Aug 7 2013
Bison Gold Resources Inc. ("Bison Gold" or the "Company") provides exploration update, announces financing and AGM results.
Bison Gold provides exploration update
A Ph.D. thesis project based at the University of Waterloo was initiated in 2012 on the Ogama-Rockland gold deposit and the surrounding area in the southeastern part of the Rice Lake greenstone belt, southeast Manitoba, Canada.
The project is jointly funded by Bison Gold Resources Inc., Manitoba Geological Survey, the University of Waterloo and the Natural Sciences and Engineering Research Council of Canada.
Exploration Field work in the 2013 field season started on May 27 and will continue until mid August. Mapping in the Ogama-Rockland gold deposit area will be continued and expanded to mapping the Central Manitoba Deposit area. The work performed during the summer of 2013 will:
- investigate the structural history of the area;
- differentiate different phases of the Ross River pluton and other possible unrelated intrusions present and establish their cross-cutting relationships; and
- investigate the relative age relationships among the Ross River Pluton, quartz-feldspar porphyry dikes, gold-bearing quartz veins, as well as brittle-ductile shear zones and brittle shear fractures and the host structures for gold mineralization on the property.
The main goal is of the Ph. D. theses is to constrain the geological factors controlling gold mineralization on Bison's Central Manitoba Property and thus to aid current and future exploration through gold exploration modelling in this highly prospective area.
Financing
The Company has issued 1,000,000 units ("Units") at $0.05 per Unit for proceeds of $50,000. Each Unit consists of one common share and one half of one common share purchase warrant (a "Warrant"). Each Warrant is exercisable at $0.125 per share until July 31, 2015. A commission of $4,000 was paid to PI Financial.
The Financing is subject to final approval from the TSX Venture Exchange. All common shares issued will be subject to a four-month hold period expiring November 30, 2013. The proceeds of the financing will be used to fund the Company's ongoing exploration programs in the province of Manitoba and general working capital.
Annual General Meeting
The shareholder resolutions from the Company's recent annual shareholder meeting (the "Meeting") were approved by the shareholders of the Company. Further details on the resolutions can be found on SEDAR. Shareholders of the Company approved a rolling 10% stock option plan at the Meeting. The Board of the Company has resolved to decrease the rolling stock option plan to 5% of the issued and outstanding shares. Also, of the 2,137,500 options that were outstanding as of the date of the Meeting, 1,887,500 have been forfeited by officers and directors of the Company. 250,000 options remain outstanding between prices of $0.10 to $0.36 and are issued to consultants of the Company. Currently, the Company has no plans to issue options to officers and directors in the immediate future.
Bison Gold is a Canadian public company listed on the TSX Venture Exchange. Bison Gold is focused on gold, base metal and rare element exploration with property assets in Manitoba, Canada. Bison Gold's land holdings have historically produced in excess of 200,000 ounces of gold. Further details can be found on Bison Gold's website at www.bisongold.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.