September 16, 2020 - TheNewswire - Southern Empire Resources Corp. (Southern Empire); (TSXV:SMP); (Frankfurt:5RE) and MAS Gold Corp. (MAS Gold); (TSXV:MAS) are pleased to announce the receipt of an interim order from the Supreme Court of British Columbia (the "Interim Order") in connection with Southern Empire's previously announced acquisition of all of the issued and outstanding shares of MAS Gold pursuant to a plan of arrangement in accordance with the Business Corporations Act (British Columbia) (the "Arrangement").
Dale Wallster, Southern Empire's President and CEO stated: "Following the closing of the Arrangement, which is expected in the fall of 2020, we will have a strong balance sheet, with no debt and a robust cash position to fund a two pronged exploration effort that will target the expansion of the current Saskatchewan NI 43-101 resources as well as continued exploration and development of our Oro Cruz Gold Project."
Highlights of Southern Empire's MAS Gold Acquisition
The Arrangement will result in Southern Empire acquiring interests in two road accessible, advanced-stage gold deposits located approximately 60 kilometres west of SSR Mining Inc.'s Seabee/Santoy gold operations in the La Ronge Gold Belt of Saskatchewan, Canada:
- the North Lake Gold Deposit, located on the Preview-North property, has an Inferred Mineral Resource estimated at 417,000 ounces of gold (oz Au) contained in 14,110,000 tonnes (t) grading 0.92 grams gold per tonne (g Au/t); see MAS Gold's News Release dated March 25, 2020 and their NI 43-101 Technical Report dated April 10, 2020 available on SEDAR
- the Greywacke North Gold Deposit, one of several known stratabound, high-grade gold-bearing zones on the Greywacke Lake Property33 kilometres southwest of Greywacke North, has 95,600 oz Au comprising an Indicated Mineral Resource of 255,500 t at 9.92 g Au/t, plus an Inferred Mineral Resource of 59,130 t at 7.42 g Au/t, at a cut-off grade of 5 g Au/t; see MAS Gold's NI 43-101 Technical Report of June 1, 2016 available on SEDAR
- Significant potential for resource expansion exists at both the Greywacke North and North Lake deposits
- Saskatchewan is repeatedly acknowledged as one of the best mining jurisdictions in the world.
- Excellent exploration potential also exists for MAS Gold's Preview-North Property (which hosts the Point gold deposit), Henry Lake and Elizabeth Lake properties.
The Interim Order provides for, among other things, a meeting of the MAS Gold shareholders to consider and vote upon the Arrangement. Details of the Arrangement, including a summary of the terms and conditions of the arrangement agreement, will be disclosed in the management information circular and related documents that MAS Gold will make available on SEDAR and mail out to its shareholders.
About Southern Empire Resources Corp.
Southern Empire is focused on the acquisition, exploration and development of gold deposits in North America.
At the Oro Cruz Gold Project, in the Cargo Muchacho mountains of Imperial County, southeastern California, Southern Empire owns the American Girl Mine Property and holds options to acquire a 100% interest in the 2,160 hectares (5,338 acre) Oro Cruz Property located approximately 22.5 kilometres (14 miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.
With a history that includes extensive drilling and large-scale open pit and underground mining, which was suspended during the gold market downturn in 1996, the Oro Cruz Gold Project hosts many exploration targets in addition to a high-grade oxide gold zone that, based on the historical mine operation records, is amenable to conventional heap leach extractive methods. To watch a virtual "fly by" of Southern Empire's Oro Cruz Gold Project, please click here.
Qualified Person (QP)
The scientific and technical information contained in this news release has been prepared, reviewed, verified and approved by David Tupper, P.Geo. (British Columbia), Southern Empire's VP Exploration and a Qualified Person within the context of Canadian Securities Administrators' National Instrument 43-101; Standards of Disclosure for Mineral Projects.
On behalf of the Board of Directors of Southern Empire,
Dale Wallster, CEO and Director
Cautionary Notice on Forward-Looking Information
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Each of Southern Empire and MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to each of Southern Empire and MAS Gold's limited operating history, ability to complete the proposed Transaction (including obtaining all necessary shareholder and regulatory approvals), the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, neither Southern Empire nor MAS Gold undertakes no obligation to publicly update or revise forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
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