Parkside Resources Options Two Gold Properties in Northwestern Ontario
Toronto, Ontario--(Newsfile Corp. - August 20, 2014) - Parkside Resources Corporation (TSXV: PKS) ("Parkside", or the "Company") is pleased to announce that it has optioned two gold properties in the Patricia Mining Division in northwestern Ontario, approximately 140 kms south of Pickle Lake, Ontario. The Savant Gold Property consists of 9 contiguous unpatented mining claims encompassing 1,744 hectares, and is host to 7 historical gold showings with significant assay results, including 6.7 grams per tonne ("gpt") of gold ("Au") from a 2012 grab sample, and 23.6 gpt Au over an interval of 0.5 metres (true width unknown) from a 1977 drill program. The Wiggle Creek Gold Property, which is adjacent to an all-season highway, is comprised of 1 claim of 256 hectares. Historical gold showings include grab samples of 78 gpt Au, and 15.5 gpt Au over an interval of 0.4 metres (true width unknown). Both properties lie within the Savant Lake Greenstone Belt.
Richard Goldman, President and CEO of Parkside, commented: "We are pleased to be able to add these two highly prospective gold properties to Parkside's property portfolio. The Savant and Wiggle Creek properties have similar gold-in-iron-formation geological characteristics as the Company's Forester Lake Gold Property, and Goldcorp's Musselwhite gold mine, which lies in the same geological belt as the Forester Lake Gold Property. The historical results on the Savant and Wiggle Creek properties indicate the potential to host significant gold mineralization. Parkside will be commencing its initial exploration programs on the new properties this fall."
David Mason, Special Advisor - Finance and Exploration, said, "Parkside continues to refine its focus and is seeking prospective and undervalued gold properties in Ontario for acquisition. The Savant and Wiggle Creek properties match our criteria - historically productive locations with existing exploration data and a mineable setting.The Savant Lake Greenstone Belt offers much opportunity in a sector of Ontario less explored but reasonably accessable."
Under the terms of the option agreement, Parkside can acquire a 100% interest in the properties for cash payments totaling $100,000 over a four-year period, and the issuance of 400,000 common shares, and 400,000 common share purchase warrants, within five business days of regulatory approval. The warrants have a three-year term and are exercisable at escalating prices of $0.05 per warrant in the first year, $0.10 per warrant in the second year, and $0.15 per warrant in the third year. The warrants will be subject to resale restrictions prescribed by applicable securities laws.
Also, the Company announces that it intends to settle obligations (the "Settlements") owed to certain of its directors, officers, and arm's-length consultants, in the aggregate amount of $139,036.00, by issuing an aggregate of 2,780,730 common shares to such persons at a deemed value of $0.05 per share. The Settlements primarily represent payments for consulting fees, but will also settle various other liabilities including legal fees. Completion of the Settlements remain subject to the approval of the TSX Venture Exchange.
The geological information reported has been reviewed and approved by Steve Siemieniuk, P.Geo., of Clark Exploration Consulting, consulting geologist for Parkside Resources Corp., who is a qualified person under the definitions established by National Instrument 43-101.
About Parkside Resources Corporation
Parkside Resources Corp. is a Canadian-based mineral exploration company dedicated to building shareholder value through focused exploration, discovery, and development of high-quality precious and base metal projects. Parkside is presently advancing three highly prospective gold-in-iron-formation properties in northwestern Ontario, all with significant assay results, and all with the potential for the discovery of economic iron-formation-hosted gold mineralization. The three properties include the Forester Lake Gold Property, located approximately 100 kms north of Pickle Lake, Ontario and roughly 35 kms southeast of Goldcorp's Musselwhite gold mine, and the Wiggle Creek and Savant gold properties, which are located approximately 140 kms south of Pickle Lake. Incorporated in 2005, Parkside Resources Corp. is a reporting issuer in the provinces of British Columbia and Alberta, the common shares of which are listed for trading on the TSX Venture Exchange under the symbol TSX-V: PKS.
For further information, contact:
Richard Goldman, President
Tel: 416-862-1500: Fax: 416-862-1501
Email: rgoldman@parksideresources.com
Website: www.parksideresources.com
Robin Sundstrom
647-822-8111
Email: robin@ironsideir.com
Website:www.ironsideir.com
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 accuracy of this release.
Forward Looking and other Cautionary Information
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts that address exploration drilling, exploitation activities and other related events or developments are forward-looking statements. 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 developments may differ materially from those in the forward looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploration and exploitation successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements.
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