Kapuskasing Gold to Begin Work on Golden Route and Chapleau West Properties
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct 30, 2015) - Kapuskasing Gold Corp. (TSX VENTURE:KAP) (the "Company" or "KAP") is pleased to announce that initial prospecting and outcrop sampling programs at its Golden Route and Chapleau West properties is to begin immediately and will be carried out by Mike Tremblay, the Company's chief advisor. Funding for each has been received from the Ontario Exploration Corporation ("OEC").
Dean Nawata, president of the Company states, "We are pleased to begin work on two more of our properties this year while at the same time continuing at Rollo and Borden North. The Company has designed its work programs to overlap in order to advance each of our six properties in the Borden Lake area in the most effective and cost efficient manner possible".
Kapuskasing Gold acquired the Golden Route and Chapleau West properties (along with the Company's other four claim sets) after reviewing all available public geological data and extensive consultation with the KAP Advisory Board. Since the discovery of Goldcorp's Borden Gold project, it was determined that these properties are highly prospective for similar gold mineralization. As capital markets allow, KAP will scale up its exploration plans over the many prospective geological features within its 6 large claim groups.
The terms of the funding from the OEC are $10,000 per applicant for a 0.5% royalty (NSR) per property. Second funding of $25,000 for an additional 0.25% royalty and third project funding of $50,000 for an additional 0.25% royalty for continuing exploration projects are available. A royalty buyback clause has been defined in a purchase agreement.
Kapuskasing Gold has 6 gold properties located along extensions of the Destor-Porcupine or Borden Gold project. All of the properties, with the exception of Rollo, are situated within the Kapuskasing structural zones and have potential similarities to Goldcorp's Borden Gold project. A detailed map and property descriptions can be viewed on the Company's website: www.kapgold.com.
On behalf of the Board of Directors of Kapuskasing Gold Corp.,
Dean Nawata, President & CEO, Director
Qualified Person
Mr. Garry Clark P.Geo, the Exploration Manager and a director of the Company, a Qualified Person ("QP") as defined by National Instrument 43-101, has reviewed the technical content of this release.
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.
Forward-Looking Statements and Cautionary Notes
Statements in this document, which are not purely historical, are forward-looking statements, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements contained in this document are based on certain key expectations and assumptions made by Kapuskasing, including, without limitation, expectations and assumptions respecting the outlook of exploration activity on the Borden and Rollo properties and the impact on Kapuskasing's business and management assessment of future operations. Although the forward-looking information contained in this press release is based upon what Kapuskasing's management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with such information. Forward-looking information reflects current expectations of management regarding future events and operating performance as of the date of this press release.
It is important to note that actual outcomes and the Company's actual results could differ materially from those in such forward-looking statements. Risks and uncertainties include, but are not limited to, economic, competitive, governmental, environmental and technological factors that may affect the Company's operations, markets, products and prices. Readers should refer to the risk disclosures outlined in the Company's Management Discussion and Analysis of its audited financial statements filed with the British Columbia Securities Commission.
The forward-looking information contained herein is expressly qualified in its entirety by this cautionary statement. Forward-looking information reflects management's current beliefs and is based on information currently available to the Company. The forward-looking information is made as of the date of this press release and Kapuskasing assumes no obligation to update or revise such information to reflect new events or circumstances, except as may be required by applicable law.
This news release contains information with respect to adjacent or similar mineral properties in respect of which the Company has no interest or rights to explore or mine. Readers are cautioned that the Company has no interest in or right to acquire any interest in any such properties, and that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company's properties.