MONTREAL, QUEBEC--(Marketwired - March 29, 2017) - Aurvista Gold Corporation ("Aurvista" or the "Company") (TSX VENTURE:AVA)(OTCQB:ARVSF)(FRANKFURT:AV2) is pleased to provide a corporate update on recent developments with Société d'exploration minière Vior Inc. ("Vior"), the historic owner of claims acquired by the Company that comprise the Douay Gold Project ("Douay"). Aurvista exercised an option granted to it by Vior on May 26, 2011 and acquired Vior's remaining 10% interest in West Zone for C$12,500. As a result, Aurvista has increased its 100% owned land package to 247 contiguous claims totaling 128.8 km2, and holds a 75% interest (25% held by SOQUEM) in 32 additional claims totaling 11.9 km2 located in the Northwest Zone. SOQUEM is a mineral project generator, a subsidiary of two Quebec government corporations, Ressources Québec and Investissement Québec, and is a valued partner.
Vior recently completed a special dividend (the "Dividend"), distributing 13,796,795 Aurvista shares to Vior shareholders (see Vior's press release, March 20, 2017). Vior now owns 6,710,442 common shares of Aurvista and 800,000 warrants to acquire common shares, representing 5.6% of the Company's outstanding common shares on a partially diluted basis. With Vior's ownership interest in Aurvista falling below 10%, the Shareholders' Agreement between Aurvista and Vior on March 7, 2011, as amended shall cease to be in effect. Consequently, Vior's pre-emptive right to maintain its ownership percentage through the participation in future Aurvista Public Share Issuances and the obligation of each of Vior and Aurvista to vote for the matters contained in their respective management information circulars, are no longer in effect.
The acquisition of Vior's 10% interest follows the previously announced purchase and cancellation of Northern Abitibi Mining Corp.'s 1.5% NSR (see Aurvista's press release, January 31, 2017), as Aurvista continues to consolidate ownership interest at Douay. The consolidation costs have been largely offset by Aurvista's recently completed sale of 1,080,000 Vior shares, for C$215,551 in net proceeds.
Aurvista's President and CEO, Jean Lafleur, stated: "We continue to plan for success and take the necessary steps to consolidate the ownership and expand the 100% owned property package at Douay. The Vior Dividend brings us new valued Aurvista shareholders and significantly simplifies the equity financing process for the Company going forward. These transactions end the formal relationship between the Companies. Aurvista recognizes the contribution of Vior to the Douay Project and appreciates having Vior as a shareholder going forward as the Company advances the Project."
Douay Gold Project and Company Profile
Aurvista Gold Corporation is a junior gold exploration and development Company advancing the Douay Gold Project in Quebec. The Company has 136,609,900 shares outstanding trading on the TSX Venture Exchange in Canada, the Frankfurt Stock Exchange and OTCQB in the US. Aurvista's Douay Gold Project consists of a 100% owned interest in 247 contiguous claims totaling 128.8 km2 and a 75% interest (25% held by SOQUEM) in 32 contiguous claims totaling 11.9 km2. In total, there are 279 claims covering 140.7 km2 located along a 20 km segment of the Casa Berardi Deformation Zone in the prolific Abitibi Belt of northern Quebec. Douay is located 40 km SW of the Matagami Base Metal Camp and 150 km N of the Val-d'Or-Malartic Gold Camp (both in Quebec). For more information, please visit the Company's website at www.aurvistagold.com.
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This news release may contain forward-looking statements, including the mineral resource estimate and the assumptions used to prepare such estimate, that are based on assumptions, uncertainties and management's best estimate of future events. Actual events or results could differ materially from the Company's expectations and projections. Investors are cautioned that forward-looking statements involve risks and uncertainties. Accordingly, readers should not place undue reliance on forward-looking statements. When used herein, words such as "anticipate", "will", "intend" and similar expressions are intended to identify forward-looking statements. For a more detailed discussion of such risks and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements, refer to Aurvista Gold Corporation's filings with Canadian securities regulators available on www.sedar.com or the Company's website at www.aurvistagold.com.