Val-d'Or Mining Corporation Appoints COO and VP Exploration and Proposes Issuance of Shares in Settlement of Debt
| APRIL 6, 2018
THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN THE UNITED STATES OR TO U.S. NEWS AGENCIES
Val-d'Or, Québec, April 6, 2018 — Val-d'Or Mining Corporation (TSX-V:MZZ) (the "Company") announces that Dr. C. Jens Zinke has been appointed as the Company's Chief Operating Officer and Michael P. Rosatelli, P.Geo., has been appointed as the Company's Vice President Exploration.
Dr. Zinke, a director of the Company since its inception in February 2010, graduated as a Mining Engineer specializing in Geophysics. He obtained a Ph.D. in Geophysics from the University in Frankfurt, Germany, and completed post doctorate work with Stanford University in California, USA. He held senior executive positions at Canadian Royalties Inc., a mineral exploration company that developed the Nunavik Nickel project in Quebec. Dr. Zinke is currently a self-employed businessman and a private investor.
Mr. Rosatelli is a Professional Geologist and has served as Vice President Exploration of Golden Valley Mines Ltd. since 2007, prior to which he was Golden Valley's Senior Exploration Geologist since 2003. Mr. Rosatelli has worked as an exploration geologist for approximately 30 years in various positions with both major and junior mining companies, including previously with BHP-Utah, Lac-Bond, McIvor-BHP Billiton, Anglo-Gold, Band-Ore, and Kennecott (RioTinto). His experience covers a broad range of exploration activities and over a diverse range of commodities, including precious and base-metals and uranium deposits across Canada, Africa and South America.
The Company also announces that, subject to acceptance by the TSX Venture Exchange and with the intent of preserving its cash resources for operations, it proposes issuing approximately 857,142 common shares at a deemed per share price of $0.105 in settlement of an aggregate of $90,000 in accrued debt owing to Golden Valley Mines Ltd. ("Golden Valley").
Of the debt to Golden Valley, $30,000 is an outstanding loan and $60,000 relates to consideration payable under the terms of a termination agreement entered into effective January 1, 2018, in connection with termination, by mutual agreement, of the Management and Administrative Services Agreement made as of October 1, 2010 (as subsequently amended) between the Company and Golden Valley.
Shares proposed to be issued by the Company in settlement of the debt will be issued at a deemed per share price of $0.105 in accordance with the policies of the TSX Venture Exchange and will be subject to a hold period of four months and one day from the date of issuance in accordance with applicable securities legislation.
As of the date of this news release, Golden Valley owns approximately 24.6% of the Company's issued common shares. Assuming completion of the proposed shares for debt transaction, Golden Valley will own approximately 26.5% of the Company's then issued common shares.
The Company has filed with regulators its audited annual financial statements and MD&A for the fiscal year ended December 31, 2017, which are available for viewing through the Internet under the Company's issuer profile on SEDAR (www.sedar.com).
About Val-d'Or Mining Corporation
Val-d'Or Mining Corporation is a junior natural resource issuer involved in the process of exploring, evaluating and promoting its mineral property assets. The Company holds an option to acquire a 100% interest in 61 grassroots properties located in Ontario and Québec; in addition to which it holds a 100% interest in the Marymac Prospect consisting of 32 Map Designated Units located in the Labrador Trough of Québec, subject to a 2% NSR; a 100% interest in the Shoot-Out Prospect, which is the combination of two properties, Shoot-Out East and Shoot-Out West, and consists of 62 claims located in the Raglan Belt of northern Québec, subject to a 3% NSR; a 100% interest in the Fortin Prospect consisting of five contiguous mining claims located in the central part of Ducros Township, approximatively 80 kilometres northeast of the city of Val-d'Or, Québec, subject to a 1.5% NSR; and holds a 100% interest in the Chibougamau-Chapais Prospect, a non-contiguous group of 40 claims, located in the Chibougamau area in central Québec.
For additional information, please contact:
Glenn J. Mullan
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Tel.: 819-824-2808, x 204
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
THIS PRESS RELEASE, REQUIRED BY APPLICABLE CANADIAN LAWS, IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES, AND DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO SELL ANY OF THE SECURITIES DESCRIBED HEREIN IN THE UNITED STATES. THESE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY NOT BE OFFERED OR SOLD IN THE UNITED STATES OR TO U.S. PERSONS UNLESS REGISTERED OR EXEMPT THEREFROM.