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Southern Empire and MAS Gold Enter into Arrangement Agreement
(via TheNewswire) August 19, 2020 - TheNewswire - Southern Empire Resources Corp....
About this update from Southern Empire Resources Corp
[{"type":"text","content":"Southern Empire and MAS Gold Enter into Arrangement Agreement(via TheNewswire)\n \n \nAugust 19, 2020 - TheNewswire - Southern Empire Resources Corp. (Southern Empire ) (TSXV:SMP) (Frankfurt:5RE) and MAS Gold Corp. (MAS Gold) (TSXV:MAS) are pleased to announce that further to their news release dated July 13, 2020, they have now entered into a definitive arrangement agreement dated August 18, 2020 (the \"Agreement\") whereby Southern Empire has agreed to acquire all of the issued and outstanding common shares of MAS Gold (the \"Transaction\"). \n\n\n \nHighlights of the Transaction \n\n \n \nMAS Gold has two advanced stage gold deposits with NI 43-101 mineral resources located in the La Ronge Gold Belt of Saskatchewan, Canada:\n\n\n \n\n\n- the North Lake Gold Deposit containing 417,000 ounces gold (oz Au) is comprised of an Inferred Mineral Resource of 14,110,00 tonnes (t) grading 0.92 grams gold per tonne (g Au/t) \n\n\n\n \n \n\n\n- the Greywacke North Gold Deposit containing 95,600 oz Au is comprised of an Indicated Mineral Resource of 255,500 t at 9.92 g Au/t, plus an Inferred Mineral Resource of 59,130 t at 7.42 g Au/t, at a cut-off grade of 5 g Au/t \n\n\n\n \n \n\n\n- Significant potential for resource expansion exists at both Greywacke North and North Lake\n\n\n\n \n \n\n\n- Excellent exploration potential also exists for MAS Gold's Preview-North Property (which hosts the Point gold deposit), Henry Lake and Elizabeth Lake properties.\n\n\n\n\n \nThe combined entity will have a strong balance sheet, with no debt and a cash position of approximately $4.5 million, which will be used to target expansion of the current NI 43-101 resources as well as exploration and development on all of Southern Empire's projects.\n\n \n \nChief Executive Officer of Southern Empire, Dale Wallster, stated: \"We are pleased that the due diligence process has completed in a timely manner to the satisfaction of both parties. Management is now, more than ever, confident in its decision to pursue the acquisition of MAS Gold and looks forward to advancing the La Ronge Gold Belt projects. Together with our gold projects in the southwestern U.S.A., Southern Empire will emerge as a multi-asset, advanced stage gold exploration and development company with holdings in some of the best mining jurisdictions in the world.\" \n\n \n \nDetails of the Arrange...