West Red Lake Gold MCTO Revoked by OSC
Toronto, Ontario (FSCwire) - West Red Lake Gold Mines Inc. (“West Red Lake Gold” or the “Company”) (CSE: RLG) (FWB: HYK) (OTC: HYLKF) announces that subsequent to the filing of the NI 43-101 Technical Report on the 3100 hectare West Red Lake Project, the Ontario Securities Commission (the “OSC”), the principal regulator of the Company, has revoked the management cease trade order (the “MCTO”) originally issued on December 24, 2015. Accordingly, restrictions on all trading of securities in the Company by the acting chief executive officer and the acting chief financial officer have now been removed.
The OSC issued a MCTO on December 24, 2015 for failure to file an independent NI 43-101 Technical Report, a requirement which was triggered by an investor presentation slide on the Company website that had been prepared by previous management sometime before February 4, 2014. Following the annual meeting of shareholders on March 6, 2014, a new president was appointed and work began on assessing the geological database of the Company’s West Red Lake Project. An exploration drill program was performed in the fall of 2014 with results reported on February 6, 2015. New management commissioned an independent NI 43-101 later in 2015 and work proceeded on geological modelling over several months during 2015. By letter dated December 1, 2015 the OSC made initial contact with the Company and referred to the investor presentation slide on the Company website that triggered the requirement to file a NI 43-101 Technical Report as of February 4, 2014. On December 24, 2015 the OSC issued the MCTO. On February 18, 2016 the Company filed a NI 43-101 Technical Report on sedar.com. On February 22, 2016 the MCTO was revoked.
West Red Lake Gold Mines Inc. is a Toronto-based minerals exploration company focused on gold exploration and development in the prolific Red Lake Gold District of Northwest Ontario, Canada. The 3100 hectare West Red Lake Project property covers a 12 kilometre strike length along the West Red Lake Trend and the Company is continuing to explore the property. To find out more about West Red Lake Gold, please visit our website at http://www.westredlakegold.com
For additional information, please contact: John Kontak, President and acting CFO
Phone: 416-203-9181 Email: jkontak@rlgold.ca
The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. Certain statements contained in this news release constitute "forward looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold does not undertake any obligation to revise or update any forward-looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
To view this press release as a PDF file, click onto the following link:
public://news_release_pdf/WestRed02222016.pdf
Source: West Red Lake Gold Mines Inc. (CSE:RLG, OTC Bulletin Board:HYLKF) http://www.westredlakegold.com/
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