(TheNewswire)
Montreal, Quebec / TheNewswire / January 13, 2017 -HPQ
Silicon Resources Inc (“HPQ”) (TSX Venture: HPQ) is pleased to update shareholders regarding the status of its gold asset
spinoff, as well as, announcing it has received the required 43-101 Technical report for the Beauce Gold property, a prerequisite
of the listing documentation for the planned spin-out of the company’s gold assets.
UPDATE – SPIN OUT AND DIVIDEND OF BEAUCE GOLD FIELDS EXPECTED BY MARCH 31, 2017
On March 11, 2016, the company announced its plans to spin out its gold projects and issue a dividend to
shareholders. The purpose of the spinout is to segregate the company's valuable but diverse holdings to unlock even greater value
for shareholders.
The Company will transfer all of its gold assets into a newly formed subsidiary called Beauce Gold Fields Inc./Les
Champs d'Or de Beauce Inc., then dividend out 80% of the Capital of the subsidiary to its shareholders.
In order for the final transfer of Beauce from HPQ, the following steps have been taken:
1. An independent board of directors of the subsidiary Beauce Gold Fields Inc./Les Champs d'Or de Beauce Inc is
in the process of being named. The new Board will be able to approve gold property transactions between Beauce and HPQ.
2. The Company has completed the required Listing Statement and prescribed documentation that will be submitted
to the Canadian Securities Exchange (CSE) to be eligible for listing on the Exchange.
3. The completion of a new 43-101 on Beauce for the purposes of designating it the Property Of Merit for the
new company.
HPQ-Silicon is aiming to have the spinoff completed and dividend shares of the new subsidiary delivered to
shareholders during Q1 2017.
Bernard Tourillon, chairman and chief executive officer of HPQ Silicon stated: “We are very excited that the spin-out
is nearing completion. We have seen a resurgence in the values of high quality gold projects and, given the fact the Beauce Gold
project holds the largest historical placer gold deposit in eastern North America, we believe an independently traded Beauce Gold
Fields will unlock meaningful value for our shareholders. Moreover, a singularly focused HPQ will provide an optimal
environment to complete our goal of becoming the lowest cost producer of solar grade silicon metal on the planet.”
Beauce Gold 43-101 Technical Report
As part of the listing application documentation, the preparation and filing of a new 43-101 Qualification Technical
report on the Beauce Gold property was required for it to become the Property Of Merit to Beauce Gold Fields.
The Company has received a 43-101 Technical report on the Beauce Gold property by Mr. Benoit Violette, P.Geo.
Mr. Violette competed a full overview of the geology and of all historical and current exploration work. He concludes
that in addition to the residual-alluvial mining potential for which the property is advanced in the permitting process, the Beauce
Gold Project is a property of merit with a significant potential for the discovery of primary gold mineralization related to the
source of the alluvial-residual deposits of the Gilbert River drainage. In the past, because of the relative ease of accessibility
of the gold in this environment and the inexperience of the successive owners and operators with hard rock mining, this potential
has been neglected. Further exploration is recommended to be carried-out by Beauce Gold Field Inc.
About The Beauce Gold Property
The Beauce Gold Project is a unique, historically prolific gold field located in the municipality of
Saint-Simon-les-Mines in the Beauce region of Southern Quebec. Comprising of a block of claims 100% owned by HPQ Silicon, the
project area hosts a six (6) km long unconsolidated gold bearing sedimentary units (a lower saprolite and an upper brown
diamictite) holding the largest historical placer gold deposit in eastern North America. The gold in saprolite indicates a close
proximity to a bedrock source of gold providing significant potential for further exploration discoveries.
Property Highlights
-Certificate of authorizations (CA) allowing the start of first phase mining activities on the Rang Chaussegros
sector of the Beauce Gold project
-Polygonally calculated Gold Exploration Target, for the entire historical placer channel ranging between
61,000 ounces (2,200,000 m3 @ 0.87 g Au/m3) and 366,000 ounces* (2,200,000 m3 @ 5.22 g Au/m3). Potential quantity and
grade is conceptual in nature, that there has been insufficient exploration to define a mineral resource and that it is uncertain
if further exploration will result in the target being delineated as a mineral resource
-Significant potential for further exploration discoveries, geology suggest a proximate bedrock source of
gold.
-176 acres of real estate 100% owned by HPQ Silicon
-Property held four historical gold mining operations
-Property produced the largest gold nuggets in Canadian mining history (St-Onge Nugget 43 oz, McDonald Nugget
45 oz, Kilgour Nugget 51 oz)
Mr. Benoit Violette, P. Geo is the Qualified Person as defined by National Instrument 43-101 that
supervised the preparation of the information in this news release.
For further information contact
Bernard J. Tourillon, Chairman and CEO Tel (514) 907-1011
Patrick Levasseur,
President and COO Tel: (514) 262-9239
www.HPQSilicon.com
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 press release contains certain forward-looking statements, including, without limitation,
statements containing the words "may", "plan", "will", "estimate", "continue", "anticipate", "intend", "expect", "in the process"
and other similar expressions which constitute "forward-looking information" within the meaning of applicable securities laws.
Forward-looking statements reflect the Company's current expectation and assumptions, and are subject to a number of risks and
uncertainties that could cause actual results to differ materially from those anticipated. These forward-looking statements involve
risks and uncertainties including, but not limited to, our expectations regarding the acceptance of our products by the market, our
strategy to develop new products and enhance the capabilities of existing products, our strategy with respect to research and
development, the impact of competitive products and pricing, new product development, and uncertainties related to the regulatory
approval process. Such statements reflect the current views of the Company with respect to future events and are subject to certain
risks and uncertainties and other risks detailed from time-to-time in the Company's on-going filings with the securities regulatory
authorities, which filings can be found at www.sedar.com. Actual results, events, and performance may differ materially. Readers
are cautioned not to place undue reliance on these forward-looking statements. The Company undertakes no obligation to publicly
update or revise any forward-looking statements either as a result of new information, future events or otherwise, except as
required by applicable securities laws.
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