Introduces Name Change
Announces Completion of Tres Marias Sale Transaction
VANCOUVER, Oct. 2, 2018 /PRNewswire/ -- Warrior Gold Inc. (TSX-V - WAR) ("Warrior Gold" or the "Company") is pleased to provide shareholders with updated corporate information with regards to the Company's name change and final transaction on the Tres Marias zinc mine in Mexico ("the Transaction").
Name Change – Warrior Gold Inc.
Effective September 28, 2018, the Company changed its name and began trading October 1, 2018, under the new name Warrior Gold Inc., (formerly War Eagle Mining Company) pursuant to a resolution passed at its Annual and Special Meeting of Shareholders held on September 5, 2018.
Shares of Warrior Gold will continue to trade on the TSX Venture Exchange under the symbol "WAR". The Company was required to obtain a new CUSIP number for its common shares in conjunction with the name change. The new CUSIP number for the Company's common shares is CA9362641008.
Tres Marias Sale Transaction
As of September 29, 2018, the Company completed the sale of its 100% interest in its former Mexican subsidiary, Tombstone Exploration de Mexico S.A. de C.V., owner of its Tres Marias zinc mine located in Chihuahua State, Mexico to Contratista Y Operaciones Mineras S.A. de C.V. ("COMSA").
Warrior Gold and COMSA agreed to amend the agreement dated August 27, 2016, to sell all interests, including royalties, in the Tres Marias Zinc mine for additional proceeds of US$250,000. On September 29, 2018 the Company received the final payment from COMSA. The parties are currently preparing a formal agreement to conclude the Transaction.
Warrior Gold continues to roll out the first phase of an extended three phase exploration program on its Goodfish-Kirana Property located near the town of Kirkland Lake, Ontario. Phase I is focused on targeting and defining drill ready targets and developing a deeper understanding of the structural deformation zones on the property. The Company expects to announce the details of its exploration campaign within the coming weeks.
About Warrior Gold Inc.
Warrior Gold is a TSX-V listed Company and owns the Goodfish-Kirana Property located 5 kilometers from the town of Kirkland Lake, Ontario. The Property is located in the historic Kirkland Lake Gold Camp which is situated in the prolific Abitibi Greenstone Belt; recognized as one of the world's highest-grade greenstone belts with over 200 million ounces of gold produced to date.
The Goodfish-Kirana Property is 10 km long by 3 km wide (34 km2) and contains two major structural trends; the East West trending Kirana Deformation Zone and the North East trending Goodfish Deformation Zone. The Property contains numerous historical gold showings, including 18 historical pits and shafts. The Company is exploiting this largely untapped potential with a combination of modern exploration technology and regional geological expertise.
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.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "may", "will", "would", "potential", "proposed" and other similar words, or statements that certain events or conditions "may" or "will" occur. The forward-looking statements are based on certain key expectations and assumptions made by the Company. Although Warrior Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Warrior Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Company's management discussion and analysis of the financial condition and results of operations for the year ended March 31, 2018 and the first quarter ended June 30, 2018, which are available at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Warrior Gold undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
Danièle Spethmann, P.Geo, President & CEO, Warrior Gold Inc., 647 344-3433, firstname.lastname@example.org; Malcolm Burke, Director, Warrior Gold Inc., 604 220-2000, email@example.com; Joanne Jobin, Investor Relations Officer, Warrior Gold Inc., 647 964 0292, firstname.lastname@example.org
SOURCE War Eagle Mining Company Inc.