Business
Blue Lagoon Summarizes the First Two Quarters of 2020 Highlights Plans Moving Forward
VANCOUVER, BC / ACCESSWIRE / June 9, 2020 / Blue Lagoon Resources Inc. (the "Company") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to provide an update on its 2
About this update from Blue Lagoon Resources Inc
[{"type":"text","content":" VANCOUVER, BC / ACCESSWIRE / June 9, 2020 / Blue Lagoon Resources Inc. (the \"Company\") (CSE:BLLG)(FSE:7BL)(OTCQB:BLAGF) is pleased to provide an update on its 2020 activities to date and outline of its plans moving forward. \"Since its first trading day of July 4, 2019, management's focus has lead Blue Lagoon from being a newly listed junior mining exploration company to one that completed two major financings - $1.1 million at $1.00 per share and $1.0 million at $1.50 per share; acquired a very promising high grade gold property in British Columbia that holds both a Mining Permit for mining up to 75,000 tonnes annually and an Environmental Management Act Permit; initiated and completed a Preliminary Economic Assessment (PEA); exercised its Pellaire property option to earn-in 100% on improved terms over the original agreement; and added its first member to a strategic advisory board to assist and guide management,\" said Rana Vig, President and CEO of Blue Lagoon Resources. \"I'm very pleased with our progress to date and am looking forward to the second half of 2020 as we continue to build our team and execute on our plans,\" he added. METAL MOUNTAIN ACQUISITION The Company acquired 100% of Metal Mountain Resources Inc., which owns both the Dome Mountain Gold Project and the Big Onion Copper Porphyry (for details, see relevant corporate News Release dated March 31, 2020). The acquisition was completed in an all-stock transaction and included a release schedule that allows for the shares to be released in timed installments over a 30-month period, with the first 10% to be released 12 months from the date of the closing of the transaction. Key Highlights of the Dome Mountain Gold Project: A drive-to project located a short 50 minute drive from the town of Smithers B.C. Holds a British Columbia Mining permit (\"M-237\") and Environmental Management Act Permit (\"EMA\") providing for mining up to 75,000 tonnes annually, plus a long term Milling and Mining Profit Share Agreement with Nicola Mining Inc., which operates a modern mill facility located near Merritt, B.C. Expenditures on the mine by past operators, including Timmins and Noranda, have totaled in excess of $68 million, $28 Million of which was spent in the past 12 years by the Company's newly acquired subsidiary, Gavin Mines. The work included 500 meters of underground ...