Business
Volcanic Gold Mines Provides Update Regarding its Exploration Projects and Guinean Operations
November 7, 2018 / TheNewswire / Vancouver, British Columbia - Volcanic Gold Mines Inc. ("Volcanic") (TSXV: VG) announces that its Guinean operating subsidiary,
About this update from Volcanic Gold Mines Inc.
[{"type":"text","content":"November 7, 2018 / TheNewswire / Vancouver, British Columbia - Volcanic Gold Mines Inc. (\"Volcanic\") (TSXV: VG) announces that its Guinean operating subsidiary, Guiord SA (\"Guiord\"), has not been successful in securing renewed title to its Mandiana Project exploration permits in the Republic of Guinea. Further to its news release of February 5, 2018, Volcanic has made considerable efforts to renew said title, a process that has been significantly hampered by irregularities and intransigence on the part of the former Administrateur Generale of Guiord. As well, the permit renewal process has been hindered by a lack of administrative clarity and a high degree of uncertainty on the part of the Government of Guinea. In particular, the Ministry of Mines and Geology has declined to acknowledge the authority of Volcanic's CEO as the new Administrateur Generale of Guiord despite his appointment being duly and legally registered with the Cour d'Appel de Conakry. With no improvement expected in dealing with the Ministry of Mines and Geology, the Board of Directors of Volcanic has determined that it is not in the best interests of its shareholders to continue working in Guinea at this time. The Company is investigating its means of legal recourse in this matter, including seeking compensatory damages from the former Administrateur Generale of Guiord within and beyond the Republic of Guinea. Volcanic also announces that it has withdrawn from its previously announced proposed acquisition of exploration permits located in the Ivory Coast. The results of management's due diligence exploration work did not justify continuing with the project. About Volcanic Volcanic brings together an experienced and successful mining, exploration and capital markets team focused on building multi-million ounce gold resources in underexplored countries. Through the strategic acquisition of mineral properties with demonstrated potential for hosting gold resources, and by undertaking effective exploration and drill programs, Volcanic looks to become a leading junior gold resource company. For further information, contact Jeremy Crozier, at 604-801-5432, or visit our website at www.volgold.com. Volcanic Gold Mines Inc. Jeremy Crozier, President and CEO Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts respons...