New Carolin Enters into Agreement with Library Gold Ltd. for Consulting and Project Management Services
Vancouver, September 6, 2017: New Carolin Gold Inc. (TSX.V "LAD" - BB "LADFF"), (the Company) is pleased to announce it has entered into a Consulting Services and Project Management Agreement with Vancouver based Library Gold Ltd. (Library), to assist in advancing the Company's 100% controlled Ladner Gold Project. Library is a Vancouver based, private consulting company consisting of a group of mining industry professionals, who provide project management, engineering and mine development services and collaborate within the group on a project specific basis. Three of Library's stakeholders will lead the technical team providing services to the Company:
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--Ted Bassett, P.Eng., and CEO of Library, is a mining engineer with over 45 years experience in engineering and construction of mines. He has held senior project management and executive levels positions on numerous projects with major mining companies. He currently sits on the Project Executive Committee of the Baffin Land Iron Ore Expansion Project and was Project Director on the Diavik Diamond Mines project;
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--Michael Thicke, P.Geo. is a proven discoverer of porphyry copper and precious metal deposits with over 30 years of international exploration experience, with high level leadership, management and technical responsibility in both major mining company and junior exploration environments;
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--David Minson, is a metallurgical process engineer with 40 years experience in all aspects of process plant design, construction start up and operations, focused on base and precious metals operations in Africa and the Americas.
Under the Agreement Library will provide a suite of services and act as the Company's technical support and operations management arm going forward. Library will be responsible for project evaluation, planning, managing exploration work and project development on the Company's Ladner Gold Project. The technical team will undertake a full evaluation of the available data and Ladner Gold Project and assist the Company with development plans at the Carolin Mine and several other identified gold zones. The objectives are to execute exploration work and drilling plans to confirm historic mining grades and tonnage and expand resources. Subject to attracting ongoing funding, Library will advance the project to a prefeasibility or feasibility stage, and if feasibility can be demonstrated, Library will provide necessary engineering services, flow sheet and an overall mine development plan.
Subject to the policies of the TSX.V Exchange, the Services to be provided by Library will be paid in shares in the Company, to be issued from time to time based on work orders and work performed. The Company will pay out of pocket expenses incurred by Library going forward.
Ted Bassett CEO of Library stated "after undertaking considerable due diligence over the past 12 months to determine the scope of the Ladner Gold Project, we are excited about the prospects of the project and believe that with our dedicated team of geologists and mining professionals, that we can help the Company realize its full potential. We look forward to aligning our Company with New Carolin and bringing all of our expertise to bear in advancing this project".
Bob Thast, CEO stated, "We are obviously excited to have struck an agreement with Library and fortunate to attract a group with this kind of pedigree and experience. I trust that with the addition of Library's considerable technical expertise and capability, a value proposition will be realized for our supportive and patient shareholder base."
Over the past several months the Company expended several hundreds of thousands of dollars for underground rehab and upgrades, road maintenance and necessary equipment, and compliance related expenditures required under its recently granted 5-year underground exploration permit. Given the circumstances surrounding permitting, compliance requirements, available capital and lengthy evaluation and agreement process with Library, the Company delayed the start of its planned underground exploration program. Having met the permit requirements for underground drilling and completing the agreement with Library, the intention to is to raise additional capital to undertake work programs panned, including a multi stage drill program, as soon as possible.
About New Carolin Gold
New Carolin Gold Corp. is a Canadian-based brownfields development company focused on the exploration, evaluation and development of its 100% owned Ladner Gold Project, consisting of 144 square kilometers of contiguous mineral claims and crown grants in the prospective and under-explored Coquihalla Gold Belt, located 2 hours by freeway from Vancouver near Hope, British Columbia. The Company has an existing mine permit, water licenses and tailings facility in place, as well as 10.5 kilometers of underground tunnels for exploration access. The Ladner Gold Project is host to several historic gold producers, including the Carolin Mine, Emancipation Mine, Arum Mine, Ward Mine, and Pipestem Mine, in addition to numerous artisan workings and gold prospects that typically exploit high grade visible gold mineralization.
For additional information, please visit the Company's website at www.newcarolingold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"Robert L. Thast"
President & Chief Executive Officer
Phone: 604.542.9458
Cell: 604.220.5031
E-mail: ceo@newcarolingold.com
Web site: www.newcarolingold.com
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Caution concerning forward-looking information
This news release may contain forward-looking statements that are based on the Company's expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and the Company undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
Neither the 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 the accuracy of this press release.
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