Mineral Mountain Announces Share Consolidation Effective Date
VANCOUVER, BRITISH COLUMBIA--(Marketwired - April 8, 2016) - Mineral Mountain Resources Ltd. ("Mineral Mountain" or the "Company") (TSX VENTURE:MMV) is pleased to announce that the previously announced consolidation (the "Consolidation") of its common shares (the "Common Shares") on the basis of one (1) post-Consolidation Common Share for every five (5) pre-Consolidation Common Shares will be effective April 08, 2016 and trading of the Common Shares will commence on a consolidated basis on the TSX Venture Exchange (the "TSX-V") at the opening on such date.
The Consolidation has been approved by the TSX-V, and a related bulletin will be issued by the TSX-V on April 11, 2016.
The Company's outstanding incentive stock options will also be consolidated on the same basis as the Common Shares, with proportionate adjustments being made to exercise prices.
A letter of transmittal was mailed to shareholders on April 06, 2016 advising that shareholders should surrender their existing share certificates (representing the pre-Consolidation Common Shares). Until surrendered, each existing share certificate will be deemed, for all purposes, to represent the number of Common Shares to which the holder thereof is entitled as a result of the Consolidation.
The Consolidation was undertaken to improve the trading liquidity of the Common Shares by reducing the number of outstanding Common Shares and to satisfy the terms of the Purchase and Sale Agreement entered into by the Company, as disclosed in the Company's news release of March 7, 2016. Prior to the Consolidation, the Company had 202,095,348 Common Shares outstanding. Following the Consolidation, the Company will have approximately 40.419,069 Common Shares outstanding. The Company's name will not be changed in conjunction with the consolidation.
About Mineral Mountain and the Rochford and Holy Terror Projects
Mineral Mountain Resources Ltd., through its wholly owned subsidiary Mineral Mountain Resources (SD) Inc., is focused on the exploration and, if warranted, the development of its 100%-owned Rochford Project situated along the highly prospective Homestake Gold Belt in the Black Hills of South Dakota, U.S.A. The Company, with its experienced technical team, has the benefit of a clear and successfully implemented exploration model that was applied at Homestake resulting in the 15 Ledge and North Homestake deep discoveries.
The Company's other advanced gold project in the Black Hills, the Holy Terror Project, covers approximately 4,100 acres straddling a major gold bearing structural corridor measuring about 15 km in strike length and 1.5 km in width. At Holy Terror, between June 2012 and April, 2015, the Company completed three phases of diamond drilling totaling 6,900 m testing the Bismarck, Keystone, Holy Terror and Bullion gold horizons. All four gold horizons have significant expansion potential both along strike and down plunge and will require extensive drill testing to achieve a maiden National Instrument 43-101 ("NI 43-101") gold resource.
The Rochford and Holy Terror Projects contain 17 historic "turn of the century" gold producers. Production of these mines came from early Proterozoic gold mineralization associated with iron formation, and shear zones similar to the deposits developed at the former Homestake Mine which, over 125 years, produced approximately 40 million ounces of gold. Both the Rochford and Holy Terror Projects are located near Rapid City where they can be easily accessed by a network of roads and has hydro-electricity and modern internet services to the drill sites. As well, the area offers a skilled labor force and is one of the lowest cost exploration areas in the United States. South Dakota has a low political risk and embraces responsible mineral development.
Qualified Person
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in National Instrument 43-101, reviewed and approved by Nelson W. Baker, P.Eng., the President and CEO of Mineral Mountain who is a Qualified Person under National Instrument 43-101.
On Behalf of the Board of Directors
MINERAL MOUNTAIN RESOURCES LTD.
Nelson W. Baker, President and CEO
Forward looking information
This release contains "forward-looking information" within the meaning of applicable Canadian securities legislation ("Forward-looking information"). Forward-looking information includes, but is not limited to, statements that address activities, events or developments that the Company expects or anticipates will or may occur in the future, including such things as future business strategy, competitive strengths, goals, expansion, growth of the Company's businesses, operations, plans and with respect to exploration results, the timing and success of exploration activities generally, permitting time lines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcome of any pending litigation and timing and results of future resource estimates or future economic studies.
Often, but not always, forward-looking information can be identified by the use of words such as "plans", "planning", "planned", "expects" or "looking forward", "does not expect", "continues", "scheduled", "estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate" or "belief" or describes a "goal" or variation of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking information is based on a number of material factors and assumptions, including, the result of drilling and exploration activities, that contracted parties provide goods and/or services on the agreed timeframes, that equipment necessary for exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted. Forward-looking information involves known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking information. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration, as well as those factors disclosed in the company's publicly filed documents. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information.
Contact
Mineral Mountain Resources Ltd.
Brad Baker
Vice-President Corporate Development & Director
(778) 383-3975
bbaker@mineralmtn.com
www.mineralmtn.com
