Business
Blue Lagoon Resources President & CEO Rana Vig Adds 1 Millon Shares To His Personal Position
VANCOUVER, BC / ACCESSWIRE / February 22, 2021 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce that its P
About this update from Blue Lagoon Resources Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / February 22, 2021 / Blue Lagoon Resources Inc. (the \"Company\") (CSE:BLLG) (FSE:7BL) (OTCQB:BLAGF) is pleased to announce that its President & CEO, Mr. Rana Vig, has added 1 million shares to his holdings of Blue Lagoon, bringing his total to 3,264,268 shares, representing approximately 4.5% of the Company's total issued and outstanding common shares. \"As gold pulls back and some investors with short term horizons panic and begin to exit the sector, I am more excited than ever to increase my position in a company that I founded with a vision to be the next gold and silver producer in British Columbia,\" said Rana Vig, President and CEO of Blue Lagoon Resources. \"And currently, with more than $5 million in treasury and no debt, we have more than 20 people working at the site in a combined effort to complete this year, the 3 key required mining permit amendments as set out by the ministry, one of which has already been completed, and the remaining two scheduled for completion before the end of this summer\" he added. Please note that the Company will evaluate a production decision once all permit requirements are in place. Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure. The Dome Mountain Gold Project, an all-year accessible property located a short 50-minute drive from Smithers BC., holds both an Environmental Management Act Permit (EMA) and a Mining Permit providing for up to 75,000 tonnes production annually. In addition, the property has 15 known high-grade gold veins (see the Company's news release dated May 4, 2020) with more than 90% of the property yet to be explored. Furthermore, on November 18, 2020, the Company announced that after careful analysis of the data received from its first ever property wide flown airborne geophysical survey, the Company decided to significantly expand its land package by staking an additional 7,646 hectares, thereby nearly doubling its previous land position to 18,934.55 hectares. See the two figures below that show the newly staked areas and the promising results from the airborne geophysical surveys that led to the Company's decision to stake the additional land. For more details see the Compa...