News Releases

Statements and MD&A due to COVID-19 related delays. Reschedules for July 14, 2020

Delta, British Columbia, June 1, 2020. Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF) announces the postponement of filing its interim financial statements (“Financial Statements”) and its interim management's discussion & analysis (“MD&A”) for the period ended March 31, 2019 due to logistics and delays caused by the COVID-19. The Company is relying on the British Columbia Securities Commission (the “Commission”) blanket order BCI 51-515 (the “Blanket Order”) for temporary exemption from certain corporate finance requirements.

Recent events pertaining to COVID-19 has impacted the Company and its employees and its auditors’ ability to rely on timely information and to prepare its Financial Statements and MD&A. According to the Blanket Order, during the period from March 31, 2020 to July 15, 2020 a person or company required to make certain filings as described in the Blanket Order has an additional 45 days from the deadline otherwise applicable under British Columbia securities laws to make the filing according to certain disclosure obligations by the Company. Pursuant to the Blanket Order, the Company is relying on the relief therein for its Financial Statements required by section 4.2 of National Instrument 51-102 and its MD&A required by subsection 5.1(2) of National Instrument 51-102.

Until the Company has filed and announced the required Financial Statements and MD&A, all management and other insiders are subject to the Company’s share trading and black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions.

The Company estimates that the required disclosure required by British Columbia securities laws will be filed no later than July 14, 2020. There have been no unreported material business developments since the date of the last interim financial statements were filed on November 29, 2019.

ON BEHALF OF THE BOARD

“Jared Scharf”
Chief Executive Officer

+1 (604) 357 4726

For further information please visit our website www.desertgold.ca or information available on www.SEDAR.com under the company’s profile.

Certain statements contained in this release may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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.

Delta, British Columbia, May 29, 2020, DESERT GOLD VENTURES INC. (“Desert Gold” or the “Company”) (TSX.V: DAU /FF:QXR2 /OTC:DAUGF) announces that it has granted a total of 300,000 incentive stock options to certain consultants of the Company pursuant with the Company's Stock Option Plan.  A portion of the grant was issued to Apaton Finance GmbH which performs IR services for the Company and will be subject to a statutory vesting period. The options are exercisable at CAD $0.20 per share and expire five (5) years from the date of grant.  

ON BEHALF OF THE BOARD

s/"Jared Scharf"
Jared Scharf, President & CEO

ABOUT DESERT GOLD

Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in Western Mali (SMSZ Project and Djimbala), its Anumso project in Ghana’s Ashanti Belt and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca

CONTACT

Jared Scharf, President and CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Certain statements contained  in this release  may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

 

FOLLOW-UP OF 3.52 G/T GOLD OVER 33 METRES2 AND 6.26 G/T GOLD OVER 13 METRES3

Delta, British Columbia, May 26, 2020 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC:Delta, British Columbia, May 26, 2020 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC:DAUGF) is pleased to announce that it has commenced phase 2 of its exploration program on its Senegal Mali Shear Zoneproject in Western Mali (the “SMSZ Project”). The 394 km2 SMSZ Project is both named after, and, overlies a 38 kmsection of the Senegal Mali Shear Zone (see Figures 1 and 2), which is related to 5 large mines located both to the northand south, along strike, including B2 Gold’s Fekola Mine, Barrick’s Gounkoto and Loulo Mines and AngloGoldAshanti/Iamgold’s Sadiola and Yatela Mines1. To the Company’s knowledge, the SMSZ Project is the largest, contiguous,non-producer land package over this very prospective structural feature.

Phase 2 Exploration Program

The planned program will be split between mining camp-scale conceptual targets and high value drill targets that haveThe planned program will be split between mining camp-scale conceptual targets and high value drill targets that havealready been defined. The bulk of the conceptual targeting comprises approximately 10,000 metres of auger drilling onwide-spaced drill fences (1.7 to 4.7 km apart) that will test below laterite-covered areas, with a focus proximal to the eastside of the Senegal Mali Shear Zone, where regionally, the largest gold deposits have been discovered, including Fekola,Gounkoto, Loulo, to the south along strike, and Sadiola, to the north along strike (see Figure 1). Additional auger holeswill test for extensions to gold-bearing hydrothermal breccias and along other mineralized trends and gold-in-augeranomalies that require additional definition.

