Defiance Announces Resignation

Vancouver, British Columbia–(Newsfile Corp. – December 31, 2017) – Defiance Silver Corp.(TSXV: DEF) (OTC: DNCVF) (“Defiance”) announces the resignation of Mr. Roy Bonnell as Chief Executive Officer and President effective immediately. Defiance has commenced a search for his replacement.

A Panoramic Video on the San Acacio Deposit is available on our website, or Click Here to visit our Defiance YouTube Channel. Defiance Silver Corp. is a silver explorer and developer advancing the San Acacio Deposit, located in the historic Zacatecas Silver District of central Mexico. Defiance is managed by a team of proven mine developers with a track record of exploring and developing 7 operating mines to date. Defiance’s corporate mandate is to expand San Acacio to become one of Mexico’s premier high grade wide vein silver deposits.

On behalf of Defiance Silver Corp.

“Peter J. Hawley

Chairman of the Board, Director

For more information, please contact: Sunny Pannu — Corporate Development (604) 669 7315 or via email at pannu@defiancesilver.com

2300 – 1177 West Hastings Street

http://ift.tt/N9azyO

Vancouver, BC V6E 2K3

Tel: 604-669-7315 Email:info@defiancesilver.com

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.

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Tethys Petroleum: Tajikistan Arbitration

Grand Cayman, Cayman Islands–(Newsfile Corp. – December 30, 2017) – Tethys Petroleum Limited ((TSX: TPL) (“Tethys” or the “Company”) today announces that its subsidiary, Kulob Petroleum Limited (“Kulob”), has been notified of the final arbitration award in respect of Kulob’s interest in the Bokhtar Production Sharing Contract (“Participating Interest”) and Joint Operating Agreement and Shareholders’ Agreement (“JOA”) with Total E&P Tajikistan B.V. and CNPC Central Asia B.V. (together the “Claimants”) pertaining to oil and gas exploration and production rights in Tajikistan.

Background

Kulob entered into the Bokhtar Production Sharing Contract with the Government of Tajikistan in June 2008 and in December 2012 farmed out 66.67% to the Claimants for a payment of USD63 million towards past costs and an undertaking to pay around USD18 million of Kulob’s share of future costs. The joint venture’s new exploration strategy was to focus on potential hydrocarbons in the deep Jurassic geological horizon of between 5,000 to 7,000 metres. A new joint operating company Bokhtar Operating Company B.V. (“BOC”) was established which in 2014/15 carried out a wide-line 2D seismic acquisition programme, large scale passive seismic acquisition, a magnetotellurics campaign and some further geological studies and reprocessing of old seismic.

Due to the high costs involved, Tethys employed Macquarie Capital to conduct an extensive farm-out exercise in the first half of 2015 with a view to farming down Kulob’s remaining Participating Interest but these efforts were ultimately unsuccessful. As a consequence, Tethys decided not to commit any further capital to the project after August 2015 and to attempt to reach a mutually acceptable solution with the Claimants. Instead, the Claimants sought to have Kulob withdraw from the project and assign its Participating Interest to the Claimants and, in May 2016, commenced arbitration proceedings against Kulob at the International Court of Arbitration of the International Chamber of Commerce (the “ICC”).

The Claimants took the decision to demobilise BOC in 2016 since analysis of the data acquired had not identified any structures that supported the geologists’ initial concept. The data showed that the structural model they had developed was not proven and that the Jurassic horizon is much deeper, more poorly defined and less structured than they had thought. As a result, further exploration would be necessary to see if the structures at this depth exist. The risk and the additional cost of this work would be considerable and it was therefore decided not to proceed with it at that time.

Tethys recently went back to interested parties from the 2015 farm-out exercise but was unable to complete a transaction prior to the conclusion of the arbitration proceedings.

Decision of the Tribunal

The Arbitral Tribunal of the ICC (the “Tribunal”) has declared and/or ordered that:

  • Kulob breached its obligations under the JOA by not paying its share of cash calls made by BOC since August 2015;

  • The Claimants are entitled under the JOA to require Kulob to withdraw from the JOA and assign its Participating Interest to the Claimants at no cost and Kulob should do so; and

  • Kulob should pay the Claimants an amount of damages equivalent to the unpaid cash calls plus costs and interest which in the aggregate amounts to approximately USD13.7 million.

The Company will be considering the implications of the Tribunal’s decision and options for Kulob with the assistance of its legal advisers.

Consequences for the Company

The Company does not expect the decisions of the Tribunal to have a significant effect on the results, cash flows or financial position of the Company since it was not a party to the arbitration, does not believe it is responsible for the obligations of Kulob and has not provided any guarantees on behalf of Kulob.

