Mr. Adrian O'Brien reports,
Kermode Resources Ltd. is initiating a non-brokered private placement of up to six million shares for gross proceeds of up to $300,000, subject to TSX Venture Exchange approval. Each share will be priced at five cents. The company plans to utilize the proceeds of this financing for working capital purposes.
The company intends to commence a 10-15 hole drill campaign on its wholly owned Buzz Lake Gold Project shortly. A $300,000 flow-through financing was completed in December 2011 and the entire allotment of funds is earmarked for Buzz Lake. This initial exploration program at Buzz Lake will include ground based geophysics and drilling.
Buzz Lake Gold Project - Key Points:
The preceding data pre-date and are therefore non-compliant with NI 43-101 and have not been verified by Kermode, however Kermode considers the source reliable, the data were collected in conformity with the standards of the time, and are considered useful to direct future exploration.
About Kermode Resources:
- The Buzz Lake Gold Project is located in west central Manitoba, about 27 kilometres southeast of the mining community of Snow Lake.
- 100% Owned, initial drill program financed, fully permitted
- 800+ metre geophysical target, with a discovery hole drilled by Hudson Bay Exploration and Development (HBED) that has never been followed up
- Hole KUS169 - Uncut average gold content for the 3.74 metres (from 53.65 to 57.39) is 7.65 gpt
- A GOLD DISCOVERY IN A PROVEN CAMP THAT HAS NEVER BEEN FOLLOWED UP
Kermode Resources Ltd. is a publicly traded mineral exploration company that is committed to the exploration and development of new prospects in a quest to define a world class gold deposit. Kermode is engaged in advancing 2 key projects with significant potential in favourable, safe and proven jurisdictions; The Eastgate Gold Project - A high grade, low sulphidation epithermal gold system located near Fallon Nevada and The Buzz Lake Gold Project - A high grade, shear-hosted gold target located in the famed Snow Lake Camp in central Manitoba, Canada. To date, the company has also established an NI 43-101 compliant Inferred Mineral Resource of 18,300,000 tonnes at 0.84 grams per tonne gold or 495,000 ounces gold at Jackson's Arm, Newfoundland.
Michael Moore, P.Geo, a Qualified Person for purposes of National Instrument 43-101, has reviewed the technical information in this news release.
Further information is available at www.kermode.com
ON BEHALF OF THE BOARD
PRESIDENT and DIRECTOR
Forward-Looking Statements: This Kermode Resources Ltd. news release may contain certain "forward-looking" statements and information relating to Kermode which are based on the beliefs of Kermode management, as well as assumptions made by and information currently available to Kermode management. Such statements reflect the current risks, uncertainties and assumptions related to certain factors including, without limitations, exploration and development risks, expenditure and financing requirements, title matters, operating hazards, metal prices, political and economic factors, competitive factors, general economic conditions, relationships with vendors and strategic partners, governmental regulation and supervision, seasonality, technological change, industry practices, and one-time events. Should any one or more of these risks or uncertainties materialize or change, or should any underlying assumptions prove incorrect, actual results and forward-looking statements may vary materially from those described herein.