Receives Extension to Private Placement Financing
Vancouver, British Columbia--(Newsfile Corp. - December 19, 2017) - Vangold Mining Corp. ("Vangold" or the "Company")
(TSXV: VAN) (OTC: VGLDF) is pleased to announce, that its wholly owned subsidiary, Obras Mineras El Pinguico SA de CV
(OMP) and Exploraciones Mineras Del Bajio SA de CV ("EMDB") have entered into an Acquisition Agreement for a 100% interest in the
rights derived from a mining concession covering the lot referred to as San Carlos; title 166666; file 031/04372 (the "San Carlos
Property").
Vangold has agreed to acquire the silver and gold development property for an aggregate purchase price of CDN$425,000 (the "San
Carlos Acquisition") of which CDN$350,000 of the purchase price will be satisfied through the issuance of 5,000,000 common shares
of Vangold to EMDB and the remaining CDN$75,000 will be paid in cash. The common shares issued to EMDB will be subject to a
four-month hold period. The San Carlos Acquisition remains subject to regulatory approval.
The San Carlos Property is close to Vangold's El Pinguico and Patito I & II mineral claims, which are 10 km from the City of
Guanajuato. These claims total 800 Ha and are strategically located on the top of the Veta Madre Vein system, a highly mineralized
region charged by massive epithermal and stockwork deposits; a mixture of native gold and silver, polybasite, pyargyrite,
tetrahedrite, marcasite, sphalerite, galena, pyrite and chalcopyrite. The San Carlos Property consists of two main mineralized
veins systems that run parallel and dip inwards for a potential intersection at depth similar to El Pinguico and the Veta Madre
1,000 m East. The La Escondida and San Carlos veins are believed to have the same geological formation as the El Pinguico vein,
which are off-shoots of the Veta Madre charge system.
Vangold Mining CEO, Cameron King stated, "The acquisition of the San Carlos Property is an excellent fit for our
portfolio. This increases our foot print in a highly mineralized, high grade silver and gold district with
several nearby producing mines. Based on months of geological work, there is confidence among the team, that the San
Carlos might be a potential extension from the Veta Madre, similar to Vangold's historic El
Pinguico mine property with grades over 30g AuEq from recent assays.
Main structures of San Carlos claim
|
Structure
|
Strike and Dip
|
Known Length (m)
|
Description
|
|
La Escondida vein
|
160°/60°SW
|
2810
|
Gouge zone, argilic alteration, breccia.
|
|
San Carlos vein
|
340°/80°NE
|
1530
|
Quartz and calcite vein, oxidized, silicified, drusiform texture, rhyolite fragments.
|
|
Gavilanes fault
|
350°/75°NE
|
1170
|
Breccia, gouge, strong argilization, quartz-calcite veinlets.
|
Figure 1: Vangold Mining Regional Structural Map
Cannot view Figure 1? Please visit http://orders.newsfilecorp.com/files/5694/31458_a1513718821429_93.jpg to
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Private Placement Extension of Time
The Company also announces that it has received regulatory acceptance to an extension of time to complete a non-brokered private
placement, the first tranche of which was completed on November 9, 2017. The Company expects to close the second tranche of the
financing on or before January 14, 2018.
About Vangold Mining Corp.
Vangold is a development-stage silver and gold company with nine mining concessions in the Guanujuato, Mx mining district.
Vangold is aggressively pursuing its production plans by bringing the historic El Pinguico mine back online. Having an acquisition
focus, targeting advanced mineral properties and the pursuit of near production opportunities will continue to fuel our growth.
Qualified Person
Mr. Hernan Dorado, a director of Vangold Mining Corp. is a member of the Mining and Metallurgical Society of America and
is a qualified person as defined in National Instrument 43-101, and has reviewed and approved the technical contents of this news
release.
ON BEHALF OF THE BOARD OF DIRECTORS
"Cameron S. King"
President, CEO and Director
For further information contact:
T: 1-778-945-2940
E: cking@vangoldmining.com
Further information is available on Vangold Mining's web site at: www.vangoldmining.com.
Cautionary Statement Regarding Forward Looking Information
This News Release may contain, in addition to historical information, forward-looking statements. These forward-looking
statements are identified by their use of terms and phases such as "believe," "expect," "plan," "anticipate" and similar
expressions identifying forward-looking statements. Investors should not rely on forward-looking statements because they are
subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from Vangold's
expectations, and expressly does not undertake any duty to update forward-looking statements. These factors include, but are not
limited to the following, limited operating history, proposed exploration and/or drill programs and other factors which may cause
the actual results, performance or achievements of Vangold to be materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements.
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.
