TSX.V: TU
www.tigrisuranium.com
TSX.V:WFP
www.wolfpackgold.com
VANCOUVER, May 21, 2013 /CNW/ - Tigris Uranium Corp. (TSX.V:
TU) ("Tigris"), and Wolfpack Gold Corp. ("Wolfpack") are pleased to
announce the completion of the previously announced reverse
takeover transaction (the "Transaction") pursuant to which Tigris
acquired all of the issued and outstanding shares of Wolfpack
through a three-cornered amalgamation (the "Amalgamation") whereby
Wolfpack amalgamated with a wholly-owned subsidiary of Tigris.
Name Change and Stock Symbol
In connection with closing of the Transaction, Tigris has changed
its name from "Tigris Uranium Corp." to "Wolfpack Gold Corp." (the
combined company, the "Company").
The Company will continue to be classified as a
Tier 1 mineral exploration issuer on the TSX Venture Exchange
("TSXV"). The common shares of the Company are expected to
commence trading on the TSXV when the market opens on May 21, 2013 under the new name (Wolfpack) and
trading symbol "WFP".
The Company's Assets
Wolfpack's mandate is to advance low cost heap leach and high grade
underground gold projects towards production in the western
United States while maintaining an
important asset base in uranium. The Company owns a
significant portfolio of gold properties located in Nevada and surrounding states and has options
to acquire certain properties, including the Castle Black Rock and
Adelaide Properties located in Nevada. The Company's portfolio has seen
little to no activity since gold prices were below USD$400/oz. Both Adelaide and Castle Black Rock have previous
operating histories as open pit heap leach operations during the
late 1980s, when they were closed due to low gold prices.
The Company is committed to maximizing
shareholder value and is well positioned with cash and marketable
securities of approximately $8.2
million and a low annual expenditure rate. In
addition, the Company owns 115,000+ acres (46,400 ha) of private
mineral rights, with an indicated resource of 26.6 MM pounds
U3O8 at an average grade of 0.105% e
U3O8 and an inferred resource of 6.1 MM
pounds U3O8 at an average grand of 0.110 e
U3O8 (Beahm, 2012). The mining
properties are located in New
Mexico's Crownpoint Uranium District, a portion of which are
under NRC license, and benefit from an increasingly progressive
New Mexico regulatory and
political environment.
The newly combined company has a well-rounded
portfolio of gold properties focused in and around central and
northern Nevada. The
Company's management, building on a track record of success in the
uranium sector, will continue advancing its Crownpoint and Hosta Butte uranium assets in
New Mexico, while studying ways to
maximize the value of those assets in an improving uranium
market. Management has also been structured to provide the
best possible guidance in moving the Company's most advanced gold
properties forward, while evaluating its other key precious metals
properties in and around the most highly productive gold belts of
Nevada.
2013 Nevada Precious Metals Program
With the completion of the Transaction, Wolfpack's geologic staff
is in the field evaluating its property portfolio for further work
later in the season and for possible joint agreements with other
explorers. Although many the Company's properties are
concentrated near the prominent historic and modern mining town of
Tonopah, Nevada, some of the
better known properties in the portfolio are sediment and volcanic
hosted precious metal targets on the most prominent and highly
productive trends of north-central Nevada.
The Adelaide
property, located on the Battle
Mountain - Eureka Trend and near the Getchell Trend, offers
a variety of gold and gold-silver targets in possible high grade
underground to moderate grade open pit configurations. The
Company has permitted underground access to one of the high grade
zones, although significant drilling and modeling are still
required prior to any commitment to begin underground access
work. In the near term, preparations are being made for a
planned June-July reverse circulation drilling program.
Initially, this program will test extensions of the high grade vein
style mineralization in the vicinity of the open pits. A step
out program is also planned for areas to the north, where historic
drilling suggests sediment hosted gold may be related to
extensively intruded fault zones. Mapping is expected to fine
tune these existing targets and to possibly develop new ones
related to the more productive structures, host rocks sediments and
intrusive bodies.
The Transaction
Immediately prior to the Amalgamation, the Company completed the
consolidation of its issued and outstanding common shares on the
basis of three (3) "old" common shares for one (1) "new" common
share (the "Consolidation").
Pursuant to the Amalgamation, each common share
of Wolfpack has been exchanged for one post-Consolidation common
share of the Company, and convertible securities of Wolfpack have
been exchanged for convertible securities of the Company on a
one-for-one basis, post-Consolidation.
The Company has received final TSXV approval of
the Transaction. Details of the Transaction, including those
related to the business and properties of the Company, can be found
in the Company's press releases of December
7, 2012, January 31, 2013 and
April 29, 2013, and are more
particularly described in the Company's Filing Statement dated
April 29, 2013, all of which are
available on SEDAR at www.sedar.com under the Company's
profile.
With the completion of the Transaction the Board
of Directors and management are now as disclosed in the company's
previous news release dated April
29th, 2013.
Capitalization
After completion of the Transactions, the Company has 49,897,750
common shares issued and outstanding, of which approximately 60%
represent shares held by shareholders of Wolfpack prior to closing
of the Transaction.
Technical information in this press release
relating to Wolfpack has been reviewed and approved by Mark J. Abrams, MSc, PG, RG, the Company's
Vice-President of Exploration and a Qualified Person as defined in
National Instrument 43-101.
Neither 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.
This press release contains projections and
forward-looking information that involve various risks and
uncertainties regarding future events. Such forward-looking
information can include without limitation statements based on
current expectations involving a number of risks and uncertainties
and are not guarantees of future performance. There are numerous
risks and uncertainties that could cause actual results and the
Company's plans and objectives to differ materially from those
expressed in the forward-looking information. Actual results and
future events could differ materially from those anticipated in
such information. These and all subsequent written and oral
forward-looking information are based on estimates and opinions of
management on the dates they are made and are expressly qualified
in their entirety by this notice. Except as required by law, the
Company assumes no obligation to update forward-looking information
should circumstances or management's estimates or opinions
change.
SOURCE Tigris Uranium Corp.