Bullfrog Gold Eliminates Major Debt
Bullfrog Gold Is Pleased to Announce That It Has Settled All Debts and Obligations With Respect to a December 12, 2012 Facility Agreement
GRAND JUNCTION, CO--(Marketwired - Jul 6, 2016) - Bullfrog Gold Corp. (OTCQB: BFGC) ("Bullfrog" or the "Company") is pleased to announce that it has settled all debts and obligations with respect to a December 12, 2012 Facility Agreement (Agreement) with RMB Australia Holdings Limited (RMB). The principal and interest due RMB under the Agreement as of March 31, 2016 was $2,789,996. Components of the payout were $250,000 of cash, which was raised from recent private placements and issuance of one million shares of BFGC common stock, subject to restrictions under SEC rule 144. With its substantially improved balance sheet, the Company is now well-positioned to obtain funding and advance its flagship Bullfrog Gold Project located 120 miles NW of Las Vegas, Nevada.
For reference, key results from the Company's press release of April 11, 2016 are summarized below:
| Current Mineral Inventory Estimates | ||||||
| Tonnes | Gold | Gold | ||||
| Pit Areas | Millions | G/T | Ounces | |||
| M-S Shallow | 1.1 | 1.06 | 38,612 | |||
| M-S Deeper | 0.9 | 0.93 | 26,813 | |||
| Bullfrog North | 13.3 | 0.88 | 375,051 | |||
| BF NE Mystery Hill | 0.9 | 0.80 | 26,813 | |||
| Total/Average | 16.4 | 0.89 | 469,961 | |||
These estimates are supported by close-spaced drill holes upon which Barrick Bullfrog Inc. produced 2.3 million ounces of gold from their proven and probable ore reserves during 1989 to 1999. The Project also has strong exploration and economic potential beyond the estimates in the pit areas.
Metallurgy
Column leach tests yielded gold recoveries of 75+% on samples crushed to -3/8 inch in 41 days and 54% in 90 days for samples sized at -12 inches, which simulates a coarse run-of-mine size.
Additional Company and Project information may be obtained from www.BullfrogGold.com, calling (970) 628 - 1670 or emailing info@BullfrogGold.com.
Cautionary Note Regarding Forward Looking Statements
This press release may contain certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein including those with respect to the objectives, plans and strategies of the Company and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements that involve various risks and uncertainties. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures and may not result in the discovery of sufficient mineral deposits that can be mined profitably. Furthermore, the Company currently has no resources or reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Additional information regarding important factors that could cause actual results to differ materially from the Company's expectations is disclosed in the Company's documents filed from time to time with the United States Securities & Exchange Commission.
Contact
Contact:
David Beling, PE
President, CEO & Director
(970) 628-1670