VANCOUVER, British Columbia, April 09, 2018 (GLOBE NEWSWIRE) -- Golden Dawn Minerals Inc. (TSX-V:GOM) (FRANKFURT:3G8A) (OTC:GDMRF) (the “Company” or “Golden Dawn”) announces that, effective April 12, 2018 at market open, the Company consolidated (the “Consolidation”) its common shares on the basis of one (1) post-consolidation common share for every two (2) old common shares.
Prior to the Consolidation, the Company had 133,258,258 common shares issued and outstanding. After giving effect to the Consolidation, the Company has approximately 66,629,129 common shares issued and outstanding.
The Consolidation was approved by the directors of the Company and by the TSX Venture Exchange. Neither the Company’s corporate name nor its stock symbol were changed in conjunction with the Consolidation.
The Company believes that the Consolidation is necessary so that the Company will be better positioned to access the equity markets in order to raise the capital required for the Company to continue operating as a public company and to provide working capital.
About Golden Dawn Minerals
Golden Dawn Minerals Inc. is now one of the largest land owners in the Greenwood Mining district, located in South Central B.C. In the last year, Golden Dawn Minerals has strategically acquired a permitted mine and mill complex – the Greenwood Gold project - and Kettle River Resources Ltd., which holds a large land package with numerous mineral deposits.
The key component is the modern 200 tpd (expandable to 400) gravity-flotation mill and tailings facility. This mill was constructed and in 2008 produced gold and gold-copper concentrate from the Lexington and Golden Crown mines, also included in the acquisition. A positive Preliminary Economic Analysis, based on N.I. 43-101 compliant resources in various categories, was completed last year for this project.
The Kettle River Resource acquisition includes 11,000 ha. of mineral claims covering 32 historic mines and 46 mineral showings, all located within a radius of 15 km of the mill. Included in this package is the historic Phoenix mine, which produced nearly 1 million ounces of gold and 235,700 tonnes of copper from 1900-1919 and 1956-1978.
Also, the Company’s 100% owned May – Mac Mine, 15 km to the West of the company’s mill, is currently subject to an intensive underground and surface drilling program exploring the known silver-gold veins. The company is optimistic that it will delineate a mineral resource for this Mine within the area of its 7 historic adits. Thus the Company now holds numerous mineral deposits close to the company’s Greenwood Mill, which with continued exploration success have potential to feed the mill after the currently defined resources are exhausted.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION
This press release includes certain “forward-looking information” within the meaning of applicable Canadian securities legislation.
Forward-looking information is based on reasonable assumptions that have been made by Golden Dawn as at the date of such information and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Golden Dawn to be materially different from those expressed or implied by such forward-looking information, including but not limited to: the impact of general business and economic conditions; risks related to government and environmental regulation; problems inherent to the marketability of base and precious metals; industry conditions, including fluctuations in the price of base and precious metals, fluctuations in interest rates; government entities interpreting existing tax legislation or enacting new tax legislation in a way which adversely affects Golden Dawn; stock market volatility; competition; risk factors disclosed in Golden Dawn’s most recent Management’s Discussion and Analysis and Annual Information Form, available electronically on SEDAR; and such other factors described or referred to elsewhere herein, including unanticipated and/or unusual events. Many such factors are beyond Golden Dawn’s ability to control or predict.
Although Golden Dawn has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate as actual results and future events could differ materially from those reliant on forward-looking information.
All of the forward-looking information given in this press release is qualified by these cautionary statements and readers are cautioned not to put undue reliance on forward-looking information due to its inherent uncertainty. Golden Dawn disclaims any intent or obligation to update any forward-looking information, whether as a result of new information, future events or results or otherwise, except as required by law. This forward-looking information should not be relied upon as representing the Company’s views as of any date subsequent to the date of this press release.
Visit the Company's website at www.goldendawnminerals.com
On behalf of the Board of Directors:
GOLDEN DAWN MINERALS INC.
Chief Executive Officer
For further information, please contact:
THIS PRESS RELEASE WAS PREPARED BY MANAGEMENT WHO TAKES FULL RESPONSIBILITY FOR ITS CONTENTS. 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 DOCUMENT CONTAINS CERTAIN FORWARD LOOKING STATEMENTS WHICH INVOLVE KNOWN AND UNKNOWN RISKS, DELAYS, AND UNCERTAINTIES NOT UNDER THE COMPANY’S CONTROL WHICH MAY CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE, OR ACHIEVEMENTS IMPLIED BY THESE FORWARD LOOKING STATEMENTS. WE SEEK SAFE HARBOR.