Margaux Resources Announces Rig Mobilization and Commencement of Additional Drilling
CALGARY, ALBERTA--(Marketwired - Nov 24, 2014) - Margaux Resources Ltd. (TSX VENTURE:MRL) ("Margaux" or the "Corporation") is pleased to announce that it has mobilized a drill rig and has commenced additional drilling to further evaluate results from the Corporation's recently completed 2014 drilling program on its Jersey Emerald Tungsten-Zinc property ("Property"), located in southeastern B.C.
Tyler Rice, President and Chief Executive Officer stated, "Margaux is looking to follow-up on its recently completed 2014 drilling program prior to winter conditions setting in at the Property. Margaux will be drilling approximately 600 meters in total over an estimated three holes as part of this expansion of its drilling program. The additional drilling is estimated to be completed in December with assays to follow in the new year."
In addition, Margaux wishes to announce that it has entered into a loan agreement with an arm's-length third party investor, whereby the Corporation has borrowed $200,000. The loan is repayable on April 30, 2015 and bears interest at 6.0% per annum. The Corporation will use the proceeds of the loan for the additional drilling and for general working capital.
About Margaux Resources Ltd.: Margaux is based in Calgary, Alberta and a publicly traded resource company with oil and gas exploration and production and an option on the Jersey Emerald Tungsten-Zinc Property.
Cautionary Statements
This press release contains certain forward-looking information and statements within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. In particular, but without limiting the forgoing, this press release contains statements concerning the size and timing of the Corporation's 2014 drill program and the timing of the results thereof.
Forward-looking statements or information are based on a number of material factors, expectations or assumptions of Margaux which have been used to develop such statements and information but which may prove to be incorrect.
Although Margaux believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because Margaux can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties.
The forward-looking statements contained in this press release are made as of the date hereof and Margaux undertakes no obligations to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
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 press release.
