VANCOUVER, British Columbia, Aug. 27, 2018 (GLOBE NEWSWIRE) -- Cameo Cobalt Corp. (TSX Venture: CRU) (OTC:
CRUUF) (FWB: SY7N) (the “Company” or “Cameo Cobalt”) is pleased to announce it has
entered into a share purchase agreement (the “Share Purchase Agreement”) to acquire Forrest Kerr Resources Inc.
(“Forrest”), a privately-held British Columbia corporation which holds the Big Mac gold property, a large and
prospective exploration project located in British Columbia's Golden Triangle. The Big Mac Gold Project shares more than 30
kilometres of contiguous claim boundaries on the east and west sides of Aben Resources Ltd.'s Forrest Kerr gold project. The Big
Mac Gold Project is also located just north of properties owned by Garibaldi Resources Ltd. and Colorado Resources Ltd.
Project Highlights
- Claims are contiguous with Aben Resources in the Golden Triangle;
- Positions Cameo Cobalt in the Golden Triangle;
- Known skarn-style mineralization on western property containing historic rock grab samples of up to 2.9 grams per tonne(g/t)
gold (Minfile No. 104B367) and 9.0% copper (Minfile No. 104B493); and
- Eastern claim block overlie Hazelton volcanics/volcanoclastics.
Akash Patel, CEO of Cameo states, “the acquisition of the Big Mac Gold Project gives Cameo access to a strategic land package
located in British Columbia’s prolific Golden Triangle. The project is adjacent to Aben Resources and located immediately north of
projects owned by Garibaldi Resources Ltd. and Colorado Resources Ltd. Given the success of this year’s exploration season,
management is of the belief these mineral claims would be virtually impossible to assemble using traditional staking means. Cameo
is working to engage a supplier with extensive regional experience to perform a late season work program. The Company plans to
execute upon these contracts in the coming weeks, with the objective of identifying actionable targets for upcoming exploration
initiatives. Cameo wishes to convey to its loyal shareholders that the Company is continuing to pursue its energy metals focus.
However, the Company will always consider new opportunities to increase shareholder value.”
About the Big Mac Gold Project
The Big Mac Gold Project consists of 12 mineral claims structured into three tenure blocks. The project comprises a total of
9,264 hectares (about 22,881 acres). The project offers close proximity to the Eskay Creek access road and the newly constructed
Alta Gas McLymont hydro-power facility.
The Big Mac Gold Project is the largest claim package contiguous with Aben Resources' Forrest Kerr gold project which recently
disclosed drill results indicating multiple high-grade zones including 62.4 g/t gold over 6.0m within 38.7 g/t gold over 10.0m at
its Forrest Kerr project (see Aben Resources news release dated August 9, 2018).
The specific location of the Big Mac Gold Project is notable as it not only surrounds much of Aben Resources’ Forrest Kerr gold
project, but it also contains significant tenure held in the past by Barrick Gold. Aben Resources recently provided an update
announcing discovery of a "south boundary" mineralized zone 1.5km south of north boundary zone at its Forrest Kerr project in
BC's golden triangle (see Aben Resources news release dated August 23, 2018).
The Barrick Gold area is of interest to the Big Mac Gold Project as it is situated in a comparable environment to the Carcass
Creek and Boundary zones recently drilled by Aben Resources, being both situated east of the Forrest Kerr fault structure and
mapped within Hazelton group volcanics, specifically the Hazelton group volcanics. The target environment at the Big Mac Gold
Project is the volcanic settings (Stuhini group and Hazelton group volcanics) known to host mineralization elsewhere in the
immediate area.
Receding glaciation within the Golden Triangle has opened new exploration opportunities and physical access not previously
available under historic exploration activity. Additional regional activity has yielded encouraging drill results including Golden
Ridge Resources announcement of a copper-gold porphyry discovery on its Hank Property intersecting 327m with grades of 0.31% Cu,
0.35 g/t Au, 1.94 g/t Ag.
The Big Mac Gold Project claims map can be found by following the below URL link:
https://cameocobalt.com/wp-content/uploads/2018/08/Cameo_Big_Mac.pdf
The Share Purchase Agreement and Private Placement
The Big Mac gold project is owned by Forrest, subject to a 2% net smelter royalty. Forrest is a private British Columbia company
the shareholders of which are all at arm’s length to Cameo Cobalt. Under the Share Purchase Agreement, Cameo Cobalt will acquire
100% of the issued and outstanding shares of Forrest through the issuance of an aggregate of 4,000,000 common shares of Cameo
Cobalt to the Forrest shareholders.
It is a condition of closing under the Share Purchase Agreement that Cameo Cobalt complete a non-brokered private placement
financing having gross proceeds of $300,000 through the issuance of 1.5 million units at a price of 20 cents per unit. Each unit
will consist of one share and one half of one transferable common share purchase warrant, with each whole warrant entitling the
holder thereof to purchase one additional share at a price of 30 cents per share for a period of two years. The private placement
is a condition of and is integral to the transaction under the Share Purchase Agreement, and therefore Cameo Cobalt will be relying
on the “part and parcel pricing” exemption under TSX Venture Exchange Policy 4.1.
No finder’s fees are payable in connection with the Share Purchase Agreement or the private placement. The Share Purchase
Agreement and the private placement are subject to the approval of the TSX Venture Exchange. The securities issued under the Share
Purchase Agreement and the private placement will be subject to a hold period of four months and a day form the date of issuance of
such securities.
Qualified Persons
Harrison Cookenboo, Ph.D., P.Geo., is a qualified person as defined in National Instrument 43-101. He has reviewed and
is responsible for the technical information in this news release.
CAMEO COBALT CORP.
“ Akash Patel”
For more information contact:
(778) 549-6714
Or Email: lucasbirdsall@gmail.com
www.cameocobalt.com
Reader Advisory
This news release contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking
information is 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. In particular, forward-looking
information in this press release includes, but is not limited to, statements with respect to the Company’s proposed acquisition,
exploration program and the expectations for the cobalt industry. Although we believe that the expectations reflected in the
forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot
guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved
will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, and
are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ
materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause the
results to differ materially from those expressed in the forward-looking information include, but are not limited to: general
economic conditions in Canada and globally; industry conditions, including governmental regulation and environmental regulation;
failure to obtain industry partner and other third party consents and approvals, if and when required; the availability of capital
on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; liabilities
inherent in water disposal facility operations; competition for, among other things, skilled personnel and supplies; incorrect
assessments of the value of acquisitions; geological, technical, processing and transportation problems; changes in tax laws and
incentive programs; failure to realize the anticipated benefits of acquisitions and dispositions; and the other factors. Readers
are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this news release is expressly qualified by this cautionary statement. We
undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in
our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue
reliance on forward-looking information.
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.