Core and reverse circulation drilling are planned at the Gourbassi East, Gourbassi West and Barani East areas (Figure 2),Core and reverse circulation drilling are planned at the Gourbassi East, Gourbassi West and Barani East areas (Figure 2),with all 11 holes targeting extensions to know mineralization, including follow-up of an at-surface intercept of 3.52 g/tgold over 33 metres (2estimated 28 metres true thickness) at Gourbassi West and down-plunge-testing of an intercept atBarani East that returned 6.28 g/t gold over 13 metres (3estimated 11 metres true thickness). Additional air-core holes areplanned to follow up on material anomalies identified by the auger program and to follow-up on previous drill intercepts.

Jared Scharf, President and CEO comments “this is our first opportunity to follow up the obviously compelling goldJared Scharf, President and CEO comments “this is our first opportunity to follow up the obviously compelling goldmineralization at the Gourbassi East and West zones, subsequent to the acquisition of Ashanti Gold in late 2019. Theacquisition of Ashanti Gold was a timely and strategic acquisition for us as we are now in a much stronger goldenvironment. Since the acquisition, we have reviewed all historical data and updated both deposits mineralization modelsand are ready to begin testing these models. We see potential for both extending the mineralized zones along strike and todepth and for the discovery of additional, parallel lenses of gold mineralization. The first few holes are key to validatingour new models and demonstrating potential for extending the zones. Also, circumstances permitting, our plan is tocomplete more drilling than proposed above, pending the outcome of a few corporate initiatives. At Barani East we’reexcited to follow up on known economic gold zones with the aim of expanding them outside of the historic open pitresource.”

Phase 2 Exploration start 20 05 23 Final

Figure 1 – SMSZ Project Location, Regional Geology and Major Deposits in Western Mali and Eastern Senegal

 

Phase 2 Exploration start 20 05 23 Final2

Figure 2 – SMSZ Project on Color-Contoured Ansig Magnetic base with major zones and soil anomalies*

*All gold grades over width, with the exception of the Soa prospect, represent drill holes with the true widths, for most holes, ranging*All gold grades over width, with the exception of the Soa prospect, represent drill holes with the true widths, for most holes, rangingfrom 70 to 95%. **The Soa Prospect result is from a trench with true widths unknown. Estimated true widths for the Berola Prospectare unknown. True widths at the Gourbassi Zones range are estimated to range from 55% to 90%.

Technical Details

A total of ten holes are planned over the Gourbassi West and East areas out of a list of 26 proposed holes. These holes areA total of ten holes are planned over the Gourbassi West and East areas out of a list of 26 proposed holes. These holes aredesigned to both validate an updated geological/mineralization model, and, to test for extensions to the mineralized zones.A combination of oriented core and RC drilling is planned.

Gourbassi West Zone

The Gourbassi West Zone consists of four, interpreted, north-trending lenses of gold mineralization that have been tracedThe Gourbassi West Zone consists of four, interpreted, north-trending lenses of gold mineralization that have been tracedfor approximately 1,000 metres along strike (see Figure 3) and to 140 metres depth. Drill holes have returned intercepts to3.52 g/t gold over 33 metres (approximately 28 metres true width). Thicker mineralized zones appear to plunge shallowlyto the north. The mineralized lenses are hosted by intermediate volcanic rocks, silicified hydrothermal breccias andsediments, immediately to the east of a major, north-northeast trending, likely structural, geological contact (see Figure 3).Hydrothermal breccias are common in the Gourbassi area and are often gold bearing. The hydrothermal breccias continuefor at least 1,100 metres to the north of the Gourbassi West Zone, where weak to moderate strength, gold-in-soil anomaliesto 170 ppb gold, have been noted. Induced polarization (IP) resistivity high anomalies correlate quite well with themineralized zones, which are generally silicified, sericitic and pyritic. Several, nearby, untested IP resistivity highs will beevaluated as exploration targets.

