Bold Ventures Provides Update on Quebec Properties and Pays Finders' Fee in Respect of Ring of Fire Properties
TORONTO, ONTARIO -- (Marketwire) -- 05/28/12 -- Bold Ventures Inc. (TSX VENTURE: BOL) ("Bold Ventures" or the "Company") is pleased to provide an update on its mineral claims acquisition program in northwestern Quebec. Since November 2011 the Company has staked an additional 67 claims totaling approximately 3,169 hectares. Additionally, the Company has acquired a 100% interest in 20 claims comprising 834 hectares located in Poirier Twp. for cash consideration of $12,992. This brings the total land package under study in Quebec to 584 claims totaling approximately 31,653 hectares. The claims are located in Orvillier, Montgolfier, Grasset, Subercase, Sainte Helene, La Gauchetiere, Poirier, Dieppe and Collette Townships all of which are found in the historically prolific Abitibi mining region of northwestern Quebec.
The geological compilation work relating to these extensive mineral lands is ongoing and the Company expects to complete this baseline compilation and planning for the first phase program later this spring or early summer. These claims were acquired to cover favourable geological trends and areas that have had recent new developments and mineral discoveries.
The Company also wishes to advise that it has settled $38,122.14 relating to a finders' fee through the issuance of 544,602 warrants to purchase common shares at $0.14 per share until May 23, 2014. The warrants (and any common shares issue on the exercise of the warrants) are subject to a re-sale restriction until September 29, 2012. The finders' fee was paid to IBK Capital Corp. and Dundee Securities Ltd. as a result of the expenditure by 2282726 Ontario Ltd., a wholly owned subsidiary of Dundee Corporation, in the aggregate amount of $1,906,107 on the Company's properties in the Ring of Fire. Please refer to the press release issued by the Company on May 31, 2011 and a press release issued by Rencore Resources Ltd. on May 31, 2011 for further particulars.
For more information, please visit www.boldventuresinc.com.
On behalf of the board of directors of Bold Ventures Inc.
Richard E. Nemis, President and Chief Executive Officer
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law. Shareholders are cautioned not to put undue reliance on 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.
Contacts:
Bold Ventures Inc.
416-864-1456
www.boldventuresinc.com
