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HPQ Silicon Designates Roncevaux Quartz Deposit As Property Of Merit In Preparation For Gold Spin Out. Announces Equity Financing
(via TheNewswire) December 13, 2016 / TheNewswire / Montreal, Quebec, Canada HPQ Sili...
About this update from Hpq Silicon Inc
[{"type":"text","content":"HPQ Silicon Designates Roncevaux Quartz Deposit As Property Of Merit In Preparation For Gold Spin Out. Announces Equity Financing(via TheNewswire)\n \n \nDecember 13, 2016 / TheNewswire / Montreal, Quebec, CanadaHPQ Silicon Resources Inc (\"HPQ\") (TSX Venture: HPQ) is pleased to inform shareholders that geophysics and geology surveys carried out in the fall of 2016 on the company's Roncevaux quartz deposit, located in the Gaspe region of Quebec, have been interpreted as having identified an estimated 250 metre extension to the main quartz vein deposit. This significantly increases its' potential to supply raw material to HPQ's planned high purity silicon processing facility once completed. \n\n\n \nResults from geophysical surveys completed by the INRS are included in a new 43-101 Technical report prepare on the property by Mr. Benoit Violette, P.Geo. \n\n\n \nPURPOSE OF NEW RONCEVAUX QUARTZ DEPOSIT 43-101 \n\n\n \nOn March 11, 2016, the company announced its plans to spin out its gold projects and issue a dividend to shareholders. The purpose of the spinout is to segregate the company's valuable but diverse holdings to unlock even greater value for shareholders. \n\n\n \nThe preparation and filing of this new 43-101 report are required steps as a result of the Company's plan to transfer all of its gold assets into a newly formed subsidiary called Beauce Gold Fields Inc, then dividend out 80% of the Capital of the subsidiary to its shareholders.\n\n\n \nBefore transferring any of its gold assets to the new subsidiary, the Corporation needed to designate the Roncevaux Property as its Property of Merit and file a NI-43-101 Qualification report as required by TSX-Venture HPQ listing requirements.\n\n\n \nBernard Tourillon, Chairman and CEO of HPQ Silicon stated: \"As we approach the end of 2016, the entire HPQ team is very happy to have delivered yet another major milestone to shareholders. Not only have we completed the steps necessary to designate Roncevaux as the Company's new Property of Merit, an absolute requirement of our plan to spin out Beauce, we also managed to increase its potential size. As a result, we are now in a position to shortly deliver on our promise of unlocking great value of our gold and high purity silicon operations for shareholders.\n\n\n \nRoncevaux 43-101 Technical Report\n\n\n \nThe Company has receiv...