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Corvus Gold closes CAN$1.3 million private placement financing with AngloGold Ashanti

Published by , Assistant Editor
Global Mining Review,

Corvus Gold Inc. (Corvus) has completed a private placement financing (the Private Placement) with AngloGold Ashanti (USA) Inc. (AGA).

Pursuant to the closing of the Private Placement, AGA was issued 500 000 common shares at a price of CAN$2.60 per share for gross proceeds of CAN$1.3 million. No warrants were issued and no commission paid in conjunction with the private placement. 

Following the closing of this financing, AGA owns 19.9% of the issued and outstanding shares of Corvus.  Proceeds of the financing is expected to fund ongoing discovery and mineral resource expansion programmes at both the Mother Lode and the North Bullfrog projects in Nevada. 

Jeff Pontius, President and CEO of Corvus, said: “We are pleased to have AngloGold continue with their investment in Corvus.  AngloGold has been and continues to be a key investing partner as we advance exploration of the greater Bullfrog Mining District in Nevada.  These additional funds will allow us to continue exploration on numerous targets and help with our ongoing mineral resource expansion programs at both Mother Lode and North Bullfrog. We believe that the premium paid to the market price in this financing reflects the underling quality of the Corvus assets and our commitment to district wide exploration and discovery. Corvus and its shareholders are fortunate in having such a high-quality strategic shareholder as AGA to help with unlocking the potential of this large and exciting Nevada Gold District.”

The common shares issued in the Private Placement are subject to a minimum 12 month hold period unless otherwise registered under applicable securities laws. The Toronto Stock Exchange has granted conditional approval to the issuance of the Corvus Gold common shares under the Private Placement.

The foregoing securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended or any applicable state securities laws and may not be offered or sold absent registration or an applicable exemption from such registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the foregoing securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About the North Bullfrog & Mother Lode Projects (Nevada)

Corvus controls 100% of its North Bullfrog Project, which covers approximately 90.5 km2in southern Nevada.  The property package is made up of a number of private mineral leases of patented federal mining claims and 1134 federal unpatented mining claims.  The project has excellent infrastructure, being adjacent to a major highway and power corridor as well as a large water right. The company also controls 445 federal unpatented mining claims on the Mother Lode project which totals approximately 36.5 km2 which it owns 100%.  The total Corvus Gold 100% land ownership now covers over 127 km2, hosting two major new Nevada gold discoveries.

The combined Mother Lode and North Bullfrog Projects contains a Measured Mineral Resource for the mill of 9.3 million t at an average grade of 1.59 g/t gold, containing 475 k ounces of gold and Indicated Mineral Resources for the mill of 18.2 million t at an average grade of 1.68 g/t gold containing 988 000 oz of gold and an Inferred Mineral Resource for the mill of 2.3 million t at an average grade of 1.61 g/t gold containing 118 000 oz of gold.  In addition, the project contains a Measured Mineral Resource for oxide, run of mine, heap leach of 34.6 million t at an average grade of 0.27 g/t gold containing 305 000 oz of gold and an Indicated Mineral Resource for, oxide, run of mine, heap leach of 149.4 million t at an average grade of 0.24 g/t gold containing 1.15 million oz of gold and an Inferred, oxide, run of mine, heap leach Mineral Resource of 78.7 million t at an average grade of 0.26 g/t gold containing 549 000 oz of gold.

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