Golden Hope Mines Provides Update on Uragold Bay Resources Option of the Bellechasse-Timmins Gold Deposit
Toronto, Canada / TheNewswire / Sept 04, 2015 : Golden Hope Mines Limited ("Golden Hope" or the "Company") wishes to provide an update to shareholders on the Uragold Bay Resources (TSXV:UBR) ("Uragold") Option on the 90 hectare "BT" or Bellechasse-Timmins claims, which represent a small portion of the 8,000 hectare land position Golden Hope controls in the Beauce and Bellechasse region of Quebec.
In order to earn a 30% interest in BT, Uragold was required to obtain all required permits, approvals and documentation associated with going into production, by not later than October 9, 2015. With less than 40 days to complete this work, progress by Uragold to date is incomplete with respect to the following documentation: NI 43-101 resource estimate revision; an economic assessment; an environmental audit; obtaining required authorizations; obtaining a certificate of authorization ("C.A."); a land survey; a reclamation and restoration plan; and a mining lease for the operation of a small mine of up to 600 metric tons of mineral per day.
On or about October 10, 2015, if any of the above documentation remains incomplete, Golden Hope intends to serve notice to Uragold that they are in breach of the terms of the Option Agreement, and that the Option will be terminated.
Please refer to the Company's press release dated April 15, 2014, for further details about the Agreement.
The Company has, subject to regulatory approval, retained Venture Liquidity Providers Inc. (VLP) to initiate its market-making service to provide assistance in maintaining an orderly trading market for the common shares of the company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the corporation has agreed to pay $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the corporation or VLP. The corporation and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the corporation or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
About Golden Hope Mines Limited:
Golden Hope Mines Ltd. is a mineral exploration company that seeks to grow shareholder value through the acquisition, exploration and development of gold and base metal projects suitable for underground and/or open-pit mining. The company's focus is currently in southeastern Quebec, Canada. The company's claim blocks lie within an area that extends approximately 100 kilometres along the Appalachians of southeastern Quebec, from near Ste-Lucie-de-Beauregard to about 16 kilometres southwest of Beauceville. The Bellechasse-Timmins gold deposit lies 5 kilometres southeast of St-Magloire within the Bellechasse Belt an approximately 18 kilometre long mineralized structure. For further information on Golden Hope Mines Ltd. please visit www.goldenhopemines.com.
Frank Candido President, Director
514-969-5530
fcandido@goldenhopemines.com
www.goldenhopemines.com
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