Sunset Cove Provides an Update on its Activities
Toronto, Ontario--(Newsfile Corp. - July 24, 2014) - Sunset Cove Mining (TSXV: SSM) (BVL: SSM) today announces that it has come to an agreement with the owners of the Graphite property to allow for an extension of the payments for an additional six (6) months.
On May 24, 2013 Sunset signed a mineral option agreement for 100% of the 5,735 hectares Lac Guéret West Graphite Property in northeastern Quebec. The terms of the option require a payment of $15,000 and the issuance of 1,700,000 Units of Sunset, with the issuance of securities having been completed August 7, 2013.
The Company's flagship project is the Carolay Polymetallic Silver Property located in the region of La Libertad in the north of Peru. The Company currently owns 1,214 hectares. The objectives of this project are surface exploration work, drilling and underground exploration work. The Company decided in early in 2014 to concentrate its efforts on the extension of the most promising area including the Maria and Lindsay veins and structures which it owns. Given this decision to not continue work and not make payments on the portion of the Carolay Property, which was optioned the owner of the optioned areas of the Carolay Property has commenced the procedure to terminate the option agreement. The Company is not currently taking any actions on this matter.
In addition the Company recently held its AGM on June 12, 2014 where the shareholders of the company approved all the resolutions that were presented in the Management Information Circular dated May 9, 2014. A copy of the Management Information Circular can be found at www.sedar.com. Over 10% of the shares owned by shareholders were voted and the five (5) Directors were re-nominated with over 95% of the shares being cast. In particular, the shareholders approved a resolution to consolidate the 104,399,613 shares of the company on the basis of up to 10 pre-consolidation shares for one post-consolidation share. This resolution was passed with over 81% of the shares voting being cast in favor.
The Board of Directors will be considering the implementation of this consolidation of shares between now and September 2014. Contemporaneously with the consolidation, it is anticipated the company will be able to come to agreements with various creditors to settle outstanding debt for the issuance of post-consolidation shares.
About Sunset Cove - Sunset Cove Mining Inc. is a dynamic Canadian junior mineral exploration and development company dedicated to driving shareholder value through the economical acquisition, exploration and development of strategic metals properties in Canada and Latin American locations to the point where they become attractive joint venture or acquisition targets. Sunset currently has two properties in its portfolio, a graphite property in Quebec and the Carolay Silver property in Peru.
Quality Assurance – Quality Control
The Carolay property exploration program is under the supervision of Mr. Michael Dufresne, M.Sc., and P.Geo. of APEX Geoscience Ltd. an independent consultant and Qualified Person as designated by National Instrument 43-101 who has reviewed the technical content of this release. Mr. Bratzon Salvador, Operations manager, supervises exploration at Sunset Cove's projects. All technical information for the company's projects is obtained and reported under a formal quality assurance and quality control (QA/QC) program.
Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements that involve known and unknown risks and uncertainties. Results presented in this press release are exploratory in nature. Historical data, if mentioned, should not be relied upon, as they are not admissible under NI 43-101 rules and the Company has not conducted sufficient testing to verify this type of information. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward-looking statements that involve various degrees of risk. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability, and the uncertainty of access to additional capital. Sunset Cove disclaims any obligation to update any such 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."
For further information, please contact:
Lorne Woods, President, Sunset Cove Mining
(877) 234-0692; ext. 250
lwoods@sunsetcovemining.com
www.sunsetcovemining.com