Ridgestone Mining Amends Property Option Agreement and Corporate Update

2022-08-04 06:18:12

Vancouver, British Columbia–(Newsfile Corp. – August 4, 2022) – Ridgestone Mining Inc. (TSXV: RMI) (OTCQB: RIGMF) (FSE: 4U5) (“Ridgestone” or the “Company”) is pleased to announce it has amended the Guadalupe y Calvo (the “GyC Project”) project agreement with Endeavour Silver, in addition providing a Corporate Update.

Guadalupe y Calvo (GyC) Amended Property Option Agreement

The Company is pleased to announce it has amended the property option agreement dated January 27, 2021 with Endeavour Silver Corp. to acquire a 100%-interest in the Guadalupe y Calvo project. The GyC project, which is located in the prolific Sierra Madre gold belt in Chihuahua State, Mexico, is host to NI 43-101 gold-equivalent resource of 356,000 ounces in Indicated and 460,000 ounces in Inferred.

The revised agreement effectively extends the cash, share and work commitments (inclusive of any shortfalls) in Year 2 of the agreement to March 1, 2024 (from February 19, 2023). Additionally, the Year 3 commitment date has been revised to March 1, 2025 (from February 19, 2024) and Year 4 commitment date has been revised to March 1, 2026 (from February 19, 2025). The total commitments and expenditures for the entire agreement remain unchanged.

“The revised agreement provides the Company with additional financial flexibility to complete, effectively extending the second-year commitments over a two-year period, and extends the overall agreement by an additional year,” commented Brian Goss, Interim CEO and Director. “Given the current market conditions in addition to the logistical challenges due to COVID-19 globally, this allows us to better plan the next steps for expanding the maiden resource tabled last year.”

Appointment of Interim CEO

The Company is pleased to announce the appointment of Brian Goss as Interim Chief Executive Officer and President, effectively immediately, given the recent resignation of Mr. George from his director and officer positions with the Company.

Mr. Goss graduated from Wayne State University with a Bachelor of Science Degree in Geology in 2003, and apart from a short stint working for Kennecott Exploration during the early exploration stages of the Eagle Project in Michigan’s Upper Peninsula, has been based in Northern Nevada since. On arrival in Nevada, he worked as a staff geologist for Cameco Corporation, and its subsequent spin out company, Centerra Gold Inc., where he helped contribute to the expansion of the +1-million-ounce REN gold deposit that was eventually taken over by Barrick Gold.

Mr. Goss has held several other project geologist positions prior to eventually founding Rangefront Mining Services in early 2008. Brian has built Rangefront into a premier geology and mining services company that caters to a large spectrum of clients in the mining and minerals exploration industries.

Mr. Jonathan George, former CEO and Director, remains President and Director of the Company’s Mexican subsidiary. The Company would like to thank Jon for his efforts in the formation of the Company’s property portfolio in Mexico and exploration endeavours.

Proposed Share Consolidation

The Company intends to seek shareholder approval, at its upcoming Annual General Meeting (the “AGM”), to consolidate its outstanding common shares on a ratio of up to 20 pre-consolidation common shares for one post-consolidation common share (the “Consolidation”). The proposed Consolidation remains subject to certain conditions including, but not limited to, the receipt of all necessary shareholder and regulatory approvals, including the approval of the TSX Venture Exchange.

About Ridgestone Mining Inc.

Ridgestone Mining has assembled a highly-experienced and dynamic team to explore and advance its projects in Mexico. The Guadalupe y Calvo gold-silver project, for which Ridgestone can earn a 100% interest, is host to an Indicated Resource of 356,000 gold-equivalent ounces plus an Inferred Resource of 460,000 gold-equivalent ounces. Ridgestone’s 100%-owned Rebeico copper-gold project has high-grade copper and gold pervasive throughout the property with highlights including 1.56% copper plus 1.80 g/t gold intersected over 19.3 metres from surface at the New Year Zone and 2.78% copper plus 8.69 g/t gold over 2.0 metres from the Alaska Vein.

For further information, please contact:
Rad Rajaram – Manager Corporate Relations and Business Development
Telephone: 416-732-0604

This news release contains forward-looking statements or information (collectively referred to herein as “forward-looking statements”). Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements and are not guarantees of future performance of the Company. In this news release such statements include but are not limited to any ongoing drilling programs, timing of such programs, or exploration results. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause our actual results to differ materially from those expressed or implied by the forward-looking statements, including those described in the Company’s regulatory filings available on www.sedar.com. Should one or more of these risks or uncertainties materialize, or should any of the Company’s assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive. Unpredictable or unknown factors not discussed could also have material adverse effects on forward-looking statements. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are dependent on other factors, and the Company’s course of action would depend on its assessment of the future considering all information then available. All forward-looking statements in this news release are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or management’s estimates or opinions change.

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.

Source link