Monthly Archives: June 2016

Viscount Mining Closes Final Tranche of Oversubscribed $2.3 Million Private Placement

Viscount Mining Corp

PRESS RELEASE                                                                                                                 June 23, 2016

VANCOUVER, Canada –- Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or the “Company”) is pleased to announce that it has closed the second and final tranche of the Brokered Private Placement led by Gravitas Securities Inc. (“GRAVITAS”) and previously announced in its news release of April 25, 2016, (the “Private Placement”) raising gross proceeds, with the first tranche which closed on May 31, 2016, of $2,300,000 from the issuance and sale of 4,600,000 Units at a price of $0.50 per Unit.  Each Unit consists of one (1) common share (“Common Share”) of the Company and one (1) share purchase warrant (“Warrant”). No new insiders were created, nor any change of control occurred, as a result of this Private Placement.

Each Warrant will entitle the holder to acquire one (1) Common Share at an exercise price of $0.70 for a period of 24 months from the closing date of the Private Placement.  In the event that the Company’s common shares trade at a closing price on the Exchange of greater than $0.85 per share for a period of 20 consecutive trading days at any time after the closing date, the Company may accelerate the expiry date of the Warrants by giving notice to the holders thereof and in such case the Warrants will expire on the 30th day after the date hereafter referred to as the (“Eligible Acceleration Date”) on which such notice is given by the Company.

These Common Shares and Warrants issued under the second tranche of the Private Placement will be subject to a four month and one day resale restriction expiring October 24, 2016.

GRAVITAS acted as agent for and on behalf of Viscount and is entitled to an Agency Fee of 7% of the cash received from the sale of the Units to certain subscribers, and Compensation Warrants equal to 7% of the aggregate number of Units issued to certain subscribers, exercisable into Common Shares at an exercise price of $0.70 until June 23, 2018.

The Company intends to use the net proceeds of the Private Placement for the advancement of the Company’s 100%-owned Silver Cliff property in Colorado and for general working capital. Viscount plans to use a cost- effective exploration program with surface sampling, detailed geologic mapping, geophysics, geochemistry, and drilling for the confirmation of the historical geological work and resource estimation, to substantiate the value of Silver Cliff. The Company will also be evaluating new project opportunities as part of its prospect generator business model.

Kaare Foy, Chairman commented, “We are very pleased with the wide level of support investors have in Viscount and the Private Placement. As a result of the successful closing of the second tranche, we have the funding required to advance and expedite the exploration of Silver Cliff. This financing is a major milestone for Viscount as it continues to build shareholder value and advance its flagship assets with both Cherry Creek and Silver Cliff.”

About Gravitas Securities Inc.

Gravitas Securities Inc. (“GRAVITAS”), known for sophisticated sector expertise, tactical individuals with a commitment to excellence, global integration and innovation, is a leading independent, internationally owned and operated wealth management and capital markets firm. GRAVITAS provides a wide range of investment mandates and services for retail, institutional and corporate clients globally from offices in Toronto, Vancouver, Calgary and is represented in the United States through its FINRA representative, Gravitas Capital International, in New York and San Francisco.

About Viscount Mining (TSX VENTURE: VML) (OTCQB: VLMGF)

Viscount Mining Corp. is an exploration company with a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado.  Cherry Creek is comprised of more than 10,000 acres, all 100% owned, and includes more than 20 past producing mines.  Viscount has entered into an exploration earn-in agreement with Sumitomo Corporation covering the Cherry Creek property.  Sumitomo can earn in up to a 75% interest in the property by producing a bankable feasibility study and by spending in addition a minimum of US$10,000,000 in exploration and development expenses by the eighth anniversary of the earn-in agreement.  Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past-producing mineral districts of Silver Cliff and Rosita Hills.

For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com

“Jim MacKenzie”

President, CEO and Director

For further information, please contact:
Viscount Investor Relations
Phone: 604-960-0535
Email: info@viscountmining.com

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.

Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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Viscount Announces BLM Approval for Drill Pads and New Road Construction at Flint Canyon, Cherry Creek, NV

Viscount Mining Corp

PRESS RELEASE                                                                                             June 22, 2016

VANCOUVER, Canada –- Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or “the Company”), is pleased to announce the Company has now received approval at Flint Canyon for new drill hole pad locations, sumps, and road construction under a Notice of Intent (“NOI”) submitted to the Nevada Bureau of Land Management (“BLM”) earlier this spring. With this approval Viscount will have a 7,046 ft. new road, with Phase 1 of the 2016 RC drill program which will consist of approximately 18 holes for 4,380m (14,366 feet) starting at Flint Canyon scheduled for early August.

 About Flint Canyon

The 2015 mapping at Flint Canyon found the area to be much more complexly faulted than previously indicated on the Adair 1961 geologic base map. Summit’s mapping program found that east-west orientated faults and fractures, which are important ore controlling structures at the Ticup and Star Mines, also occur in the area. The Flint Canyon area contains highly dissected fault blocks of the Dunderberg Shale with the underlying Marjum Limestone and overlying Notch Peak Limestone. The Pogonip Formation overlies the Notch Peak and both units are important host rocks for Carlin-type gold mineralization in east-central Nevada.

Jasperoid occurrences in Nevada are extremely significant in context to Carlin-type gold deposits and mineralized jasperoid outcrops are common throughout the Flint Canyon area. They occur principally along the base of the Dunderberg Shale but other outcrops are found along Pogonip-Notch Peak contact. Many major gold discoveries have been made based on the presence of outcropping, weakly mineralized jasperoid hosted in and along bedding contacts of carbonate rocks. At Flint Canyon, jasperoid is found in the same carbonate rocks that are prolific host rocks at nearby large gold deposits (Newmont Mining-Long Canyon).

The jasperoid beds, interpreted as west dipping tabular features, occur along the base of the Dunderberg Shale and within the Pogonip group limestone. Summit’s geological team indicated that the Dunderberg Shale is generally recessive and is exposed mainly along the outcropping contacts with more competent rocks. The Dunderberg appears to be moderately altered throughout its distribution, and at Flint Canyon it experienced widespread and significant alteration by hydrothermal fluids. The underlying Marjum Limestone is usually competent and unaltered, while the overlying Pogonip exhibits variable alteration.

Jim MacKenzie, Viscount President and CEO stated: “We are very excited that phase 1 of this year’s drill program is starting at the Flint Canyon area which exhibits alteration and mineralization characteristic of Carlin-type gold deposits.”

Qualified Persons

The exploration and drill programs are being managed by David Tretbar, Summit Exploration’s Executive Vice President, Exploration and Mineral Resources, a Qualified Person as defined by NI 43-101. Mr. Tretbar is a registered Professional Geologist in Arizona (# 48036) and a Certified Professional Geologist (CPG # 11086) with the American Institute of Professional Geologists.

Mark J. Abrams, M.Sc., P.G., R.G., C.P.G., an independent consulting geologist who is a “Qualified Person” reviewed, prepared and supervised the preparation or approval of the scientific and technical content in the news release as defined under National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43- 101”).

About Viscount Mining (TSX VENTURE: VML) (OTCQB: VLMGF)

Viscount Mining is an exploration company with a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado.  Cherry Creek is comprised of more than 9,000 acres, all 100% owned, and includes more than 20 past producing mines.  Viscount has entered into an exploration earn-in agreement with Sumitomo Corporation covering the Cherry Creek property.  Sumitomo can earn in up to a 75% interest in the property by producing a feasibility study and by spending in addition a minimum of US$10,000,000 in exploration and development expenses by the eighth anniversary of the earn-in agreement.   Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past-producing mineral districts of Silver Cliff and Rosita Hills.