In detail, two of the planned RC holes will test 50 metres north and south, at the same vertical elevation, of a near surfaceIn detail, two of the planned RC holes will test 50 metres north and south, at the same vertical elevation, of a near surfaceintercept of 3.53 g/t gold over 33 metres (approximately 28 metres true width). A third RC hole is a model validation holethat is expected to intersect two mineralized lenses and test for a nearby footwall lens. The fourth planned hole, is a 200-metre long core hole that will test the depth extension of three mineralized lenses, with down dip step-outs ranging from30 to 70 metres.

Phase 2 Exploration start 20 05 23 Final3

Figure 3 – Plan Map Gourbassi West Zone*
* True widths at the Gourbassi Zones range are estimated to range from 55% to 90%, subject to those holes drilled partially down-dip,* True widths at the Gourbassi Zones range are estimated to range from 55% to 90%, subject to those holes drilled partially down-dip,as noted above

Gourbassi East

The Gourbassi East Zone consists of at least seven, north-northeast trending lenses of gold mineralization up to 37 metresThe Gourbassi East Zone consists of at least seven, north-northeast trending lenses of gold mineralization up to 37 metreswide, that have been traced for approximately 800 metres along strike to 170 metres depth (see Figure 4). The deepest holereturned 7.49 g/t gold over 11 metres (true width approximately 6 metres). This zone is dominantly hosted by pyritic,quartz-veined, sericitic, high titanium, intermediate volcanic rocks. Felsic volcanics have been noted in the area, but, theirrelationship with the mineralized zones is uncertain. Magnetic and mapping data, indicates that the thickest part of the goldzone lies near a northerly-trending, shear zone contact with a northwesterly-trending magnetite iron formation.

Induced polarization resistivity high anomalies, correlate quite well with the trend of the gold mineralized lenses (see FigureInduced polarization resistivity high anomalies, correlate quite well with the trend of the gold mineralized lenses (see Figure4). Additional exploration targets exist along this resistivity high trend, for another 800 metres to the south, where previousholes returned up to 0.57 g/t gold over 8 metres (approximately 5 metres true thickness).

Five holes are planned to test key parts of the Gourbassi East Zone gold system. As with the Gourbassi West Zone, theFive holes are planned to test key parts of the Gourbassi East Zone gold system. As with the Gourbassi West Zone, theholes will be both validating an updated mineralization model and testing for extensions to the known mineralized lenses.Two core holes, 170 and 280 metres long, 200 metres apart, will be 50-60 metre vertical step-outs designed to test for upto seven parallel lenses of gold mineralization. Four of these lenses do not appear to reach surface, which provides anopportunity to test the entire, non-eroded, mineralized profile. The remaining three holes will test for interpreted, 40 to 50metre, vertical depth extensions to mineralized zones, with the holes expected to intersect from 1 to 3 mineralized lenseseach.

 

Phase 2 Exploration start 20 05 23 Final4

Figure 4 – Gourbassi East Zone Plan Map with Planned and Proposed Holes
* True widths at the Gourbassi Zones range are estimated to range from 55% to 90%.

Barani East

The Barani East zone is a northeast-trending, sulphide replacement zone in silicified limestones. This type of alteration andThe Barani East zone is a northeast-trending, sulphide replacement zone in silicified limestones. This type of alteration andhost rock, are similar to the large Sadiola Gold Mine, located along the same structural and geological trend, approximately50 km to the north. Multiple, moderate-southwest-plunging lenses of gold mineralization have been both identified andinferred in the Barani East area. A single core hole is planned at the Barani East Zone to test approximately 70 metresdown-plunge of 6.3 g/t gold over 13 metres (approximately 11 metres true thickness). If this hole intersects additionalstrong gold grades, two additional holes have been proposed as follow-up. The goal with Barani East, is to continue toexpand the mineralization footprint with an objective to increase the current modest indicated resource of 46,600 ozs goldgrading 2.22 g/t gold and an inferred resource of 23,300 ounces grading 2.29 g/t gold (2016, 43-101 compliant report -Technical Report on the Farabantourou Gold Mining Permit, Kéniéba District, Western Mali, Mineral Resource Update).Drilling, completed subsequent to the resource estimate, has extended the mineralized zones beyond the current in-pitestimated resource.

