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| July 03, 2014 --- Vol. 08, No. 27 | July 2014
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Nunavut
GOLD – North Country Gold Corp. July 2 announced its 2014 work plan, in conjunction with a near term strategy focused on underground exploration, bulk sampling and focused drilling designed to accelerate future project development at its Three Bluffs gold deposit. The 2014 program will focus on activities required to obtain the necessary information to prepare for and obtain the required permits to allow the company to initiate a two-year underground exploration and bulk sampling of the Three Bluffs gold project. This work will include geotechnical, acid-base accounting, engineering and logistical. The company also plans a focused drill program aimed at further delineating the high grade hinge area slated for initial underground exploration. The company also plans to implement strategies to realize the potential of other assets within its property portfolio across the remainder of the Committee Bay Belt. During 2015-2016, North Country Gold plans to initiate bulk sampling while continuing resource expansion and exploration drilling. Environmental and engineering baseline studies will also be continued. "Our work strategy, derived from ongoing geological analysis and the results of the high-level trade off and logistical studies announced January 22, 2014, is focused on cost effective activities which we believe will move the project towards our ultimate goal of becoming Nunavut's next gold producer," explained North Country Gold President Brian Budd. "We believe the value of the Three Bluffs project lies within what we have already discovered and that by focusing our efforts on understanding the geology and demonstrating the quality of the known mineralization we can better deliver on our mandate.”
FINANCE – West Melville Metals Inc. June 27 said it intends to complete a non-brokered private placement of up to 7 million units at a price of C5 cents per unit for gross proceeds of C$350,000. Each unit will consist of one common share and one purchase warrant. Each warrant will be exercisable into one common share for a period of three years from closing at a price of C15 cents per share, subject to the company’s right to accelerate the exercise of the warrants if the daily volume weighted average trading price of the common shares of the Company on the TSX Venture Exchange is equal to or exceeds C35 cents for a period of 10 consecutive trading days during the term of the warrant, commencing four months after the date the warrants are issued. The terms and completion of the private placement are subject to TSX Venture Exchange approval. All securities issued in the private placement will be subject to a four-month hold period from the closing of the private placement. The company may pay finder’s fees in connection with the private placement. The company intends to use the proceeds of the private placement to conduct metallurgical test work on the Isortoq project and for general working capital purposes. Any participation by insiders of the company in the private placement, which participation will be subject to the approval of the independent directors of the company, will be on the same terms as the arm’s length investors, and shareholdings of insiders in the company will increase as a result of any such participation. West Melville is a specialty metals exploration company working to advance the Isortoq iron-titanium-vanadium project in Greenland and the Fraser Bay Project in Nunavut.
CORRECTION – Peregrine Diamonds Ltd. June 26 corrected a June 24 news release that provided an activity update on its Chidliak diamond project. The release contained three errors in the diamond results table. The news release reported 55 diamonds in the +0.425-0.600-millimeter sieve size for the CH-46 kimberlite when the actual number is eight diamonds. For the CH-7 kimberlite, 187 diamonds in the +0.150-0.212 mm sieve size were reported, but the actual number is 188. Peregrine said an amended independent technical report will be filed that includes these corrections. Also for the CH-7 kimberlite, the total carat weight for +0.850 mm diamonds was reported as 0.827 carats, which is the total carat weight for the entire sample. The correct total carat weight for the +0.850-mm diamonds is 0.568 carats, which was correctly reported in a June 19, 2014 technical report. Corrections will also be made to diamond counts from Batch C of the 2013 CH-6 kimberlite bulk sample reported in the June 19, 2014 Technical Report. A discrepancy of three diamonds out of a total of 5,724 diamonds in the +0.85 and +1.18 mm sieve sizes has been identified. The original press release of Jan. 16, 2014 announcing these results was correct. Peregrine President Brooke Clements said, “As the person accountable for the company’s technical public disclosure, I take full responsibility for these errors. Peregrine prides itself in the quality and completeness of all its disclosure and in this case the necessary checks to verify data integrity were not completed. I will review our disclosure protocols to ensure that mistakes like this are not allowed to happen again. I would like to thank Will Purcell, from Stockwatch, for his diligence in reviewing our public disclosure and highlighting the CH-46 reporting error.”
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