VANCOUVER, BC, June 29,
2023 /CNW/ - Southern Empire Resources Corp.
("Southern Empire") (TSXV: SMP) (Frankfurt: 5RE) (OTCQB: SMPEF) announces
the retirement of Ron Netolitzky
from the board of directors and the results of its annual general
meeting of shareholders (the "AGM") held on June 27, 2023. We are exceptionally pleased that
Ron will remain active with Southern Empire as an Advisor to the
board of directors.
Ron Netolitzky chose to not stand
for re-appointment as a director at the AGM as he moves towards
retirement. A 2015 Canadian Mining Hall of Fame inductee
responsible for multiple mine discovery and development
achievements, which included the Snip, Eskay Creek and Brewery Creek mines in western
Canada, Ron has been a company
builder, overseeing many significant mergers and acquisitions in
his career. It is with immense gratitude and respect that we thank
Ron for helping to build Southern Empire and serving as Chairman
and Director since we came public in March 2020.
At the AGM, 25,111,525 common shares (the "Common Shares") of
Southern Empire, representing 37.47% of Southern Empire's issued
share capital, were voted. All proposed motions were passed,
including the appointment of Joel
Dryer as a new director filling the vacancy created by Mr.
Netolitzky's retirement from the board.
Joel Dryer graduated from the
University of Illinois - Urbana and
holds an MBA from the University of
Massachusetts - Amherst. He is the former Chairman and CEO
of M~Wave, Inc., a manufacturer of high frequency circuits for
defense and telecommunications, a company he founded and took
public on the NASDAQ. As an advisor to Crestview Capital, he was
engaged in investments in the mining and oil and gas sectors which
led him to become a consultant and advisor to companies in the rare
earth elements and gold space. Today he is an active investor with
a focus on oil and gas production and metals and minerals
development opportunities.
Qualified Person (QP)
The scientific and technical information contained in this news
release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), Southern Empire's VP
Exploration and a Qualified Person within the context of National
Instrument 43-101; Standards of Disclosure for Mineral Projects
("NI 43-101").
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and
development of metals and minerals deposits in North America.
In the Cargo Muchacho mountains of Imperial County, California, Southern Empire
owns 100 percent of the historical gold-producing American Girl
patented claims and 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") occurred between 1987 and 1996.
During 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 Property with many gold exploration targets in addition to
a historical inferred mineral resource estimate, reported In 2011
by Lincoln Mining Corp., totaling 341,800 ounces gold based on
4,386,000 tonnes averaging 2.2 grams gold per tonne (g Au /t) at a
cut-off grade of 0.68 g Au/t (4,835,000 tons at 0.07 ounce gold per
ton; please refer to the Cautionary Notice Regarding the Oro Cruz
Property Historical Resource Estimate below).
During 2021 and 2022, Southern Empire identified and obtained
four projects in northern México that include a leachable copper
prospect and three gold projects having bulk-tonnage potential. The
gold projects are the:
- Centauro Gold Project, Escalón, Chihuahua State
- Pedro Gold Project, Mapimí, Durango State; and,
- La Loma Gold Project, Nazas,
Durango.
These gold projects are located along what Southern Empire
is now calling the Mapimí Gold Corridor, a
150-kilometre, southeast-trending Oligocene
tectonostratigraphic belt, the regional geological setting of
which, together with numerous, specific geological, mineralogical
and geochemical characteristics observed at Centauro,
Pedro and La Loma, strongly support the proposition
that the Mapimí Gold Corridor has significant
potential to host a bulk-mineable, Carlin-style
gold deposits. Please see Southern Empire's news releases and
March 29, 2023 Management Discussion
and Analysis (MD&A) posted on SEDAR for further
details.
On behalf of the Board of Directors of Southern Empire
Resources Corp.,
Dale
Wallster, CEO, President 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 many material factors, many of which
are beyond its respective control. Such factors include, among
other things: risks and uncertainties relating to Southern Empire's
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 Oro Cruz Project Historical
Resource Estimate
The Oro Cruz Project historical resource estimate 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.
Cautionary Notice Regarding Exploration Work
Programs
The timing and the ability to conduct Southern Empire's
exploration programs are, among other things, contingent on:
governmental regulations allowing for the issuance of permits;
affects of the COVID-19 pandemic; and the availability of
exploration personnel, drill contractors, equipment, lodging, etc.
Southern Empire will adhere to COVID-19 and other regulatory
directives regarding safe working practices putting worker and
community health and safety first and will proceed with exploration
and development work programs only if potential 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
TSX Venture Exchange) accept responsibility for the adequacy or
accuracy of this release.
SOURCE Southern Empire Resources Corp.