For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com

About Sumitomo Corporation

Sumitomo Corporation is one of the largest integrated trading and investment companies in Japan. Sumitomo Corporation, a Fortune 500 company, conducts commodity transactions in all industries utilizing worldwide networks, provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry.  Summit Mining Exploration, Inc. is a wholly-owned subsidiary of Sumitomo Corporation and is headquartered in Colorado, USA. For more information about Sumitomo Corporation, visit www.sumitomocorp.co.jp

ON BEHALF OF THE BOARD OF DIRECTORS

“Jim MacKenzie”

President, CEO and Director

For further information, please contact:
Viscount Investor Relations
Phone: 604-960-0535
Email: info@viscountmining.com

 

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.

Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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Viscount Adds Mine Engineer to Technical Advisory Board

Viscount Mining Corp

PRESS RELEASE                                                                                                       June 2, 2016

Viscount Adds Mine Engineer to Technical Advisory Board

VANCOUVER, Canada –- Viscount Mining Corp. (TSX-V: VML) (OTCQB: VLMGF) (“Viscount” or the “Company”)  is pleased to announce that engineer and mining executive Ian R. Harris has consented to join the Company’s technical advisory board.

“Viscount is extremely pleased to have an engineer with the experience and abilities of Mr. Harris join its Technical Advisory Board,” said Jim MacKenzie, President & CEO of Viscount. “Ian will be an excellent source of advice as the Company advances its Silver Cliff property. We welcome Mr. Harris and look forward to his valued contribution as the newest member of our team.”

Mr. Harris is a bilingual mining engineer with over 20 years of experience in the mining industry including 10+ years working in South America with companies such as Asarco LLC, Corriente Resources, AEP and Washington Group International.  Mr. Harris has spent the last two years as CEO of AMAK Mining, the first operating private mining company in the Kingdom of Saudi Arabia.

Mr. Harris has managed all phases of the mining cycle, in diverse areas including general management, project development, project management, field operations, engineering, financing, and operations supervision and optimization. He has demonstrated the ability to achieve results in difficult environments, such as the Middle East, Venezuela, Ecuador and Bolivia.

Mr. Harris successfully led a campaign to reactivate Corriente Resources mining operations in Ecuador after a three-year suspension by successfully navigating through a new constitution, and a new mining law. Under his leadership Corriente’s mining projects were designated national strategic projects and the first to start and finalize contract negotiation for construction of the first industrial scale mining projects in Ecuador.  His achievements led to the sale of Corriente to Tongling Nonferrous Metals Group Holding Co., Ltd. for $690M.

Mr. Harris stated, “I am very pleased to join the Company’s advisory board. I am excited to be assisting in the continued advancement of the Company’s activities in Nevada and the Silver Cliff property in Colorado.”

About Viscount Mining (TSX VENTURE: VML) (OTCQB: VLMGF)

Viscount Mining is an exploration company with a portfolio of gold and silver properties in the Western United States, including Cherry Creek in Nevada and Silver Cliff in Colorado.  Cherry Creek is comprised of more than 10,000 acres, all 100% owned, and includes more than 20 past producing mines. Viscount has entered into an exploration earn-in agreement with Sumitomo Corporation covering the Cherry Creek property. Sumitomo can earn in up to a 75% interest in the property by producing a bankable feasibility study and by spending in addition a minimum of US$10,000,000 in exploration and development expenses by the eighth anniversary of the earn-in agreement. Silver Cliff in Colorado is comprised of 96 lode claims, covering much of the historical past-producing mineral districts of Silver Cliff and Rosita Hills.

For additional information regarding the above noted property and other corporate information, please visit the Company’s website at www.viscountmining.com

ON BEHALF OF THE BOARD OF DIRECTORS

“Jim MacKenzie”

President, CEO and Director

For further information, please contact:
Viscount Investor Relations
Phone: 604-960-0535
Email: info@viscountmining.com

 

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.

Forward-Looking Statements

This news release contains certain statements that may be deemed “forward-looking” statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although Viscount Mining Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of Viscount Mining Corp. management on the date the statements are made. Except as required by law, Viscount Mining Corp. undertakes no obligation to update these forward-looking statements in the event that management’s beliefs, estimates or opinions, or other factors, should change.

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