Air Core Drilling

Over 250 air core holes, totaling approximately 12,600 have been proposed. It is expected also that additional air coreOver 250 air core holes, totaling approximately 12,600 have been proposed. It is expected also that additional air coretargets will be developed through the auger drilling program. The final amount of air core drilling will be determined oncethe core and RC holes noted above, have been completed pending final budget numbers.

QAQC

All AC, and RC samples were geologically logged following Desert Gold’s established standard operating procedures.

For AC and RC drilling, all individual samples represent approximately one-meter in length of rock chips homogenizedFor AC and RC drilling, all individual samples represent approximately one-meter in length of rock chips homogenizedand riffle-split to an approximately 2kg sub-samples which were sent by truck from the project site, for preparation andgold assaying at the SGS laboratories in Bamako, Mali.

Each sample (AC, and RC) is fire-assayed for gold by SGS laboratories in Bamako using Au-FAA505 method, which is aEach sample (AC, and RC) is fire-assayed for gold by SGS laboratories in Bamako using Au-FAA505 method, which is a50g fire assay fusion with AAS instrument finish. In addition to SGS’s own QA/QC (Quality Assurance/Quality Control)program, Desert Gold’s internal quality control and quality assurance procedures included the use of certified standards(1 :20), sample duplicates (1 :20) and blanks (1 :20). Sample batches that fail QAQC review, especially those withsignificant gold intercepts, are re-assayed with the insertion of new standards.

Ashanti Gold drill results QAQC Procedures for the Gourbassi Zones

Certified Reference Materials and Blanks were inserted into the sample stream at the rate of 1:20 samples. Field duplicatesCertified Reference Materials and Blanks were inserted into the sample stream at the rate of 1:20 samples. Field duplicatesare collected at the rate of 1:50 samples. All samples have been analyzed by SGS Laboratories in Bamako with standardpreparation methods and 50g fire assay with atomic absorption finish. SGS does their own introduction of QA/QC samplesinto the sample stream and reports them to Ashanti for double checking. Higher grade samples are reanalyzed from pulpor reject material or both.

This press release contains certain scientific and technical information. The Company is solely responsible for the contentsThis press release contains certain scientific and technical information. The Company is solely responsible for the contentsand accuracy of any scientific and technical information related to it. Don Dudek, P.Geo a director of Desert Gold and aQualified Person under National Instrument 43-101, has reviewed and approved the scientific and technical informationcontained in this press release.

On Behalf of the Board

“Jared Scharf”
___________________________
Jared Scharf
President & CEO

About Desert Gold

Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits inDesert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits inWestern Mali (SMSZ Project and Djimbala), its Anumso project in Ghana’s Ashanti Belt and its Rutare gold project incentral Rwanda. For further information please visit www.SEDAR.com under the company’s profile. Website:www.desertgold.ca

Contact
Jared Scharf, President and CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.
Tel. No.: +1 (858) 247-8195

This news release contains forward-looking statements. These forward-looking statements entail various risks andThis news release contains forward-looking statements. These forward-looking statements entail various risks anduncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements.Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual resultsmay differ materially from those contained in such statements. These uncertainties and risks include, but are not limitedto, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which mineralresource estimates are reflective of actual mineral resources, the degree to which factors which would make a mineraldeposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties aboutth Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatoryauthorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Companyassumes no obligation to update any forward-looking statement or to update the reasons why actual results could differfrom such statements unless required by law. Neither the TSX Venture Exchange nor its regulation services provider (asthat term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities describedherein in the United States. The securities described herein have not been and will not be registered under the united statessecurities act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of aU.S. person absent an exemption from the registration requirements of such act.

 

1 Mineralization hosted on adjacent and/or nearby properties is not necessarily representative of mineralization hosted on the Company’s1 Mineralization hosted on adjacent and/or nearby properties is not necessarily representative of mineralization hosted on the Company’sSMSZ Property.

