Sunset Cove Acquires Second Gold Property in the Gold Rich Abitibi Area of Quebec
Toronto, Ontario--(Newsfile Corp. - January 27, 2015) - Sunset Cove Mining (TSXV: SSM) today announces that it has finalized an agreement to option 100% of the Lac des Vents property owned by Laurier Gold Corporation, a privately held company.
"We are optioning this property to compliment the La Pause property and allow us to start to build a portfolio of Quebec based mining properties," said Lorne Woods President of Sunset Cove Mining. "We feel the timing is right to start doing some work in our backyard and believe that these Gold properties will work well in combination with our graphite properties to give us a balance of mineral types."
The Lac des Vents acquisition is for 1.1 million shares and a cash payment of $40,000 to be paid nine months from the closing of the transaction. Only when Sunset Cove Mining issues Laurier Gold Shareholders both the shares and cash aspects will Laurier Gold transfer 100% ownership of the claims making up the Lac des Vents property.
Laurier Gold will retain a 2% NSR that can be reduced to 1% for a payment of $500,000 on a portion of the property. One of these two agreements has them retaining a 2% NSR that can be reduced to 1% for a payment of $500,000.
The Lac des Vents property, is made up of 44 claims and covering 2,516 ha. and located approximately 60 Kms southwest of the city of Chibougamau and accessible regional highways and thereafter from the town of Chapais, for about 30 Kms to the south on gravel roads. The property is accessible year round by pick-up truck via gravel forestry roads.
The Lac de Vents property is situated roughly 40 km from the eastern end of the two hundred kilometre-long, east-west trending, Urban-Barry Greenstone Belt. This belt forms part of the Northern Volcanic Zone, which contains the Mattagami VMS camp, the Langlois VMS zinc-silver deposit (110 km SW of the Lac des Vents property), Metanor's Bachelor Lake gold mine (89 km west of the Lac des Vents property) and the past producing Joe Mann gold mine (34km east of the Lac des Vents property).
"Sunset Cove believes the Lac des Vents property offers the potential of significant copper and gold mineralization and we look forward to embarking on an exploration program this year," said Woods.
This transaction and the related share issuances are subject to approval of the TSX Venture Exchange. Ms. Michelle Deakin, M.Sc., P.Geo., of APEX Geoscience Ltd., has reviewed and approved the technical content of this news release.
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 four properties in its portfolio, the Lac Guéret West and North graphite properties; the La Pause Gold Property in Quebec and the Carolay Silver property in Peru.
Quality Assurance - Quality Control
Sunset Cove's exploration program is under the supervision of Mr. Michael Dufresne, M.Sc., 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 Peruvian 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