMATION
David Mc Donald,
President & CEO
Tel: 450.622.4066
dmcdonald@explorationtyphon.com
www.typhoonexploration.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.
