Orefinders Successfully Elects its Slate of Directors to Mistango River Resources Board
TORONTO, Oct. 22, 2019 - Orefinders Resources Inc. ("Orefinders" or the "Company") (ORX:TSX.V) is pleased to announce that Mistango River Resources ("Mistango") (MIS:CSE) shareholders have elected Orefinders entire nominee slate, including Stephen Stewart, Alexander Stewart, Charles Beaudry and Gautam Narayanan, as the new Board of Directors ("New Board") for Mistango, thereby replacing the incumbent Mistango Board.
Orefinders owns 11.85 million shares of Mistango and is very pleased with this development as it believes the New Board will unlock substantial value as Mistango refocuses its efforts on its Omega Project in Kirkland Lake. The Omega Project hosts an indicated gold resource of 219,808 ounces at 1.39 gpt gold and an inferred gold resource of 365,400 ounces at 2.43 gpt gold, totaling over 585,000 ounces along the prolific Cadillac-Larder Lake Break.
Omega Project in Kirkland Lake Resource Estimate
| Cut-off Grade | Classification | Tonnes | Gold (gpt) | Contained Gold (ounces) |
| 0.5 gpt above 130 masl | Indicated | 4.92 | 1.39 | 219,438 |
| 3.0 gpt below 130 masl | Indicated | 0.003 | 3.19 | 370 |
| Total Indicated | 219,808 | |||
| 0.5 gpt above 130 masl | Inferred | 3.35 | 1.8 | 190,900 |
| 3.0 gpt below 130 masl | Inferred | 1.34 | 4.0 | 174,500 |
| Total Inferred | 365,400 |
Mistango's New Board was confirmed at its Annual General Meeting on October 1, 2019 and will assume control of Mistango effective immediately. The New Board will communicate directly with Mistango shareholders and be forthcoming with its plan in the near term and all shareholders are encouraged to reach out directly.
About Orefinders Resources Inc.
Orefinders is a Gold exploration and development company focused in the Kirkland Lake District of Ontario's Abitibi Greenstone Belt. The Company is listed on the Toronto Venture Exchange under the symbol ORX.
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. Certain information in this press release may contain forward-looking statements. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict. Actual results might differ materially from results suggested in any forward-looking statements. Orefinders' assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to Orefinders. Additional information identifying risks and uncertainties is contained in filings by Orefinders with Canadian securities regulators, which filings are available under Orefinders' profile at www.sedar.com
SOURCE Orefinders Resources Inc.
Contact
To Speak to the Company directly, please contact: Stephen Stewart, Chief Executive Officer, Phone: 416.644.1567, Email: sstewart@orefinders.ca, www.orefinders.ca
