Brigus Gold Retires Convertible Debentures
Brigus Gold Corp. ('Brigus Gold? or the 'Company?) (TSX: BRD)(NYSE Amex:
BRD) announces that the Company has retired its outstanding, unsecured
convertible debentures by paying $4.68 million in principal and interest
on August 23, 2010 ('Convertible Debentures?). All dollar amounts in
this news release are in U.S. dollars.
The Convertible Debentures were held by RAB Special Situations (Master)
Fund Limited and were issued in a private placement in February 2007,
and subsequently amended on February 16, 2009 and February 26, 2010.
Reducing Project Debt
In addition to the retirement of the Convertible Debentures, Brigus Gold
has been steadily strengthening its balance sheet with a significant
reduction in project debt during 2010. Since March 2010, the Company has
reduced project debt by $28.2 million to a balance of $41.8 million as
of this date. With a principal repayment of $5 million scheduled at
December 31, 2010, the Company expects to end the fiscal year with a
project debt balance of $36.8 million, representing a 47% reduction
during the year.
About Brigus Gold
Brigus Gold is a growing gold producer committed to maximizing
shareholder value through a strategy of efficient production, targeted
exploration and select acquisitions. The Company operates the wholly
owned Black Fox Mine in the Timmins gold district of Ontario, Canada.
The Black Fox Complex encompasses the Black Fox Mine and Mill, and
adjoining Grey Fox-Pike River property, all in the Township of Black
River-Matheson, Ontario, Canada. Brigus Gold is also advancing the
Goldfields Project located near Uranium City, Saskatchewan, Canada,
which hosts the Box and Athona gold deposits. In Mexico, Brigus Gold
holds a 100 percent interest in the Ixhuatan Property located in the
state of Chiapas, and an 80 percent interest in the Huizopa Joint
Venture, an early stage, gold-silver exploration joint venture located
in the State of Chihuahua. In the Dominican Republic, Brigus Gold and
Everton Resources have a joint venture for the APV and Loma El Mate gold
exploration projects.
Cautionary and Forward-Looking Statements
This news release includes 'Forward-Looking Statements? within the
meaning of section 21E of the United States Securities Exchange Act of
1934, as amended. All statements regarding the expected principal
repayment of $5 million on December 31, 2010 and the expected principal
balance of $36.8 million at year end are estimates that involve various
risks and uncertainties. There can be no assurance that such statements
will prove to be accurate and actual results and future events could
differ materially from those anticipated in such statements. Important
factors that could cause actual results to differ materially from these
forward-looking statements include environmental risks and other factors
disclosed under the heading 'Risk Factors? in Brigus Gold′s and its
predecessor companies′ most recent annual report on Form 10-K filed with
the United States Securities and Exchange Commission and elsewhere in
Apollo′s documents filed from time to time with the Toronto Stock
Exchange, The NYSE Amex, The United States Securities and Exchange
Commission and other regulatory authorities. All forward-looking
statements included in this news release are based on information
available to the Company on the date hereof. The Company assumes no
obligation to update any forward-looking statements, except as required
by applicable securities laws.
Brigus Gold
Wendy Yang, 720-886-9656 Ext. 217
Vice
President of Investor Relations
info@brigusgold.com
Toll
Free: 1-877-465-3484
or
Sean Tufford, 902-422-1421
Director
of Investor Relations
sean@brigusgold.com
Toll
Free: 1-866-785-0456
Website: www.brigusgold.com