Vancouver, BC - July
2, 2013: Altair Gold Inc. (TSX-V: AVX; "Altair" or "the Company")
is pleased to report that it has signed an amending agreement (the
"Second Amending Agreement") with Sultan Minerals Inc. ("Sultan",
TSX-V:SUL) amending the Letter Agreement dated December 30, 2011,
as amended on December 28, 2012, between the Company and Sultan
relating to the Company's option (the "Option") to earn up to a 75%
interest in the Kena gold project near the town of Nelson in
southeastern British Columbia (the "Kena Gold Property"). The Kena
Gold Property comprises 152 claim units for a total of 7,609
hectares and covers approximately 8,000 metres of strike length on
a district-scale gold and gold-copper system.
Kena is an advanced gold project
given the significant gold resource already outlined, the potential
to expand it, and the opportunity to make new discoveries on the
other exciting targets.
The current resource
estimate for the Kena Gold Property is set out in the technical
report dated May 15, 2013, entitled "Technical Report for the Kena
Property" prepared for Altair by Gary Giroux, P. Eng., MASc. and
Vivian Park, P. Geo. The mineral resource statement for the Kena
Gold Property, as extracted from the 2013 Kena Technical Report, is
summarized in the table below. The effective date of this resource
estimate is February 7, 2013. The mineral resource statement is
reported at a cut-off grade of 0.3 gpt gold.
Mineral Resource Statement, Kena
Gold Property, British Columbia, Giroux and Park, May 15, 2013.
COMBINED KENA AND GOLD
MT. (KGM) ZONE
At a 0.3 g/t cut-off
------------------------------------------------------------
|Category |Tonnes |Grade Au (g/t)|Au Ounces|
|----------------------------------------------------------|
|Measured |6,690,000 |0.77 |165,000 |
|----------------------------------------------------------|
|Indicated |18,600,000|0.54 |325,000 |
|----------------------------------------------------------|
|Measured and Indicated|25,280,000|0.60 |490,000 |
|----------------------------------------------------------|
|Inferred |90,440,000|0.48 |1,399,000|
------------------------------------------------------------
Under the terms of
the Second Amending Agreement, the term of the Option has been
extended by an additional two years. In addition, to earn an
initital 60% interest in the Kena Gold Property under the terms of
the Second Amending Agreement, Altair would have to incur
exploration expenditures on the Kena Gold Property of $ 6.15
million over the next 4.5 years (no exploration expenditure
commitment for 2013) and pay Sultan $2 million ($400,000 in 2013)
and issue a total of 2,666,666 shares (500,000 shares in 2013) over
the next four years.
"Despite our
successful drill campaign in 2012 and significant upward revision
to the resource estimate, whereby we were able to increase our
Inferred resources by 173%, current market conditions dictate that
we adjust our strategy with respect to the development of the Kena
Gold Property. We have worked cooperatively with Sultan to
ensure that we evolved a new commitment structure
that is fair to all parties concerned," stated Altair's President & CEO, Fayyaz
Alimohamed.
A permit application
has been submitted for further drilling and exploration work, which
is subject to financing.
The Second Amending
Agreement is subject to acceptance for filing by the TSX Venture
Exchange.
The Qualified Person for the
Kena Gold
Property is Mr. Warner Gruenwald, P.Geo. and VP Exploration for
Altair.
For
further information, please contact Fayyaz Alimohamed at (604)
641-1305, or e-mail info@altairgold.com.
ON
BEHALF OF THE BOARD
"Fayyaz Alimohamed"
Fayyaz Alimohamed,
President & CEO
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forward-Looking Statement
Caution:
This news release contains forward-looking statements
within the meaning of Canadian provincial securities laws
applicable to the Company, regarding the ongoing exploration and
development activities at the Company's Kena gold property.
Although the Company believes that such statements are reasonable,
it can give no assurance that such expectations will prove to be
correct. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions, or are those, which, by their
nature, refer to future events. The Company cautions that any
forward-looking statements by the Company are not guarantees of
future results or performance, and that actual results may differ
materially from those in forward-looking statements as a result of
various factors, including, but not limited to, variations in the
nature, quality and quantity of any mineral deposits that may be
located, the Company's inability to obtain any necessary permits,
consents or authorizations required for its activities, the
Company's inability to produce minerals from its properties
successfully or profitably, to continue its projected growth, to
raise the necessary capital or to be fully able to implement its
business strategies. The reader is referred to the Company's
reports, publicly available through the Canadian Securities
Administrators' System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com for a more complete discussion
of such risk factors and their potential effects.
All of the Company's public disclosure filings may be
accessed via www.sedar.com, and readers are urged to review these
materials, including any technical reports filed with respect to
the Company's mineral properties.
Altair Resources (TSXV:AVX)
Historical Stock Chart
From Apr 2024 to May 2024
Altair Resources (TSXV:AVX)
Historical Stock Chart
From May 2023 to May 2024
