Broadway Gold Mining Provides Corporate Update
VANCOUVER, BC--(Marketwired - January 11, 2017) - Broadway Gold Mining Ltd. (TSX VENTURE: BRD) (OTCQB: BDWYF) ("Broadway" or the "Company") is pleased to provide a corporate update of its developments in 2016 and strategy for 2017.
"Broadway has made great strides since we signed an agreement to acquire the Madison copper-gold property in mid-2016. The Board and management team are excited and look forward to delivering on the project's full potential in 2017 and beyond," said Duane Parnham, Chairman of Broadway Gold Mining Ltd.
Recent Milestones and Progress
- Concluded a transaction that resulted in acquiring 100% interest in the Madison copper-gold project -- a permitted, past-producing underground copper-gold mine in the historic Butte, Montana district;
- Commenced trading on the TSX Venture Exchange in Canada under the new symbol BRD and on the USA OTCQB Venture Marketplace under the symbol BDWYF;
- Appointment of Duane Parnham as Chairman of a Board that has a proven track record of developing high-profile mineral assets around the world to drive shareholder value;
- Contracted professional geologists from the local community to conduct regional sampling, survey drill collar locations and compile data;
- Engaged Groundhog Mining for rehabilitation of the underground workings and AK Drilling for surface drilling, Peter E. Walcott and Associates Limited for a property-wide deep induced polarization (IP) survey and Primoris Group for media and investor relations;
- Drifts and stopes are currently being shored up so management and technical team can access underground workings to access, sample and evaluate high-grade copper-gold mineralization where we believe there is potential for additional ore;
- A geophysical survey using deep IP methods is underway to search and trace for deep porphyry copper or copper-gold deposits believed to be the feeder system underneath known shallower skarn-type deposits and numerous high-grade drill hole intersections identified on the property; and,
- Commenced trading on the Frankfurt exchange under the symbol BGH.
Broadway received positive response to its financing and successfully completed an oversubscribed non-brokered private placement by issuing a total of 6,614,757 Units at a price of $0.35 per Unit for gross proceeds of $2,315,164.95. The financing has provided the necessary capital to fund our phase 1 2017 drill program as well as working capital expenses necessary to advance the Company's strategic business objectives.
Looking Ahead to 2017
In 2017, Broadway plans to further ramp up on-site activity at its Madison copper-gold project. Plans include additional underground mine development plus exploration drilling, both underground and on surface. Drilling is scheduled to commence in the first quarter.
"We are seeing renewed investor interest, increased capital injections and a positive shift in the overall outlook for the junior resource sector. Broadway is a new junior that is well positioned to leverage this new mining cycle," adds Parnham. "We thank our shareholders for their support and look forward to providing frequent updates on our progress in 2017."
Broadway also announces that it has contracted ACON Actienbank AG to act as its market maker in Germany. Headquartered in Munich, ACON Actienbank AG is an investment bank for small and medium-sized companies and a full-service provider for capital markets solutions.
The term of Broadway's agreement with ACON Actienbank AG is six months. The agreement is renewable and shall be extended for an unlimited period if it is not terminated six weeks prior to the end of each half year of service. Broadway has agreed to pay a fee of eleven-thousand Euros (EUR 11,000.00) per six months of service, with the first payment due immediately and any subsequent payments due by the 20th working day of the new contract period.
Actienank AG does not currently have any interest, directly or indirectly, in Broadway or its securities, or any right or intent to acquire such an interest.
About Broadway Gold Mining Ltd.
Broadway Gold Mining Ltd. is focused on the development of world-class assets with near-term production potential. The Madison gold and copper project, near Silver Star, Montana in the Butte-Anaconda mining region, provides an exciting opportunity as the area has never been fully exploited or explored. Broadway has identified a series of existing gold and copper zones that remain open for expansion.