The value of Kulob’s Participating Interest was fully written down in the Company’s Consolidated Financial Statements for the 2016 financial year and the cash calls made by BOC have been fully provided for in the Company’s Consolidated Financial Statements for 2016 and subsequent periods. Since Kulob is unable to pay the damages claim awarded by the Tribunal and, in the event that the Company elects not to do so, the Company expects to deconsolidate Kulob and/or recognise an accounting gain for the amount of accrued cash calls no longer payable by the Tethys group.

About Tethys

Tethys is focused on oil and gas exploration and production activities in Central Asia and the Caspian Region. This highly prolific oil and gas area is rapidly developing and Tethys believes that significant potential exists in both exploration and in discovered deposits.

Disclaimer

Some of the statements in this document are forward-looking. Forward-looking statements include statements regarding the intent, belief and current expectations of the Company or its officers with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, Kulob’s options in respect of the Tribunal’s decisions and whether the decisions of the Tribunal will have a significant effect on the results, cash flows or financial position of the Company. When used in this document, the words “expects,” “believes,” “anticipates,” “plans,” “may,” “will,” “should” and similar expressions, and the negatives thereof, are intended to identify forward-looking statements. Such statements are not promises or guarantees, and are subject to risks and uncertainties that could cause actual outcomes to differ materially from those suggested by any such statements including risks and uncertainties with respect to the potential that exists in both exploration and in discovered deposits in Central Asia and the Caspian Region, Kulob’s options in respect of the Tribunal’s decisions and whether the decisions of the Tribunal will have a significant effect on the results, cash flows or financial position of the Company.

No part of this announcement constitutes, or shall be taken to constitute, an invitation or inducement to invest in the Company or any other entity, and shareholders of the Company are cautioned not to place undue reliance on the forward-looking statements. Save as required by applicable law, the Company does not undertake to update or change any forward-looking statements to reflect events occurring after the date of this announcement.

Contact Information:

Tethys Petroleum
info@tethyspetroleum.com
http://ift.tt/1KA6Cca

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RT Minerals Corp. Closes Additional Financing

Vancouver, British Columbia–(Newsfile Corp. – December 29, 2017) – RT Minerals Corp. (TSX.V: RTM) (OTC Pink: RTMFF) (the “Company”) announces that, further to its news releases of December 12 and December 22, 2017, the Company has closed the flow-through portion of a private placement to raise gross proceeds of $175,000 (the “Offering”) through the sale of 3,500,000 flow-through units priced at $0.05 (the “FT Units”). Each FT Unit consists of one flow-through common share and one half of a share purchase warrant, with each whole warrant exercisable into one further common share at a price of $0.06 for a term of one year.

Insiders purchased 170,000 FT Units. All securities issued in the private placement are subject to a hold period expiring April 30, 2018. A 10% commission comprised of $2,000 cash and 40,000 common shares at a deemed price of $0.05 per share will be paid to registered representatives on $40,000 of the Offering.

The proceeds from the sale of the flow-through portion of the Offering will be used for drilling of the Red Carbonate Zone (“RCZ”) located on the Company’s 100% optioned Norwalk gold property located near Wawa, Ontario, as detailed in the Company’s news releases dated November 27 and December 27, 2017.

ABOUT RT MINERALS CORP.

RT Minerals Corp. is a junior resource company engaged in the acquisition, exploration and evaluation of primarily gold and diamond properties in Canada. The Company’s principal mineral properties include the Norwalk, Dill River and Golden Reed Mine gold properties situated adjacent to the borders of Red Pine Exploration Inc.’s Wawa Gold Project near Wawa, Ontario; and the Ballard Lake diamond and gold property located approximately 50 kilometres northeast of Wawa, Ontario that encompasses 366 square kilometres (~141 square miles).

The Company’s common shares are listed on the TSX Venture Exchange under the symbol “RTM” and on the OTC Pink Market under the symbol “RTMFF” with DTC eligibility for trading in the United States.

For more information on the Company and its properties, please visit the Company’s website at www.rtmcorp.com.

