WestKam Gold Provides Corporate Update
VANCOUVER, British Columbia, Jan. 26, 2018 (GLOBE NEWSWIRE) -- WestKam Gold Corp. (TSX-V:WKG) (the “Company” or “WestKam”) today provided an update for its shareholders on its activities in Q4 2017 and early 2018. The Company’s work has focused primarily on advancing the Bonaparte Gold Project near Kamloops, BC.
Following closure of a $912,000 private placement in December (WestKam News Release dated December 13, 2017), crews returned to the Bonaparte Project to resume advancing the decline towards the Grey Jay/Crow vein system as part of a planned 10,000-tonne bulk sample on the high-grade Discovery Zone. The decline work had been on care and maintenance since late 2016. The decline advanced nine metres before deteriorating conditions forced a shutdown in late December. WestKam management is now evaluating options for the next phase of work on the property.
Coast Mountain Geological has proposed a drill program to further evaluate the Crow vein structure ~25 m to the north and south of the decline. This program would bracket the location of the proposed underground stope and ventilation raise. A fence of 12 equally spaced drill holes, spaced five meters apart, would be oriented in a north-south direction just east of the open pit where a previous bulk sample was extracted. From each of the 12 drill hole locations, three drill holes would be completed from each site oriented at approximately -45, -60 and -80 degrees to the west. In total there would be 36 drill holes collared from 12 drill hole locations, totaling approximately 2,440m. Management is considering this proposal as a way to obtain important information prior to re-starting work on the decline.
On January 25, 2018 WestKam President, CEO and Director Dana Dziurzynski resigned and was replaced by former President, CEO and Director, Matt Wayrynen, who had left to manage a major transaction between Cresval Capital Corp., of which he is a Director, and Tess Inc., a 52% controlled subsidiary of Riot Blockchain Inc., a NASDAQ listed corporation.
“We’re all grateful to Dana for the exceptional work he did to raise funds and restart the Bonaparte bulk sample project,” said Mr. Wayrynen. “We wish him the best in his future endeavours. I’m happy to be back and looking forward to exploring new opportunities for the Company, both at the Bonaparte Project and through other ventures. “
Wayrynen added: “Our complete focus is WestKam’s growth. We are investigating a range of ideas that we believe can increase shareholder value.”
Technical information in this news release has been reviewed by R. Kemp P.Geo., a qualified person as that term is defined in NI 43-101.
About WestKam Gold Corp.
WestKam is a Canadian gold exploration company focused on developing the Bonaparte Gold Project near Kamloops, British Columbia. Additional information can be found on the Company’s website at www.westkamgold.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“Matt Wayrynen”
Matt Wayrynen, President & CEO
| WestKam Gold Corp. Suite 900, 570 Granville Street Vancouver, BC V6C 3P1 | Contact: | Investor Relations ir@westkamgold.com www.westkamgold.com |
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Forward-looking information
All statements included in this press release that address activities, events or developments that the Company expects, believes or anticipates will or may occur in the future are forward-looking statements. In particular, this news release contains forward-looking information regarding the Offering and the use of proceeds of the Offering. These forward-looking statements involve numerous assumptions made by the Company based on its experience, perception of historical trends, current conditions, expected future developments and other factors it believes are appropriate in the circumstances. These assumptions include, but are not limited to: TSXV acceptance of the Offering; future costs and expenses being based on historical costs and expenses, adjusted for inflation; and market demand for, and market acceptance of, the Offering. In addition, these statements involve substantial known and unknown risks and uncertainties that contribute to the possibility that the predictions, forecasts, projections and other forward-looking statements will prove inaccurate, certain of which are beyond the Company’s control. Readers should not place undue reliance on forward-looking statements. Except as required by law, the Company does not intend to revise or update these forward-looking statements after the date hereof or revise them to reflect the occurrence of future unanticipated events.