West Red Lake Gold Announces Shares for Debenture Interest, Option Grant and Shares for Services
Toronto, Ontario--(Newsfile Corp. - August 15, 2016) - West Red Lake Gold Mines Inc.(CSE: RLG) (FSE: HYK) (OTC Pink: HYLKF) ("West Red Lake Gold" or the "Company") announces that the Company has issued 115,384 common shares at a deemed price of $0.26 per share and paid cash of $2,400 in satisfaction of the annual interest payments owing on outstanding convertible debentures of the Company in the principal amount of $270,000 which mature on August 14, 2019.
The Company also announces that (i) it has granted a total of 300,000 options to consultants and service providers at an exercise price of $0.26 per share for a term of three years, and (ii) it has issued 200,000 common shares at a deemed price of $0.26 per share for $52,000 of services to the Company by several providers.
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 Red Lake Gold District is host to some of the richest gold deposits in the world and has produced 30 million ounces of gold from high grade zones. The Company has assembled a significant property position totalling 3100 hectares in west Red Lake (the "West Red Lake Project") which contains three former gold mines. The Mount Jamie Mine and Red Summit Mine properties are 100% owned by the Company and the Rowan Mine property is held in a 60%-owned joint venture with Red Lake Gold Mines, a partnership of Goldcorp Inc. and Goldcorp Canada Ltd. The West Red Lake Project property covers a 12 kilometre strike length along the Pipestone Bay-St Paul Deformation Zone and the Company plans to continue to explore the property both along strike and to depth. To find out more about West Red Lake Gold, please visit our website at http://www.westredlakegold.com.
For more 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.