AurCrest Announces Financing From Lac Seul First Nation
March 16 2011 - 8:00AM
Marketwired
AurCrest Gold Inc. (the "Company" or "AurCrest") (TSX VENTURE: AGO)
is very pleased to announce that it has placed 2,702,704 units of
the Company at a price of $0.185 per unit for gross proceeds of
$500,000.24 (the "Offering") with the Lac Seul First Nation
("LSFN"). Each unit (a "Unit") consists of one (1) common share of
the Company and one-half (1/2) share purchase warrant (each a
"Warrant"). Each full Warrant entitles the holder to acquire an
additional common share at the price of $0.30 per share until March
15, 2012. The securities are legended and restricted from trading
until July 16, 2011.
As part of the transaction with LSFN, they have the right to
nominate one director to the Board of Directors of AurCrest,
subject to regulatory approval. The Company will be negotiating the
terms of an Exploration Agreement with LSFN with respect to
exploration by the Company on the traditional lands of LSFN.
Ian Brodie-Brown, President and CEO of AurCrest, commented, "The
relationship that AurCrest Gold has established with the Lac Seul
First Nation is unprecedented within the junior mining industry. We
are very pleased to be working closely with the Lac Seul First
Nation and look forward to exploring for Gold assets in their
Traditional territory, known to be one of Canada's great gold
camps, namely Red Lake and East Red Lake. As recently as yesterday,
March 15th, Gold Canyon announced an incredible width and grade on
their Springpole Lake project (East Red Lake) of 100.5 metres of
7.23 grams/tonne gold. AurCrest has recently acquired the adjacent
property through staking, and now holds over 20,000 prospective
acres in the area."
Chief Clifford Bull of the Lac Seul First Nation stated, "The
Band Council of Lac Seul First Nation is pleased to have acquired
these shares with AurCrest. It reflects the mutual respect that has
developed between us and we look forward to building a strong
relationship to realize the benefits and opportunities from the
mineral exploration industry in our territory. This modern
Exploration Company model is a reflection of our community's
interest to work with industry."
About Lac Seul First Nation
Lac Seul is located approximately 38 kms North West of Sioux
Lookout. The First Nation has a large land base, which is bounded
to the north and east by Lac Seul Reservoir. The First Nation is
made up of four (4) communities, Kejick Bay, Canoe River, Whitefish
Bay, and Frenchman's Head.
The Lac Seul First Nation is the oldest reserve in the Sioux
Lookout District of INAC. The reserve was established pursuant to
Treaty #3 through adhesion on June 9, 1874. By 1912, there were at
least 45 homes along the shoreline of what is now referred to as
Kejick Bay and Whitefish Bay. The lake was the main transportation
route, an important source of food and the main vehicle for
Economic Development. In 1929 Ontario Hydro constructed a dam at
Ear Falls to produce Hydro electricity to feed the mining
development in Red Lake, Ontario. As a result Lac Seul was flooded
and to this day, the Ear Falls Dam controls the lake level. Lac
Seul First Nation's traditional territory encompasses the Red Lake
District.
The current issued and outstanding capital of AurCrest is
33,169,093 common shares.
Cautionary Note Regarding Forward-Looking Statements:
This Press Release contains forward-looking statements that
involve risks and uncertainties, which may cause actual results to
differ materially from the statements made. When used in this
document, the words "may", "would", "could", "will", "intend",
"plan", "anticipate", "believe", "estimate", "expect" and similar
expressions are intended to identify forward-looking statements.
Such statements reflect our current views with respect to future
events and are subject to such risks and uncertainties. Many
factors could cause our actual results to differ materially from
the statements made, including those factors discussed in filings
made by us with the Canadian securities regulatory authorities.
Should one or more of these risks and uncertainties, such actual
results of current exploration programs, the general risks
associated with the mining industry, the price of gold and other
metals, currency and interest rate fluctuations, increased
competition and general economic and market factors, occur or
should assumptions underlying the forward looking statements prove
incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, or expected. We do not
intend and do not assume any obligation to update these
forward-looking statements.
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.
Contacts: AurCrest Gold Inc. Ian Brodie-Brown President and
C.E.O. (416) 368-2929 (416) 601-1450 (FAX) info@aurcrestgold.com
www.aurcrestgold.com Lac Seul First Nation Chief Clifford Bull P.O.
Box 100 Hudson, ON P0V 1X0 807-582-3211 or 807-582-3493
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