- Announces Name Change to Kapuskasing
Gold (TSX-V: KAP)
- Appoints veteran Ontario Geologist as Exploration
Manager
- Forms Advisory Board including 2013 Ontario and Quebec
"Prospector of the Year" Winners
VANCOUVER, Feb. 28, 2014 /CNW/ - Olympic Resources Ltd.
(TSX-V: OLA) (the "Company" or "Olympic") is pleased to announce
that the Company has, subject to regulatory approved, agreed to
acquire the Borden North and Rollo gold exploration properties near
Chapleau, Ontario. The Borden
North Property is situated along the southern flank of the
Kapuskasing Structural Zone approximately 50 km northeast of Probe
Mines' Borden Gold project. The Rollo Property is situated within
the Destor-Porcupine Fault Zone, which hosts several million ounce
plus gold producers in the nearby Timmins camp, and sits between IAMGold's Cote
Lake gold deposit and the Borden Gold project.
Probe Mines' Borden Gold project was discovered
in 2010 and as per an updated 43-101 mineral resource estimate
dated effective March 13, 2012
prepared by Charley Murahwi, M.Sc., P.Geo., Richard Gowans, P.Eng., Alan J. San Martin, MAusIMM(CP), all independent
Qualified Persons, and news released on the project in January 2013, now hosts a multi-million ounce
gold zone. The Probe exploration team, along with prospector
Mike Tremblay, (see advisory
board below), have been recognized with the "2013 Ontario
Prospector Award" for the Borden Gold Discovery, during the OPA
recent awards ceremony.
Borden Properties Purchase Agreement
The Company has agreed to purchase from Mr. Tremblay, and partners
Jacques Robert and Randall Salo, (the "vendors") an undivided 100%
interest in the Borden North property for a consideration of
600,000 common shares. The vendors shall retain a 2% net
smelter royalty (NSR) interest while the Company retains the option
to buy back 1% of the NSR for $1,000,000. The vendors will also be
entitled to Bonus Shares of the Company equaling $600,000 with the number of shares to be
calculated based on the volume-weighted average trading price of
the Company's common shares on the TSX-V for the five-trading-day
period commencing immediately following the public release of a NI
43-101 compliant, combined measured and indicated resource of two
million (2,000,000 oz.) troy ounces of gold or more within the
Borden North claim area.
Rollo Property Purchase Agreement
The Company has also agreed to purchase from the Rollo staking
syndicate, an undivided 100% interest in the Rollo properties for a
consideration of 1,000,000 common shares. The vendors shall
retain a 2% net smelter royalty (NSR) interest while Olympic
retains the option to buy back 1% of the NSR for $1,665,000. The vendors will also be
entitled to Bonus Shares of the Company equaling $1,000,000 with the number of shares to be
calculated based on the volume-weighted average trading price of
the Company's common shares on the TSX-V for the five-trading-day
period commencing immediately following the public release of a NI
43-101 compliant, combined measured and indicated resource of two
million (2,000,000 oz.) troy ounces or more within the Rollo claim
area.
Finder's fees are payable to Zimtu Capital Corp.
in the amount of 8% (128,000 shares) of the value of the two
transactions payable in common shares of the Company.
Olympic Changes Its Name to Kapuskasing Gold and Symbol to KAP:
TSX-V
In conjunction with the property acquisitions, the Company is
undergoing a name change to Kapuskasing Gold Corp., to further
emphasize our commitment to the Northern
Ontario region. Both the Borden North and Rollo properties
are within the Kapuskasing Structural Zone. Beginning at market
open on February 28, 2014, the
Company shall cease trading as Olympic Resources (TSX-V: OLA) and
begin trading as Kapuskasing Gold
(TSX-V: KAP).
Appointment of Garry
Clark, B.Sc. P.Geo. as Exploration Manager and
Director
The Company has appointed Mr. Garry
Clark, a Qualified Person (P. Geo. - Ontario) under NI 43-101, as Exploration
Manager and a director of the Company. Mr. Clark brings a
wealth of experience, knowledge and skills to the Company having
focused the majority of his career in northern Ontario. He has held various exploration
positions with both major and junior explorers since the late
1980's. Mr. Clark has been the Executive Director of the Ontario
Prospectors Association (OPA) since its restructuring in 2000 and
has been a Director, Vice President or President of the OPA since
its formation in the early 1990's. The Ontario Prospectors
Association is focused on providing the mineral explorers of
Ontario a stronger voice for
issues that affect them. Mr. Clark serves on various provincial
government committees and boards that support mineral explorers.
Some of these include the Minister of Mines Mining Act Advisory
Committee and Ontario Geological Survey Advisory Board.
Advisory Board
The Company is also pleased to announce the formation of an
advisory board comprised of veteran Abitibi gold explorers to
assist the Company in its efforts and in identifying other
opportunities in and around the Kapuskasing Structural Zone of
Ontario. The new advisory
team consists of:
Michael A.
Tremblay
Mike Tremblay along with
Jacques Robert, Dr. David Palmer and the Probe exploration team have
been recognized with the "2013 Ontario Prospector Award" for the
Borden Gold Discovery, during the annual awards ceremony held in
Sudbury on November 5, 2013. Mike is widely regarded
as one of Ontario's leading
prospectors, has been actively exploration the Kapuskasing
Structural Zone region most his career and has been involved with a
number of discoveries in the area.
Robert L. Duess
B. Sc. P. Geo:
Mr. Robert Duess (Bob) is a
professional geologist with over 30 years experience in mineral
exploration and development. Bob was the Canadian project
manager for West Timmins Mining Inc. prior to its acquisition
by Lake Shore Gold in the fall of 2009. In his role with
West Timmins, and in his previous
role as Vice president of Band-Ore Resources for over 15 years, Mr.
