TORONTO, ONTARIO–(Marketwired – March 17, 2016) – AurCrest Gold Inc. (the “Company” or “AurCrest“) (TSX VENTURE:AGO) is pleased to announce that the Company, along with Wiigwaasaatig Energy Inc. (“Wiigwaasaatig“), a wholly-owned subsidiary of AurCrest, has entered into a Technical Consulting Agreement (the “Agreement“) with Maple Energy and Mining Fund, Inc. (“Maple Energy“).
As set out in the Company’s Press Release of October 14, 2015, the objective of Wiigwaasaatig is to fulfill AurCrest’s corporate social responsibility to First Nations by building strategic partnerships for the development of renewable and alternative energy infrastructure in remote First Nations communities and mine sites, and to efficiently operate that infrastructure in the mutual interests of the mineral exploration industry, First Nation development partners, power consumers and corporate shareholders alike. Those First Nation communities where AurCrest bears a corporate social responsibility in proximity to its Richardson Lake Property will be the initial focus of attention. Maple Energy will provide technical and advisory services to Wiigwaasaatig, contributing their extensive experience in the remote mining and energy sectors, as a corporation targeting remote mining ventures as a first priority and any other remote power requirements where grid infrastructure, or reliable electrical power, is missing.
In addition to evaluating technical and economic viability of power generation projects, Maple Energy is able to vet the technical and economic merits of mining projects, which are the basis for long-term Power Purchase Agreements. The Maple Energy team also provides project management, construction and operational management capabilities.
The Maple Energy team comprises:
Curtis is a mining engineer with an extensive career on Canadian and global mining projects and expertise in global business development. He now consults to the mining and financial sectors, providing Qualified Person engineering analysis and independent evaluations of mining projects and operations for project development or due diligence. Curtis is currently an executive with the Toronto branch of the Canadian Institute of Mining, Metallurgy and Petroleum and also sits on the Technical Advisory Board of Vico Energy, a private company with uranium assets.
Marty is a mining engineer with over 15 years of international experience working with various multinational companies and organizations in mining, capital markets, and education. His expertise in particular includes financial modeling, evaluation of project economics, physicals and sensitivities in performing due diligence. Marty is currently the Chair, Toronto branch of the Canadian Institute of Mining, Metallurgy and Petroleum.
Christopher M. Kuntz
Chris is a technical specialist with career experience in mineral exploration field operations and alternative energy project development and implementation. He predominately consults for wind and solar power projects, providing advice for brownfield development, M&A assistance, due diligence, greenfield acquisition, and resource, grid and risk assessment.
The Agreement is for an initial term of three (3) years. The Company will engage Maple Energy as needed on a fee-for-service basis. In addition, AurCrest has granted Maple Energy 750,000 options to acquire common shares of the Company exercisable at $0.05 per share for a period of three (3) years. The options vest over two (2) years with 250,000 options vesting and exercisable immediately; a further 250,000 options vesting and exercisable in one (1) year; and a further 250,000 options vesting and exercisable in two (2) years.
AurCrest also wishes to announce that Blaine Webster, a long-time member of the Board of Directors of AurCrest has resigned. The Company wishes to thank Blaine for his many years of valuable service to the Company.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.