/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
OR FOR DISSEMINATION IN THE UNITED
STATES/
ROUYN-NORANDA, QC, June 5, 2019 /CNW Telbec/ - Visible Gold Mines
Inc. (TSXV: VGD) (FRANKFURT:
3V41) is pleased to announce that it has entered into a
purchase agreement (the "Purchase Agreement") with two
prospectors (the "Vendors") to acquire a 100% ownership
interest in the 108 mining claims comprising the Horsefly gold
property (the "Horsefly Property"), which is covering
approximately 6,050 hectares (60.5 km2). The
Horsefly Property is located in the Druillettes and Gradis
townships, approximately 50 kilometres south of the town of
Chapais in the province of
Québec.
The Horsefly property is centrally located within a highly
prospective area of the Chapais-
Chibougamau gold-copper camp, an
area currently experiencing extensive mineral exploration. The
Horsefly Property contains several gold showings and is
strategically located over anastomosing regional structures
associated with recent gold mineralization discoveries the most
recent one being on the Nelligan property held by Vanstar and
IAMGOLD Corporation located east of the Horsefly Property (see
Vanstar's press releases dated May 30,
2019, January 10, 2019 and
November 16, 2018).
In addition, these same anastomosing regional structures over
which the Horsefly Property occurs host several gold mines and
deposits which include the: Lac Short Mine and Fenton Deposit to
the west, the Joe Mann Mine and Philibert Deposit to the east and
the Chevrier Deposit to the northeast.
Martin Dallaire, President and
CEO of Visible Gold Mines stated, "with this important
Vanstar/Iamgold discovery on the Nelligan property, we firmly
believe that this region has the potential to become a very active
mining camp, in which Visible Gold Mines will be well positioned
with its Horsefly and Hazeur projects in proximity".
The terms of the Acquisition
Prior to acquiring the Horsefly Property, Visible Gold Mines
entered into an agreement with 9304-2141 Québec Inc.
("9304-2141") to acquire the rights of 9304-2141 in an offer
to purchase entered into between 9304-2141 Québec and the Vendors,
pursuant to which 9304-2141 had a first right to acquire the
Horsefly Property from the Vendors. Pursuant to this agreement with
9304-2141, Visible Gold paid an amount of $15,000 to 9304-2141 and is required to issue to
9304-2141 150,000 common shares of Visible Gold Mines.
Pursuant to the terms of the agreement and subject to the
regulatory approval, including that of the TSX Venture Exchange,
Visible Gold Mines will acquire 100% ownership interest in the 108
mining claims comprising the Horsefly Property by making a $10,000$
cash payment to the Vendors and by issuing 1,000,000 common shares
to the Vendors. The Horsefly Property is not subject to any royalty
in favor of the Vendors.
Qualified Person
Robert Sansfaçon, PGeo, senior geologist and Visible Gold Mines'
vice-president exploration, is the qualified person for the
Horsefly Property under National Instrument 43-101 - Standards
of Disclosure for Mineral Projects, responsible for the
technical contents of this news release, and has approved the
disclosure of the technical information contained herein.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the
prolific Abitibi Gold Belt in
Canada. The Corporation has
21,089,339 common shares outstanding.
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 the release.
SOURCE Visible Gold Mines Inc.