FOR FURTHER INFORMATION CONTACT:

Paul Antoniazzi
President and Chief Executive Officer
RT Minerals Corp.
Toll Free: 877-581-3170
Telephone: 604-681-3170
Fax: 604-681-3552

Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Rise Registration Statement on Form S-1┬áHas Been Declared Effective

Vancouver, British Columbia–(Newsfile Corp. – December 29, 2017) – Rise Gold Corp. (CSE: RISE) (OTCQB: RYES) (“Rise” or the “Company”) is pleased to announce that the Securities and Exchange Commission (“SEC“) has declared effective the Company’s registration statement on Form S-1 relating to the resale of up to 52,560,780 shares of the Company’s common stock (the “Securities“) held by certain stockholders of the Company named in the registration statement comprised of the following:

  • 25,715,390 shares of our common stock held by selling stockholders
  • 18,418,250 shares of our common stock issuable upon exercise of common stock purchase warrants held by selling stockholders exercisable at CDN$0.40 per share
  • 6,927,140 shares of our common stock issuable upon exercise of common stock purchase warrants held by selling stockholders exercisable at CDN$0.25 per share
  • 1,500,000 shares of our common stock issuable upon exercise of common stock purchase warrants held by selling stockholders exercisable at CDN$0.227 per share

The registration statement, while effective, allows the selling stockholders named in the registration statement to publicly resell the Securities. The Company will not receive any proceeds from the sale of the Securities by the selling stockholders. Upon the cash exercise of the warrants, the Company will receive the exercise price of the warrants.

The registration statement may be accessed through the SEC’s website at www.sec.gov. A copy of the prospectus relating to the offering may also be accessed through the SEC’s website at www.sec.gov or may be obtained from the Company by sending a request to: Rise Gold Corp., Suite 488 — 1090 West Georgia Street, Vancouver, BC V6E 3V7 or by calling (604) 209-0034.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sales of these securities, in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Rise Gold Corp.

Rise is an exploration-stage mining company. The Company’s principal asset is the historic past producing Idaho-Maryland Gold Mine located in California, USA. The Idaho-Maryland Gold Mine is one of the United States’ greatest past producing gold mines with total past production of 2,414,000 oz of gold from 1866-1955. Rise is a US corporation incorporated in Nevada, USA and maintains its head office in Vancouver, British Columbia, Canada.

On behalf of the Board of Directors:

Benjamin Mossman
President, CEO and Director
Rise Gold Corp.

For further information, please contact:

RISE GOLD CORP.
Suite 488, 1090 West Georgia Street
Vancouver, BC V6E 3V7
T: 604.260.4577
info@risegoldcorp.com
www.risegoldcorp.com

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of applicable securities laws. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words or statements that certain events or conditions “may” or “will” occur.

Although the Company believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Such forward-looking statements are subject to risks, uncertainties and assumptions related to certain factors including, without limitation, obtaining all necessary approvals, meeting expenditure and financing requirements, compliance with environmental regulations, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events that may cause actual results, performance or developments to differ materially from those contained in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and information contained in this release. Rise undertakes no obligation to update forward-looking statements or information except as required by law.

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Portofino Grants Options

Vancouver, British Columbia–(Newsfile Corp. – December 29, 2017) – PORTOFINO RESOURCES INC. (TSXV: POR) (FSE: POT) (“Portofino” or the “Company”) announces that in compliance with the Company’s Stock Option plan, the Board of Directors has granted 1,600,000 options exercisable for up to 5 years at $0.12 to certain directors, officers and consultants of the Company.

About Portofino Resources Inc.

Portofino is a Vancouver, Canada based company focused on acquiring, exploring and developing mineral resource projects in the Americas. The Company has recently executed agreements pursuant to several prospective lithium salar properties encompassing approx. 14,000 hectares in Catamarca, Argentina.

On Behalf of the Board,

“David G. Tafel”
Chief Executive Officer

For Further Information Contact:
David Tafel
CEO, Director
604-683-1991

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 may contain forward looking statements concerning future operations of Portofino Resources Inc. (the “Company”). All forward looking statements concerning the Company’s future plans and operations, including management’s assessment of the Company’s project expectations or beliefs may be subject to certain assumptions, risks and uncertainties beyond the Company’s control. Investors are cautioned that any such statements are not guarantees of future performance and that actual performance and exploration and financial results may differ materially from any estimates or projections.

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Annual Staff Reports on Credit Rating Agencies Show Improvements

Washington, DC–(Newsfile Corp. – December 29, 2017) – Credit rating agencies under Securities and Exchange Commission oversight show improved compliance, increased information technology resources, and continued competition, according to two SEC staff reports released today on nationally recognized statistical rating organizations (NRSROs).

“NRSROs are continuing to display a greater awareness of their obligations as regulated entities,” said Jessica S. Kane, Acting Director of the SEC’s Office of Credit Ratings.  ”The staff will continue to engage with the firms and monitor potential risks to promote compliance, strengthen governance, and ensure that NRSROs provide robust disclosure for the benefit of investors.”

The annual exam report, required by the 2010 Dodd-Frank Act, summarizes the staff examinations of each NRSRO. The staff observed improvements in the firms’ compliance monitoring and internal audit functions. The report notes that NRSROs have further refined their policies, procedures, and controls related to securities laws and rules. 

