Visible Gold Mines (VGD-V) March 26, '15 is pleased to announce that an aggregate of 14,583,333 common share purchase warrants (the "Warrants") held by McEwen Mining and Goodman Gold Trust have been exercised at a price of $0.10 per common share, for aggregate proceeds to Visible Gold Mines of $1,458,333. Visible Gold Mines issued a total of 14,583,333 Warrants on October 27, 2014 in connection with an equity financing, which Warrants will expire on April 27, 2016. Following the exercise of these Warrants, there are no warrants outstanding other than 2,043,795 broker warrants.
"The exercise of these Warrants represents a strong vote of confidence from McEwen Mining and Goodman Gold Trust and, following the recent private placement with them, puts Visible Gold Mines on a strong footing to advance exploration on its 167 Project in the James Bay area. With a drill program already underway, this promises to be an exciting year for Visible Gold Mines." stated Martin Dallaire, President and Chief Executive Officer of Visible Gold Mines.
Visible Gold Mines will use the proceeds from the exercise of the Warrants for exploration on its properties in Québec and for working capital purposes.
As a result of the exercise of the Warrants, there are 94,726,678 common shares of Visible Gold Mines issued and outstanding on a non-diluted basis.
Diamond drilling update
The following table shows each hole number, its location, its status and the core location. Furthermore, the table indicates if the core has been logged, split and sent to the laboratory.
DDH
| ZONE
| LENGTH
(M)
| STATUS
| CORE LOCATION
| LOG
| CORE SPLIT
| ASSAYS
| 167-15-01
| KM107
| 201
| Completed
| Coreshack
| Yes
| Yes
| Yes
| 167-15-02
| KM107
| 201
| Completed
| Coreshack
| Yes
| Yes
| Yes
| 167-15-03
| KM107
| 201
| Completed
| Coreshack
| Yes
| Yes
| Yes
| 167-15-04
| KM107
| 201
| Completed
| Coreshack
| Yes
| Yes
| Yes
| 167-15-05
| KM143
| 201
| Completed
| Coreshack
| Yes
| Yes
| Yes
| 167-15-06
| KM144
| 252
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-07
| KM147
| 204
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-08
| KM147
| 201
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-09
| KM150
| 201
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-10
| KM155
| 300
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-11
| KM150
| 201
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-12
| KM150
| 201
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-13
| KM160
| 201
| Completed
| Coreshack
| Yes
| Yes
| Pending
| 167-15-14
| KM152
| 201
| Completed
| Coreshack
| Yes
| No
| No
| 167-15-15
| KM107
| 201
| Completed
| Coreshack
| Yes
| No
| No
| 167-15-16
| KM107
| 201
| Completed
| Coreshack
| Yes
| No
| No
| 167-15-17
| KM107
| 201
| Completed
| Coreshack
| No
| No
| No
| 167-15-18
| KM107
| 225
| Completed
| Coreshack
| No
| No
| No
| 167-15-19
| KM107
| 201
| Completed
| Coreshack
| No
| No
| No
| 167-15-20
| KM107
| 201
| Completed
| Coreshack
| No
| No
| No
|
Although anomalous values for gold, silver, copper and zinc have been obtained, no economic intersection have been located in the first five holes.
Qualified Persons
Mr. Martin Dallaire, P.Eng., President and Chief Executive Officer of Visible Gold Mines, is the qualified person on the 167 Project exploration information presented in this press release under National Instrument 43-101 Standards of Disclosure for Mineral Projects, is also responsible for the technical contents of this press release and has approved the disclosure of the technical information contained herein. The data verification was conducted by Jeannot Theberge, P.Geo. under the supervision of Martin Dallaire, P.Eng.
Quality Control
Visible Gold Mines has implemented and adheres to a strict Quality Assurance/Quality Control for the current drill programs. It includes one mineralized gold standard, one duplicate and one blank for each batch of samples. Analyses are performed by ALS Chemex, Val-d'Or, Québec, or Techni-Lab, Ste-Germaine-Boulé, Québec, both accredited laboratories.
About 167 Project
In 2011, when the Québec Government launched its ambitious Plan Nord project to develop Québec's north, including the construction of a 243 kilometre-long all-season road that links Stornoway's Renard Diamond project to the provincial highway network, Visible Gold Mines' management decided to acquire the available mining rights along each side of the new road in order to have access to new outcrops and strippings generated by the road construction. Visible Gold Mines acquired claims by acquisition and staking and so the 167 Project was born. Out of the 140 kilometres of new road available for mining exploration (the first 102 kilometres are in a planned provincial park), Visible Gold Mines owns mining right along more than 110 kilometres of the 167 provincial road. The road has been completed since October 1, 2014 at a construction cost of approximately $350 million. The 167 Project is 100% owned by Visible Gold Mines and represents with recent acquisitions up to 61,178 hectares or 611 km2.
About Visible Gold Mines
Visible Gold Mines Inc. is a dynamic corporation aggressively searching for the next important gold deposit in the province of Québec, an area consistently ranked as one of the world's best jurisdictions for mining and exploration.
SOURCE Visible Gold Mines Inc. 
For further information:
Martin Dallaire, President and Chief Executive Officer,
Telephone: 819-762-0107,
Fax: 819-762-0097,
E-mail: mdallaire@visiblegoldmines.com ,
Website: www.visiblegoldmines.com |
