Toronto, Ontario–(Newsfile Corp. – August 7, 2013) – Crown Gold Corporation (TSXV: CWM) (“Crown” or the “Company“) is pleased to announce that it has commissioned a technical report on the recently acquired Superior and Engels copper mining properties to establish a work plan for the coming year.
As stated in Crown’s news release of July 12, 2013, these two mines reported joint production of 161.5 million pounds of copper, 23,000 ounces of gold, and 1.9 million ounces of silver recovered from 4.7 million tons of ore between 1914 and 1930.
Mr. Stephen Dunn, the CEO of Crown, stated “Since 1960, the Superior Mine and Engels Mine properties have seen numerous drill programs totalling over 150 holes that have resulted in various non-compliant historical resource calculations for the two properties. Airborne geophysics, geochemical surveys, metallurgical studies and internal mining plans have also been produced by the various companies that have worked on the properties since 1960. All of that data needs to be compiled and reviewed in order for Crown to estimate what mineral resources currently exist on the properties, what work needs to be done to make these mineral resource estimates compliant with NI 43-101 standards, and what targets should be prioritized in order to allocate limited financial resources, all with a view to maximizing shareholder value. The properties also offer excellent exploration potential as both are open at depth and on strike, and additional targets have been revealed by the historical work done to date.”
Crown anticipates beginning a sampling program and geophysical (IP) survey early this fall subject to the results of the in-progress technical report.
The Company is also pleased to announce the appointment of George Cole to the Company’s Board of Directors subject to regulatory approval. Mr. Cole was Vice President, Exploration for Cominco America until he retired in 2001. He has subsequently served in senior management and board positions for several junior mining companies, most recently with Trelawney Mining & Exploration and Rae-Wallace Mining Company. Mr. Cole’s experience and technical capabilities will be an invaluable asset to the Company and to the Board as Crown moves forward on advancing its Superior copper project.
Crown also announces that incentive options to purchase up to 2,200,000 common shares of the Company have been granted to officers, directors and consultants of the Company pursuant to the Company’s stock option plan and subject to any necessary regulatory approvals. The options are exercisable at $0.10 per share until July 31, 2018. After the grant, the total number of outstanding options under the Company’s Option Plan is 6,000,000 or approximately 6.4% of the outstanding common shares. There are currently 93,850,000 shares outstanding.
For more information please see the Crown website at www.crowngoldcorp.com.
For Further Information Contact:
Mr. Stephen Dunn, President and CEO, Crown Gold Corporation (416) 361-2827
or email [email protected].
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.
This press release contains forward-looking statements within the meaning of applicable Canadian and U.S. securities laws and regulations, including statements regarding the future activities of the Company. Forward-looking statements reflect the current beliefs and expectations of management and are identified by the use of words including “will”, “anticipates”, “expected to”, “plans”, “planned” and other similar words. Actual results may differ significantly. The achievement of the results expressed in forward-looking statements is subject to a number of risks, including those described in the Company’s management discussion and analysis as filed with the Canadian securities regulatory authorities which are available at www.sedar.com. Investors are cautioned not to place undue reliance upon forward-looking statements.