Duess was instrumental in the early development of the West Timmins area, including the discovery of
the Golden River Trend and the acquisition of the Thunder Creek
Property that now hosts the high grade Thunder Creek Gold
deposit. Bob currently acts as a technical advisor to
Balmoral Resources Ltd., and was also involved as an officer and/or
director of several other companies including Lateegra Gold Corp,
Trelawney Mining and Exploration, and Lakeland Resources Inc.
Most recently, Bob was instrumental in the formation and financing
of GTA Resources and Mining Inc., and currently serves as Vice
President and director of GTA.
Darin Wagner,
M. Sc., P.Geo:
Mr. Darin W. Wagner has been the
President and Chief Executive Officer of Balmoral Resources Ltd
since its inception in 2010. He has 25 years experience in mineral
exploration, development and management. Mr. Wagner served as
President and CEO of West Timmins Mining Inc. from September 2005 to its sale to Lake Shore Gold in
November of 2009 following the discovery of the Thunder Creek gold
deposit in Timmins. Prior to that
Mr. Wagner served as Manager of Exploration for Platinum Group
Metals Ltd. from 2000 to 2005 during which time he was awarded with
the 2004 "Discovery of the Year" by the Northwestern Ontario Prospectors Association
for the Seagull PGE discovery. On November 13, 2013, Mr. Wagner and Balmoral's exploration team were recognized as
the "Prospectors of the Year" in the Province of Quebec for their Bug Lake and related gold
discoveries on the Company's Detour Gold Trend Project.
Wayne Reid,
BSc. Geo, P.Geo:
Mr. Wayne Reid has been the Chief
Executive Officer and President of GTA Resources and Mining Inc.
since December 1, 2012. Mr. Reid
serves as Vice President of Corporate Development at Metals Creek
Resources Corp. He served as Exploration Manager for St. Andrew
Goldfields, Canadian Exploration Manager for Echo Bay Mines, as well as District Manager for
Noranda Exploration and Hemlo Gold Mines Inc. Mr. Reid has over 35
years experience in exploration and mining geology, spanning a
variety of Canadian geological terrains, from Newfoundland to Yukon and Alaska. Mr. Reid was part of the exploration
team involved in the discovery of the Brewery Creek Gold Deposit in
the Yukon Territory and the
Boundary Massive Sulphide Deposit / Duck Pond Mine in Central Newfoundland. Mr. Reid is a
Professional Geologist registered with the Association of
Professional Geoscientists of Ontario and the Professional Engineers and
Geoscientists, Newfoundland and
Labrador.
"The Company is excited to have a renewed focus,
acquiring a highly prospective series of assets in the midst of one
of the fast growing gold plays in North
America. With the recent discoveries at Cote Lake to the
east of us and Borden to the west
we are focused on an area with tremendous potential to host large
gold deposits like those in Timmins, Hemlo, Kirkland
Lake, Red Lake for which
Ontario is well known.
Our new name, Kapuskasing Gold, reflects our commitment to
this exciting region and we have added a tremendous amount of bench
strength by bringing on board a number of experienced and
successful individuals well versed with gold in Ontario and the public markets. The
Company wishes to welcome Messrs. Mike
Tremblay (Prospector of the Year, 2013, Ontario for the Probe discovery), Darin Wagner (Prospector of the Year, 2013,
Quebec for Balmoral), Robert
Duess, and Wayne Reid to the
Advisory team and Mr. Garry Clark
who joins the company as Exploration Manager, director and
QP. We all look forward to working together for an exciting
future", comments Dean Nawata,
President and CEO.
On behalf of the Board of Directors:
OLYMPIC RESOURCES LTD.
"Dean Nawata"
Dean Nawata
President & CEO, Director
Phone 1-604-561-2821
Qualified Person
Mr. Garry Clark,
the Exploration Manager and a director of the Company, a Qualified
Person ("QP") as defined by National Instrument 43-101, has
reviewed the technical content of this release.
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.
Forward Looking Statements and Cautionary
Notes
Statements in this document which are not purely
historical are forward-looking statements, including any statements
regarding beliefs, plans, expectations or intentions regarding the
future. Forward-looking statements contained in this document
are based on certain key expectations and assumptions made by
Olympic, including, without limitation, expectations and
assumptions respecting the outlook of exploration activity on the
Borden and Rollo properties and
the impact on Olympic's business and management assessment of
future operations. Although the forward-looking information
contained in this press release is based upon what Olympic's
management believes to be reasonable assumptions, the Company
cannot assure investors that actual results will be consistent with
such information. Forward-looking information reflects current
expectations of management regarding future events and operating
performance as of the date of this press release.
It is important to note that actual outcomes and
the Company's actual results could differ materially from those in
such forward-looking statements. Risks and uncertainties include,
but are not limited to, economic, competitive, governmental,
environmental and technological factors that may affect the
Company's operations, markets, products and prices. Readers
should refer to the risk disclosures outlined in the Company's
Management Discussion and Analysis of its audited financial
statements filed with the British Columbia Securities
Commission.
The forward-looking information contained herein
is expressly qualified in its entirety by this cautionary
statement. Forward-looking information reflects management's
current beliefs and is based on information currently available to
the Company. The forward-looking information is made as of the date
of this press release and Olympic assumes no obligation to update
or revise such information to reflect new events or circumstances,
except as may be required by applicable law.
This news release contains information with
respect to adjacent or similar mineral properties in respect of
which the Company has no interest or rights to explore or mine.
Readers are cautioned that the Company has no interest in or right
to acquire any interest in any such properties, and that mineral
deposits on adjacent or similar properties are not indicative of
mineral deposits on the Company's properties.
SOURCE Kapuskasing Gold Corp.
