Toronto, Ontario--(Newsfile Corp. - January 8, 2024) - Stratabound Minerals Corp. (TSXV: SB) (OTCQB: SBMIF) ("Stratabound" or the "Company") is pleased to announce that its Board of Directors and the TSXV have approved the settlement of CAD$1,426,593.05 of debt (the "Debt Settlement") with R.W. Tomlinson Ltd. through the issuance of common shares of the Company (the "Shares"). The Company shares issued are subject to a statutory four-month hold period. There are no finders' fees or commissions payable in connection with the debt settlement transaction.
CEO of The Tomlinson Group, Ron Tomlinson comments, "Having worked for decades in infrastructure and resource sectors - we see the opportunity in small cap mining where hundreds of millions of assets are locked in the ground, waiting for the right management to unlock it. We are confident in the long-term value of the Company's assets and affirm our conviction of Stratabound by converting our debt to shares pro rata to significantly improve its Balance Sheet to prepare it for the next phase of development and growth."
Managing Director of Coast Capital LLC and Stratabound Director, Chad Tappendorf states, "I would like to welcome The Tomlinson Group as the second largest shareholder of the Company. Together, we have full confidence and support in the Company's advanced asset in California and several choice exploration projects in key jurisdictions in Canada. At Coast Capital, we pride ourselves as investors/financiers of undervalued turnaround situations where we can discover diamonds in the rough. Having accomplished that with TMAC, Jaguar Mining, Rubicon, and several others resulting in hundreds of millions in accretive value, we are confident in the future of Stratabound."
Chairman of Stratabound, Hashim Ahmed was the instrumental CFO at Jaguar Mining's turnaround and restart of its gold mine in Brazil, and he recently led NOVA Royalty to a $140 Million combination with Metalla Royalty. He states, "After spending time and capital to advance the California project to PEA and shoring up greenfield projects in Yukon and New Brunswick, we are glad to receive continued long-term commitment from our two largest shareholders in an effort to clean up the Company's balance sheet and set it up for a fresh start in 2024. In a market where gold has recently achieved historical highs, the timing has been impeccable, and we look forward to executing our new strategic vision with both investors."
ABOUT TOMLINSON GROUP
The Tomlinson Group of Companies is Eastern Canada's leader in environmental, construction and transportation infrastructure services. The third-generation family-owned business is headquartered in Ottawa, Ontario. Through six decades of growth and innovation, Tomlinson has become a fully-integrated corporation providing a large array of turnkey services to its municipal, provincial, residential, and industrial customers.
ABOUT STRATABOUND MINERALS
Stratabound Minerals Corp. is a Canadian exploration and development company with grassroots and advanced exploration properties in highly prospective and safe mining jurisdictions.
Its Golden Culvert and Win Projects, Yukon, covering 99.5 km2 across a 27-km strike length, are situated in a district-scale, high-grade-gold-mineralized trend within the southern portion of the Tombstone Gold Belt. Gold deposits and occurrences within the Belt include Fort Knox, Pogo, Brewery Creek and Dublin Gulch, and Snowline Gold's Valley target on its Rogue property in the Selwyn Basin.
Its McIntyre Brook Project, New Brunswick, covering 120 km2 and a 17-km strike length in the emerging Triple Fault Gold Belt, is surrounded by Puma Exploration's Williams Brook Project (5.55 g/t Au over 50m) and is hosted by orogenic rocks of similar age and structure as New Found Gold's Queensway Project.
The Company is also advancing its Fremont Gold development project in the historic Mother Lode Gold Belt of California where 50,000,000 oz of gold has been produced. Fremont, located 500km north of Equinox Gold's Castle Mountain and Mesquite mines, has a PEA with an after-tax NPV of USD $217MM, a 21% IRR, 11-year LOM, averaging 118k ounces per annum at USD $1,750 gold. The project hosts an NI 43-101 resource of 1.16 MMoz at 1.90 g/t Au within 19.0 MMt Indicated, and 2.02 MMoz at 2.22 g/t Au within 28.3 MMt Inferred. The MRE evaluates only 1.4 km of the 4 km strike length of the Fremont property that features 4 gold-mineralized zones. Significantly, three step-out holes at depth hit structure, typical of orogenic deposits that often occur at depth. Fremont is located on private land in Mariposa, the original gold rush county and is 1.5 hours from Fresno, California. The property has year-round road access and is close to airports and rail. Please refer to the Fremont Gold project PEA dated Apr. 4, 2023 under NI 43-101 guidelines. The technical report has been reviewed and approved by independent "Qualified Persons" Eugene Puritch, P.Eng., FEC, CET, and Andrew Bradfield, P.Eng. both of P&E, and Travis Manning, P.E. of KCA.
The Company also holds a pipeline of early-stage exploration projects including the critical mineral Captain Cobalt-Copper-Gold Deposit in New Brunswick and the Dingman Gold Project, Ontario.
QUALIFIED PERSON STATEMENT
The scientific and technical information contained in this press release has been reviewed and approved by Jonathan Victor Hill, Director, BSc (Hons) (Economic Geology - UCT), FAusIMM, and who is a "qualified person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101").
For more information, please visit the Company's website at www.stratabound.com or contact:
Gary Nassif Senior Vice President, Directorinfo@stratabound.com+1 (416) 915-4157
Kevin ShumInvestor Relationskevin@jeminicapital.com +1 (647) 725-3888 ext. 702
Forward-Looking Statements
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.
WARNING: The Company relies upon litigation protection for "forward-looking" statements." The information in this release may contain forward-looking information under applicable securities laws. This forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those implied by the forward-looking information. Factors that may cause actual results to vary materially include, but are not limited to, inaccurate assumptions concerning the exploration for and development of mineral deposits, currency fluctuations, unanticipated operational or technical difficulties, changes in laws or regulations, failure to obtain regulatory, exchange or shareholder approval, the risks of obtaining necessary licenses and permits, changes in general economic conditions or conditions in the financial markets and the inability to raise additional financing. Readers are cautioned not to place undue reliance on this forward-looking information. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/193543