Delta, British Columbia, May 13, 2020, DESERT GOLD VENTURES INC. (“Desert Gold” or the “Company”) (TSX.V: DAU /FF:QXR2 /OTC:DAUGF) is pleased to announce that it has granted a total of 2,925,000 incentive stock options to certain directors, officers, employees and consultants of the Company pursuant with the Company's Stock Option Plan.  The options are exercisable at $0.10 per share and expire five (5) years from the date of grant.

ON BEHALF OF THE BOARD

 s/"Jared Scharf"
Jared Scharf, CEO

ABOUT DESERT GOLD

Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in Western Mali (SMSZ Project and Djimbala), its Anumso project in Ghana’s Ashanti Belt and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca

CONTACT
Jared Scharf, President and CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

Certain statements contained  in this release  may constitute "forward–looking statements" or "forward-looking information" (collectively "forward-looking information") as those terms are used in the Private Securities Litigation Reform Act of 1995 and similar Canadian laws. These statements relate to future events or future performance. The use of any of the words “could”, “intend”, “expect”, “believe”, “will”, “projected”, “estimated”, “anticipates” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, this release contains forward-looking information relating to the business of the Company, the Property, financing and certain corporate changes. The forward-looking information contained in this release is made as of the date hereof and the Company is not obligated to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. Because of the risks, uncertainties and assumptions contained herein, investors should not place undue reliance on forward-looking information. The foregoing statements expressly qualify any forward-looking information contained herein.

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. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the united states or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.

 

Delta, British Columbia, May 7, 2020 Desert Gold Ventures Inc. (the “Company”) (TSX.V: DAU, FF: QXR2, OTC: DAUGF) is pleased to announce that it has received final TSXV approval to close its previously announced CAD $500,000 non-brokered private placement (the “Financing) The Company raised CAD $1,283,000 through the sale of 16,037,500 Units.  Securities issued as a result of closing of the Financing will be subject to a statutory hold period of four months from closing.

Pursuant to the terms of the Financing, each Unit was priced at CAD $0.08 and consists of one common share in the equity of the Company and one-half common share purchase warrant (a “Warrant”).  Each full Warrant entitles the holder to purchase one additional common share of the Company at a price of $0.15 per share for a period of three (3) years from the closing of the Financing. In connection with closing, the Company will pay finders’ fees of CAD $47,390 and issue 592,375 non-transferable brokers warrants (a “Broker Warrant”). Each Broker Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 for a period of three (3) years.

Certain directors of the Desert Gold have participated in the Financing and are considered “related parties” to the Company under Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions (“MI 61-101”).

The Financing is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of any securities issued to or the consideration paid by those directors will exceed 25% of the Company’s market capitalization.

The proceeds of the Financing will be used for drilling and other exploration related activities at the Company’s Senegal Mali Shear Zone Project in Western Mali (“SMSZ Project”) and for general corporate purposes.

On Behalf of the Board

“Jared Scharf”
___________________________
Jared Scharf
President & Director

About Desert Gold

Desert Gold Ventures Inc. is a gold exploration and development company which holds 2 gold exploration permits in Western Mali (SMSZ Project and Djimbala)  and its Rutare gold project in central Rwanda. For further information please visit www.SEDAR.com under the company’s profile. Website: www.desertgold.ca 

Contact

Jared Scharf, President and CEO
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

 

This news release contains forward-looking statements. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the capital markets, the price of gold; operational, funding, liquidity risks, the degree to which mineral resource estimates are reflective of actual mineral resources, the degree to which factors which would make a mineral deposit commercially viable, and the risks and hazards associated with mining operations. Risks and uncertainties about the Company's business are more fully discussed in the company's disclosure materials filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. The Company assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law. 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. This news release does not constitute an offer to sell or a solicitation of an offer to buy the securities described herein in the United States. The securities described herein have not been and will not be registered under the united states securities act of 1933, as amended, and may not be offered or sold in the United States or to the account or benefit of a U.S. person absent an exemption from the registration requirements of such act.