Vancouver - TheNewswire - September 11 2019 - John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSXV:SPX) ("Stellar" or the "Company") is pleased to announce:
New Exploration Permits, Guinea
Stellar's Guinean subsidiary companies, Stellar Guinee SARL and Manding Gold SARL, have received final government approvals completing the issuance of two exploration permits totaling approximately 150 km2. The granting of these permits satisfies one of the condition precedents to the US$3.85M (C$5.13M) sale of the Balandougou Gold Project to Rida Mining Ltd. Stellar and the minority partners own 80% and 20% respectively of the Balandougou Gold Project.
TSX-V Conditional Approval
The TSX Venture Exchange has granted conditional approval to the sale transaction. TSX-V final approval is subject to Stellar shareholder approval at the Annual General meeting scheduled for October 17, 2019.
The only remaining material condition precedent to closing the Balandougou sale is the final approval of the Guinea government to the transfer of the exploitation and exploration permits to Rida Mining Ltd. This approval process in well-advanced and is expected to be completed prior to the October 17, 2019 shareholders meeting.
New Projects for Stellar AfricaGold
As previously announced (news release August 22, 2019) Stellar is continuing to actively review and evaluate new exploration property acquisition opportunities in north and west Africa. Further announcements will be made as decisions are taken.
Stellar AfricaGold Inc. is a Canadian exploration company with offices in Vancouver, BC and Montreal, QC.
Stellar is focussing in the acquisition, exploration and promotion of new mineral exploration projects in north and west African jurisdictions to create wealth for shareholders.
The technical content of this press release has been reviewed and approved by independent consultant Greg Isenor, P. Geo, a Qualified Person as defined in NI 43-101.
Additional information is available on the Company's website at www.stellarafricagold.com.
On Behalf of the Board
John Cumming, LLM
President & CEO
This release contains certain "forward-looking information" under applicable Canadian securities laws. Forward-looking information reflects the Company's current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as "may", "will", "should", "expect", "intend", "plan", "anticipate", "believe", "estimate", "projects", "potential", "scheduled", "forecast", "budget" or the negative of those terms or other comparable terminology. Forward looking information contained in this news release includes, without limitation, statements relating to: the completion of the Opawica Sale, completion of the proposed Arrangement, receipt of required shareholder, court, stock exchange and regulatory approvals for the Arrangement, the potential listing of Mosaic on the CSE and the exploration and development potential of the Balandougou II permit. Forward looking information are based on assumptions made by the Company. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: the failure of Stellar to obtain required shareholder, court, stock exchange and regulatory approvals for the Arrangement, the failure of Mosaic to meet listing requirements on the CSE and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals. Readers should not place undue reliance on the forward-looking statements and information contained in this news release concerning these times. Except as required by law, Stellar does not assume any obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
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.