Business
Southern Empire to Acquire MAS Gold to Establish an Advanced Stage Gold Exploration and Development Company
Southern Empire to Acquire MAS Gold to Establish an Advanced Stage Gold Exploration and De...
About this update from Southern Empire Resources Corp
[{"type":"text","content":"\n\n\n\nSouthern Empire to Acquire MAS Gold to Establish an Advanced Stage Gold Exploration and Development Company\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, BC, July 13, 2020\n\n\n\nVANCOUVER, BC, July 13, 2020 /CNW/ - Southern Empire Resources Corp. (Southern Empire; TSX-V: SMP) (Frankfurt: 5RE) and MAS Gold Corp. (MAS Gold; TSX-V: MAS) are pleased to announce that they have entered into a binding agreement dated July 11, 2020 (the \"Agreement\") whereby Southern Empire has agreed to acquire all of the issued and outstanding common shares of MAS Gold (the \"Transaction\").  \nHighlights of the Transaction \nMAS Gold has two advanced stage gold deposits having NI 43-101 mineral resources located in the La Ronge Gold Belt of Saskatchewan, Canada:\nthe 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) 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 Significant potential for resource expansion exists at both Greywacke North and North LakeExcellent exploration potential also exists for MAS Gold's Preview-North Property (which hosts the Point gold deposit), Henry Lake and Elizabeth Lake properties.The combined entity will have a strong balance sheet, with no debt and a cash position of approximately $5.5 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.\nChief Executive Officer of Southern Empire, Dale Wallster, stated: \"With this transaction, Southern Empire will emerge as a company having NI 43-101 gold resources in Saskatchewan, annually ranked as one of the best mining jurisdictions in the world, which we will target to expand and enhance. Together with our Oro Cruz and Eastgate gold projects in the southwestern U.S.A. we wil...