Toronto, Ontario (April 5, 2022) – Kingsview Minerals Ltd. (CSE: KVM) (the “Company” or “Kingsview“) is pleased to announce that the Company has added to its existing portfolio of mineral exploration properties located in Wawa, Ontario, by acquiring an additional 7,691 hectares (“ha”) in the Michipicoten Greenstone Belt (the “Property Expansion”). Kingsview now controls 11,854 ha, representing one of the largest land packages in this gold-rich region.
The majority of the claims comprising the Acquired Property (as defined below) connects to and expands the Company’s flagship Echum project (see Figure 1) located north-east of the town of Wawa and adjacent to Alamos’ Island Gold Mine and Argonaut’s Magino Gold deposit. Initial due diligence and early desktop work revealed numerous exploration targets for gold and base metals on the combined property, including known gold-bearing shear zones.
“Wawa is one of the fastest growing gold districts in Canada, and Kingsview is now one of the largest landowners in the area. Major gold occurrences in this district are typically found in greenstones, and we have several greenstone-dominant properties with significant potential, awaiting further exploration,” stated President and CEO, James Macintosh.
As consideration for the Acquired Property, Kingsview has issued 7,500,000 common shares (the “Payment Shares“) to the vendors, pursuant to the terms and conditions of an asset purchase agreement dated April 4, 2022. The Payment Shares will be subject to a hold period of four months and one day in accordance with applicable securities laws.
The issuance of 500,000 Payment Shares to James Macintosh, President, Chief Executive Officer and Director of the Company in connection with the Property Acquisition constitutes a “related party transaction” pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101“). The Company intends to rely on the exemptions from the formal valuation and minority shareholder approval requirements of MI 61-101 contained in Section 5.5(b) and Section 5.7(1)(b) of MI 61-101, respectively, on the basis that (i) no securities of the Company are listed or quoted on any of the markets specified in Section 5.5(b) of MI 61-101 and (ii) the fair market value of the securities issued to related parties in connection with the Property Acquisition does not exceed $2,500,000, along with the other applicable circumstances contained in section 5.7(1)(b) of MI 61-101.
Learn more about the Company on its website: www.kingsviewminerals.ca.
Bruce Durham, P.Geo., is a Qualified Person, as that term is defined by Canadian regulatory guidelines under NI 43-101, and has read and approved the technical information contained in this press release.
About Kingsview Minerals Ltd.
Kingsview Minerals is a mineral exploration company focused on its gold exploration properties, including the flagship Echum Project, located in the active Wawa Gold Corridor in Ontario, Canada. The Company’s properties are surrounded by advanced infrastructure in a well-developed mining district. Kingsview Minerals will draw on its strong technical team with significant exploration success to advance its properties.
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On Behalf of the Board of Directors,
President and CEO
Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as “proposed”, “will”, “subject to”, “near future”, “in the event”, “would”, “expect”, “prepared to” and other similar words or expressions. All statements other than statements of present or historical fact are forward-looking statements and include but are not limited to statements regarding the potential that the Acquired Property will yield any precious metals in future exploration programs and the Company’s ability to advance its properties.
Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is based on assumptions made in good faith and believed to have a reasonable basis. Such assumptions include the Company’s ability to implement a drill program on the Acquired Property, that the Company will have sufficient funds available to it and that the Company will continue to be able to retain skilled personnel.
Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include general business, economic, competitive, political and social uncertainties; the state of capital markets; there being no assurance that any future exploration program on the Acquired Property will result in expanded mineral resources; the inability of the Company to raise sufficient funds and/or retain necessary personnel to conduct its operations; the impact on the business, operations and financial condition of the Company resulting from the announcement of the purchase of the Acquired Property; the impact that the recovery post COVID-19 may have on precious metals; failure to realize the anticipated benefits of the transaction described in this press release; other unforeseen events, developments, or factors causing any of the aforesaid expectations, assumptions, and other factors ultimately being inaccurate or irrelevant; and any risks associated with the ongoing COVID-19 pandemic.
You can find further information with respect to these and other risks in filings made with the Canadian securities regulatory authorities that are available on the Company’s SEDAR profile page at www.sedar.com. The Company disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.