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Warrant Proceeds of $324,058 Received; San Albino Mine Drill Program Update
(via Thenewswire.ca) TheNewswire / May 16, 2016 - Golden Reign Resources Ltd. (the "...
About this update from Mako Mining Corp.
[{"type":"text","content":"Warrant Proceeds of $324,058 Received; San Albino Mine Drill Program Update(via Thenewswire.ca)\n \n \nTheNewswire / May 16, 2016 - Golden Reign Resources Ltd. (the \"Company\" or \"Golden Reign\")(TSX-V: GRR) is pleased to announce that it has received proceeds of $324,058 from the exercise of 6,481,155 share purchase warrants. All participating warrant holders under the 2015 warrant incentive program exercised their warrants. \n\n\n \nThe Company is in a strong cash position after the warrant exercise and the recently completed, oversubscribed, non-brokered private placement which raised $3,116,640. Proceeds from the warrants exercised and the private placement will be used to advance the San Albino Gold Deposit, and for general working capital.\n\n\n \nUpdate on Current Drill Program at San Albino Gold Deposit\n\n\n \nGolden Reign's wholly-owned San Albino Gold Deposit, located in Nueva Segovia, Nicaragua, is a low tonnage, high-margin gold project with a robust estimated average mined diluted grade of 8.02 g/t AuEq. (see new release dated March 16, 2015 entitled \"PEA Results for San Albino OP/UG Gold Deposit Indicates All-In Sustaining Cash Costs of US$460/oz Gold & Average Grade of 8.02 g/t AuEq\").\n\n\n \nOn April 5, 2016, Golden Reign announced the commencement of drilling. Key objectives of the program are to obtain:\n\n\n \n-sufficient mineralized material for the final stage of metallurgical test work; and\n\n\n \n-additional information from infill drilling to refine and optimize the current mine plan. \n\n \n \nThe drill program was designed to provide test material comprised of oxide and fresh rock mineralization, to allow further optimization of the proposed mill flow-sheet and improve the quality of the overall recoveries. Prior metallurgical testing has already shown excellent gold recoveries from high grade material (see new release dated March 27, 2014 entitled \"Golden Reign Recovers 91% Of Gold in Metallurgical Tests of Potential Oxide Open Pit\"). \n\n\n \nGolden Reign intends to target near-surface open pit mineralization, to be mined from four separate areas - West Pit, SW Pit, NE Pit and Central Pit. Additional infill drilling, combined with trenching of the in-between areas, has the potential to increase mineable open pit resources and result in the mining of fewer, larger open pits. \n\n\n \nTo da...