West Kirkland Announces a Non-Brokered Private Placement for $1,650,000

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 24, 2016) -

Not for dissemination in the United States or to United States newswire services

West Kirkland Mining Inc. (TSX VENTURE:WKM) ("West Kirkland" or the "Company") announces the execution of subscription agreements for a private placement of common shares of the Company with two of its major shareholders for $1,650,000 at $0.10 per share (the "Private Placement").

The Company has agreed to issue 16,500,000 shares at a price of $0.10 per share for aggregate gross proceeds of $1,650,000. There are no finder's fees or commissions to be paid on the Private Placement, which was arranged by management. Following the private placement Sun Valley Gold Master Fund, Ltd. and Ruffer LLP, on behalf of its clients, will hold 33.19% and 16.84% respectively of the common shares of the Company.

The Company intends to use the net proceeds of the Private Placement for general working capital, targeted resource expansion drilling, regional exploration, and phase two permitting on its 75% interest in the Hasbrouck Project in Nevada. Clover Nevada LLC, a wholly-owned subsidiary of Waterton Precious Metals Fund II Cayman, LP, ("Waterton"), owns the remaining 25% interest in the Hasbrouck Project. Waterton has indicated to the Company that they will fund their 25% share of project expenditures.

Sandy McVey COO of West Kirkland said, "We are very pleased to see continued support from our institutional investors, who recognize the value at Hasbrouck, a 927,000 oz Measured and Indicated Resource gold project in an excellent mining jurisdiction." (see details below)

"The Hasbrouck Project is one of only a handful of permitted, open-pit gold projects. The Hasbrouck Project is very simple construction and the first phase can be started immediately. We see the opportunity for additional ounces within the permitted pit outline that are currently outside of modelled reserves. This financing along with our project partner's contribution will allow us to drill these key targets." 

In September, 2016 the Company reported the results of an independent pre-feasibility study of its Hasbrouck Project, based at USD$ 1,275 per oz gold. For further information please refer to the Company's September 1, 2016 news release. The Hasbrouck and Three Hills deposits are all-oxide with low stripping ratios, minimal pre-strip, and no adverse environmental or cultural factors. The resources and their metallurgy have been well-studied and analyzed. Good infrastructure exists nearby consisting of accommodations, grid electricity, paved highways and multiple water sources. The Phase 1 Three Hills Mine is fully permitted and permitting work for the Phase 2 Hasbrouck Mine will continue. 

Hasbrouck Project Mineral Reserves Effective Sept 1, 2016

Proven and Probable Reserves total 45.3 million tons containing 762,000 oz gold and 10.6 million oz silver as detailed below: 

Notes to mineral reserves table:

1. The estimation and classification of Proven and Probable Mineral Reserves have been prepared by Thomas L. Dyer, P.E., of Mine Development Associates following CIM standards
2. Mineral Reserves are estimated based on $1,225/oz gold and $17.50/oz silver
3. Cutoff grades used for Mineral Reserves are: Three Hills 0.005 oz Au/ton, Hasbrouck Upper Siebert 0.008 oz Au/ton, and Hasbrouck Lower Siebert 0.007 oz Au/ton

Notes to mineral resource tables:

The shares sold in the above noted Private Placement will be subject to the approval of the TSX Venture Exchange and will bear a four-month resale restriction from the date of closing.

The securities offered pursuant to the Offerings have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or any applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

About West Kirkland Mining Inc.

West Kirkland owns a 75% interest in the Hasbrouck Gold Project in Tonopah, Nevada. A completed Pre-Feasibility Study and Environmental Assessment with construction level drawings for the Three Hills Mine provides a shovel-ready gold project. West Kirkland also holds a 60% interest in the open pit heap-leach TUG Gold Project in Utah in Joint Venture with Newmont.

Authors and Qualified Persons Statement

The Mineral Resource and Mineral Reserve Statements were prepared in conformance with NI 43-101 by respectively Paul Tietz, C.P.G. and Thomas L. Dyer, P.E., both of Mine Development Associates, Reno, Nevada. Each is a "Qualified Person" under NI 43-101 and has reviewed and approved the information in this news release relevant to Mineral Resources and Mineral Reserves, and verify that the data disclosed in this news release conforms to CIM "Estimation of Mineral Resource and Mineral Reserves Best Practices" guidelines and to NI 43-101.

Sandy McVey, P.Eng., Chief Operating Officer for West Kirkland, and a non-independent Qualified Person as defined by NI 43-101, has also reviewed the information contained in this news release and has verified the data.

Disclaimer for Forward-Looking Information

This press release contains forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: "believe", "expect", "anticipate", "intend", "estimate", "postulate" and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, the statements regarding the ability to achieve the recoveries and the processing capacity of the mines; regulatory processes and permitting; estimates of gold or other minerals grades; anticipated costs, anticipated sales, project economics, the realization of expansion and construction activities and the timing thereof; production estimates and other statements that are not historical facts. Information concerning mineral resource/reserve estimates and the economic analysis thereof contained in the prefeasibility study are also forward-looking statements in that they reflect a prediction of the mineralization that would be encountered, and the results of mining it, if a mineral deposit were developed and mined. Although West Kirkland believes that such timing and expenses as set out in this press release are reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including, but not limited to, the state of the financial markets for the Company's equity securities, the state of the market for gold or other minerals that may be produced generally, significant increases in any of the machinery, equipment or supplies required to develop and operate a mine, a significant change in the availability or cost of the labor force required to operate a mine, a significant increases in the cost of transportation for the Company's products, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.

Cautionary Note to U.S. Investors Regarding the Use of Mining Terms

This press release has been prepared in accordance with the securities laws in effect in Canada, which differ from the requirements of U.S. securities laws. Unless otherwise indicated, all resources and reserve estimates included in this press release have been prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") and the Canadian Institute of Mining, Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the U.S. Securities and Exchange Commission (the "SEC") Industry Guide 7, and resource or reserve information contained herein may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, "resources" and "reserves" established under NI 43-101 standards may not qualify as "resources" and "reserves" under U.S. standards. Under U.S. standards, mineralization may not be classified as a "reserve" unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. In addition, under U.S. standards, a "Final" or "Bankable" feasibility study is required to report reserves, the three-year historical average price is used in any reserve or cash flow analysis to designate reserves and the primary environmental analysis or report must be filed with the appropriate governmental authority. Disclosure of "contained ounces" in a resource is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in-place tonnage and grade without reference to unit measures. Accordingly, information concerning mineral deposits set forth in this press release may not be comparable with information made public by companies that report in accordance with U.S. standards.

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 release.

Contact

West Kirkland Mining Inc.
Kris Begic
Investor Relations
(604) 685-8311
www.wkmining.com