Oban Mining to Acquire Timmins Area Property from Excellon Resources
TORONTO, ONTARIO--(Marketwired - Dec 8, 2015) - Oban Mining Corp. ("Oban" or the "Company") (TSX:OBM) is pleased to announce that the Company has agreed to acquire 100% of the DeSantis Property held by Excellon Resources Inc. ("Excellon") in the Porcupine Mining Division, Ogden Township, Ontario in exchange for 850,000 common shares of Oban (the "Transaction").
The Transaction is expected to close on or before January 8, 2015, and is subject to the approval of the Toronto Stock Exchange.
About Oban Mining Corporation
Oban is a mineral exploration company focused on the acquisition, exploration, and development of precious metal resource properties in Canada. Oban owns a 100% interest in the high-grade Windfall Lake gold deposit located between Val-d'Or and Chibougamau in Québec, and also holds a 100% undivided interest in a large area of claims in the surrounding Urban Barry area of Québec. The Company holds interests and options in a number of additional properties in northern Ontario. Oban is well financed with approximately $70 million in cash, cash equivalents and marketable securities.
Cautionary Note Regarding Forward-Looking Information
Except for the statements of historical fact, this news release contains "forward-looking information" within the meaning of the applicable Canadian securities legislation that is based on expectations, estimates and projections as at the date of this news release. Forward-looking information in this news release includes information concerning: the intentions, plans and future actions of the Company; the expected timing of completion of the Transaction, if at all; the Company's ability to satisfy the conditions to completion of the Transaction, if at all; and other information that is not historical facts.
Any statements that involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as "expects", or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "budget", "scheduled", "forecasts", "estimates", "believes" or "intends" or variations of such words and phrases or stating that certain actions, events or results "may" or "could", "would", "might" or "will" be taken to occur or be achieved) are not statements of historical fact and may be forward-looking information and are intended to identify forward-looking information.
This forward-looking information is based on reasonable assumptions and estimates of management of the Company, at the time it was made, and involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others: risks relating to property interests; regulatory approvals, including approval of the Toronto Stock Exchange; the binding nature of the agreement between Oban and Excellon; the global economic climate; metal prices; dilution; the ability to complete the Transaction; the timing to close the Transaction; environmental risks; and community and non-governmental actions. Although the forward-looking information contained in this news release is based upon what management believes, or believed at the time, to be reasonable assumptions, the Company cannot assure shareholders and prospective purchasers that actual results will be consistent with such forward-looking information, as there may be other factors that cause results not to be as anticipated, estimated or intended, and neither the Company nor any other person assumes responsibility for the accuracy and completeness of any such forward-looking information. The Company does not undertake, and assumes no obligation, to update or revise any such forward-looking statements or forward-looking information contained herein to reflect new events or circumstances, except as may be required by law.
Contact
Oban Mining Corp.
John Burzynski
President & Chief Executive Officer
Telephone: (416) 363-8653