The annual report, mandated by the 2006 Credit Rating Agency Reform Act, discusses the state of competition, transparency, and conflicts of interest among NRSROs and identifies applicants for NRSRO registration. The staff notes that smaller NRSROs continue to actively compete with more established rating agencies, and some are specializing in particular rating categories and classes.

The following SEC staff contributed to the examinations and reports:  Diane Audino, Michael Bloise, David Bobillot, Sondra Boddie, Rita Bolger, Patrick Boyle, Aaron Byrd, Roseann Catania, Kristin Costello, Doreen Crawford, Scott Davey, Franco Destro, Jill Flory, Ilya Fradkin, William Garnett, Kenneth Godwin, Michael Gonzalez, Barry Huang, Julia Kiel, Russell Long, Chichita Nickens, David Nicolardi, Sam Nikoomanesh, Kevin O’Neill, Harriet Orol, Abraham Putney, Jeremiah Roberts, Mary Ryan, Cynthia Sargent, Charles Schiller, Andrew Smith, Alexa Strear, Warren Tong, Evelyn Tuntono, Chris Valtin, Kevin Vasel, Andrew Vita, and Michele Wilham.

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Eureka Resources Closes First Tranche of Private Placement

Vancouver, British Columbia–(Newsfile Corp. – December 29, 2017) – Eureka Resources Inc. (“Eureka” or the “Company”) announced today that is has closed the first tranche of its non-brokered $175,000 private placement of 7,000,000 common shares (the “Shares”), at $0.025 per common share, previously announced November 27, 2017 (the “Offering”).

Eureka placed 4,000,000 Shares in the first tranche of the Offering for gross proceeds of $100,000. In connection with closing the first tranche, the Company paid finder’s fees of 7% cash totaling $4,550. Company insiders purchased 1,500,000 of the Shares in the first tranche of the Offering.

All Shares issued in the Offering will be subject to a four-month hold period from the date of issuance under applicable Canadian Securities laws. For Shares issued in the first tranche of the Offering, the hold period will expire on April 29, 2018.

The Company intends to allocate the net proceeds from the Offering (subject to the deduction of applicable finder’s fees) as follows:

  • Legal and accounting fees – $25,000;
  • Regulatory fees – $10,000;
  • General liabilities – $50,000;
  • Office rent & communication expenses – $5,000;
  • Transfer agent fees – $5,000;
  • Annual General Meeting expenses – $5,000
  • Accrued management and administrative fees – $25,000;
  • Working capital – $50,000.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the Shares in the United States. The Shares have not been and will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) or any state securities laws and may not be offered or sold within the United States or to U.S. persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

ABOUT EUREKA

Eureka is a mineral exploration company based in Vancouver, British Columbia that has acquired projects with discovery potential in prospective areas of Canada and the United States.

Eureka’s mineral property assets include the 100%-owned FG Gold property located in the Cariboo Mining Division. Historical exploration has established a Measured and Indicated gold resource (376,000 ounces) at an average grade of 0.776 g/t gold, using a cut-off grade of 0.5 g/t, and an Inferred gold resource (634,900 ounces) at an average grade of 0.718 g/t gold, using a cut-off grade of 0.5 g/t. Details of the gold resource can be found in “NI 43-101 Technical Report, Frasergold Exploration Project, Cariboo Mining Division, dated July 27, 2015” available under Eureka’s profile on SEDAR or on its website.

Eureka has a 100% interest in the Gold Creek property located in the Cariboo Mining Division. Gold Creek is a gold project adjacent, and with similar geology, to the Spanish Mountain gold deposit owned by Spanish Mountain Gold Ltd. 

Eureka owns a 100% interest 442 mining claims in the historic Klondike district of the Yukon located in the Dawson Range Gold Belt, a district of major porphyry, breccia and vein mineral occurrences. The Company also owns a 50% interest in the Gemini lithium brine project located approximately 40 km (26 miles) south of North America’s only producing lithium mine at Silver Peak, Nevada.

Kristian Whitehead, P.Geo., the Company’s designated Qualified Person for this news release within the meaning of NI 43-101, has reviewed and approved the technical information contained in this news release.   

Further information on Eureka can be found on the Company’s website at http://ift.tt/2kcixJl and at www.sedar.com or by contacting Michael Sweatman, President and CEO, by email at info@eurekaresourcesinc.com or by telephone at (604) 449-2273.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of TSX Venture Exchange) accepts responsibility for the adequacy of accuracy of this release.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain “forward-looking statements” under applicable Canadian securities legislation that are not historical facts. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the business and operations of the Company and its review of strategic alternatives. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure to complete equity financings and/or exploration programs; general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive Board of Directors or regulatory approvals; those additional risks set out in the Company’s public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS

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