VANCOUVER, BC, Feb. 16, 2021 /CNW/ - Southern Empire
Resources Corp. (Southern Empire) (TSXV: SMP) (Frankfurt: 5RE) (OTC: SMPEF) is pleased to
announce the appointment of Alex Heath as an independent
member of Southern Empire's board of directors.
Dale Wallster, CEO of Southern
Empire stated: "We are extremely pleased that Alex has agreed to
join Southern Empire's board. Alex has tremendous experience in
many facets of the mining sector and is well respected in the
capital markets community. Having worked together on other
ventures, I know that Alex will be a strong, independent member of
our Southern Empire board and his contributions will no doubt help
us to achieve our goals."
Alex is a CFA Charterholder and has a Bachelor of Commerce
degree, with honours, from the University of
British Columbia. He is currently President of Ethos Gold
Corp., and also a VP of Corporate Development and Strategic Advisor
to other "Discovery Group" companies. Previously, Alex worked as
Director, Corporate Development & Investor Relations for a
mid-tier precious metals producer. Alex has significant corporate
finance experience, having spent eight years with Salman Partners
focused on mining financings and merger and acquisition
transactions, and as a Corporate Finance Manager for Seaspan
Corporation, the world's largest containership lessor, where he was
involved in raising over $2 Billion
in equity and debt from banks, institutions and public capital
markets.
Granting of Options
Southern Empire announces the grant of a total of 750,000
incentive stock options to directors, officers and consultants of
Southern Empire, subject to TSX Venture Exchange
acceptance. Each option is exercisable to purchase one common
share of Southern Empire for five years at a price of C$0.30 per common share in accordance with the
terms of the Company's stock option plan.
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and
development of gold deposits in North
America.
In the Cargo Muchacho mountains of Imperial County, California, Southern Empire
owns 100 per cent of the historical gold-producing American Girl
mine property and also holds options to acquire a 100 percent
interest in the adjacent 2,160-hectare (5,338-acre) Oro Cruz
property located approximately 22.5 kilometres (14 miles) southeast
of the operating Mesquite gold mine of Equinox Gold Corp.
At Oro Cruz, extensive historical drilling and large-scale
open-pit and underground mining of the American Girl, Padre y
Madre, Queen and Cross oxide gold deposits by the American Girl
Mining Joint Venture (AGMJV; ultimately owned 53 per cent by MK
Gold Company and 47 per cent by Hecla Mining Company) occurred
between 1987 and 1996. At that time, gold was recovered by either
heap leaching of lower-grade or milling of higher-grade ores until
AGMJV operations ceased in late 1996 because of declining gold
prices leaving the Oro Cruz Gold Project with many gold exploration
targets in addition to the historical inferred resource estimate,
reported In 2011 by Lincoln Mining Corp., totalling 341,800 ounces
gold based on 4,386,000 tonnes averaging 2.2 grams gold per tonne
at a cut-off grade of 0.68 g/t Au (4,835,000 tons at 0.07 ounce
gold per ton; please refer to the Cautionary Notice Regarding
Historical Resource Estimate below).
Southern Empire is well financed, having completed two
oversubscribed, non-brokered private placement financings during
2020; see Southern Empire's news releases dated March 18 and June 12,
2020, for details. With its strong working capital position,
which also includes a significant equity holding in Augusta Gold
Corp., Southern Empire has the financial resources to continue
exploration and development programs at Oro Cruz and consider new
opportunities.
On behalf of the Board of Directors of Southern Empire
Resources Corp.,
Dale
Wallster, CEO and Director
Cautionary Notice on Forward-Looking Information
Information provided in this news release may contain
forward-looking information or forward-looking statements that are
based on assumptions as of the date of this news release. Such
information or statements reflect management's current estimates,
beliefs, intentions and expectations and are not guarantees of
future performance. Southern Empire cautions that all
forward-looking statements are inherently uncertain and that actual
performance may be affected by a number of material factors, many
of which are beyond its respective control. Such factors include,
among other things: risks and uncertainties relating to Southern
Empire limited operating history, the need to comply with
environmental and governmental regulations, results of exploration
programs on its projects and those risks and uncertainties
identified in its annual and interim financial statements and
management discussion and analysis. Accordingly, actual and
future events, conditions and results may differ materially from
the estimates, beliefs, intentions and expectations expressed or
implied in the forward-looking information. Except as required
under applicable securities legislation, Southern Empire undertakes
no obligation to publicly update or revise forward-looking
information.
Cautionary Notice Regarding Historical Resource
Estimate
The historical resource estimate outlined above is disclosed in
a technical report dated April 29,
2011, prepared for Lincoln Mining Corp. by Tetra Tech, Inc.
and filed on Canadian Securities Administrators' System for
Electronic Document Analysis and Retrieval (SEDAR). It is termed an
inferred mineral resource, which is a category set out in NI
43-101. It was based on historical reverse circulation and core
drill hole sample, underground channel sample, and blasthole sample
assay results and calculated using ordinary kriging to estimate
gold grades in 10-foot-by-10-foot-by-five-foot blocks. Accordingly,
Southern Empire considers this historical estimate reliable as well
as relevant as it represents key targets for future exploration
work. However, a QP has not done sufficient work to verify or
classify the historical estimate as a current mineral resource and
Southern Empire is not treating this historical estimate as current
mineral resources.
Work Programs During the COVID-19 Pandemic
Timing of Southern Empire's exploration programs will be
contingent on governmental regulations regarding the COVID-19
pandemic and also the availability of exploration-related
personnel, drill contractors, equipment, lodging, et cetera.
Southern Empire will adhere to COVID-19 directives regarding safe
working practices putting worker, community and national safety
first and will proceed with exploration and development work
programs only if potential COVID-19 risks can be effectively
managed.
Neither the TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in the policies of the
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
SOURCE Southern Empire Resources Corp.