Logan Resources Ltd. (TSX-V: LGR) ('Logan' or the 'Company') announces it has closed on the option agreement (the 'Option Agreement') with Pilot Gold (USA) Inc. ('Pilot Gold') to acquire up to an 80% interest in certain gold mineral exploration properties located in Nevada and Utah, USA (the 'Transaction'). With this closing, Logan has successfully transitioned into a dynamic gold exploration company, with a portfolio of prospective exploration projects located among some of the most prolific gold-bearing districts in the world, including the Cortez Trend, the Eastern Calderas, and the Long Canyon Trend. The details of the Transaction and a brief description of the properties are described in the Company's press release dated July 7, 2016.
In connection with the Transaction, the Company previously closed a private placement for gross proceeds of C$2.2 million (See Logan Resources news release - August 4, 2016). On closing the Company issued 4,231,037 common shares to Pilot Gold. These common shares are subject to a statutory four-month hold period expiring on December 19, 2016. The Company is conducting site visits to the properties and will provide the details of its planned 2016 and 2017 work program in a future news release.
Commenting on this news, Craig Bow, Vice President Exploration, said, 'These projects are highly prospective gold properties and they are located in excellent jurisdictions for mineral exploration. With the financing closed and several drill targets already established, we will be able to move quickly and efficiently into a work program. We are excited to get started and we look forward to sharing our exploration plans with the market shortly.'
The Company anticipates a resumption of trading of its common shares on the TSX Venture Exchange on August 22, 2016.
About Logan
Logan Resources Ltd. is a mineral exploration company that specializes in acquiring, exploring and advancing mineral properties. For more information on the property portfolio and Logan, please visit www.loganresources.ca.
Mr. Craig Bow, Vice President Exploration of Logan, is a Qualified Person ('QP') as defined by National Instrument 43-101. The QP is a member in good standing of the American Institute of Professional Geologists as a Certified Professional Geologist (P.Geo.). Mr. Bow has reviewed and is responsible for the technical information disclosed in this press release.
LOGAN RESOURCES LTD.
On behalf of the Board
'Carlo Valente'
Chief Financial Officer
For further information regarding this press release, please contact:
Investor Relations
T: 604-681-8030 x 240
F: 604-681-8039
E: [email protected]
www.loganresources.ca
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this release.