Province of Ontario to Fund Ring of Fire Road
TORONTO, ONTARIO--(Marketwired - Aug. 24, 2017) - MacDonald Mines Exploration Ltd. (TSX VENTURE:BMK) ("MacDonald Mines", "MacDonald" or the "Company") is encouraged by the announcement made on August 21, 2017 by Premier Kathleen Wynne and the Chiefs of Marten Falls, Webequie and Nibinamik First Nations, which formally committed provincial funding to two First Nations road proposals that will provide community and industrial access to the Ring of Fire Mining District.
Quentin Yarie, MacDonald's President and CEO commented: "The announcement made by Premier Kathleen Wynne and the Chiefs of Webequie, Marten Falls and Nibinamik First Nations is a major step forward in the development of the Ring of Fire region. We are very pleased to see the construction of an all-season road move forward. This will make the continued development of our highly prospective zinc-copper Butler and Sanderson properties possible."
MacDonald Mines has a 25% carried interest on two separate blocks of claims in the Ring of Fire that were sold to Noront Resources ("Noront") in August 2016 (see August 8, 2016 News release). The carried interest can be converted into a 1% NSR ("Conversion Right") if a NI43-101 resource is issued on the properties. Noront can elect to buy back MacDonald's 25% interest for $3 million payable in cash or shares ("Buy-back Right"). If neither the Conversion Right nor the Buy-back Right are exercised, a Joint Venture arrangement will be formed to develop the properties.
About MacDonald Mines Exploration Ltd.
MacDonald Mines Exploration Ltd. is a mineral exploration company headquartered in Toronto, Ontario focused on gold exploration in Canada. The Company has built a portfolio of safe-jurisdiction, infrastructure-rich projects that demonstrate the greatest market potential for return and is aggressively advancing its highly prospective Wawa-Holdsworth Gold Project.
The Company's common shares trade on the TSX Venture Exchange under the symbol "BMK".
Cautionary Statement:
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.
No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. The foregoing information may contain forward-looking statements relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially from the Company's plans and expectations. These plans, expectations, risks and uncertainties are detailed herein and from time to time in the filings made by the Company with the TSX Venture Exchange and securities regulators. MacDonald Mines does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise.
Contact
Quentin Yarie
President & CEO
(416) 364-4986
qyarie@macdonaldmines.com
Mia Boiridy
Investor Relations
(416) 364-4986
mboiridy@macdonaldmines.com