MONTREAL, QC--(Marketwired - September 06, 2016) - Falco Resources Ltd. (TSX VENTURE: FPC) ("Falco" or the "Company") is pleased to announce that it has retained full ownership of the Horne 5 Project.
"We are pleased to have confirmed the full ownership of the project, which is located in the prolific Rouyn-Noranda mining camp. We look forward to bringing this world-class deposit back into production after more than a 40 year dormant phase subsequent to having previously produced over 11 million ounces of gold and 2.5 billion pounds of copper," said Sean Roosen, Falco's Chair of the Board.
Luc Lessard, Falco's President and CEO, commented: "We are excited about reaching this major milestone and look forward to aggressively pursuing the development of the project for all stakeholders."
The previous owner of the project, Glencore Canada Corporation ("Glencore") retained a back-in right when it sold the project in 2011. Glencore has elected not to exercise this back-in right. As a result, Glencore retains a 2% NSR on all metals produced from the Horne 5 Project. Glencore also has rights of first refusal with respect to purchase or toll process of the concentrates from the Horne 5 Project.
Falco Resources Ltd. is one of the largest mineral claim holders in the Province of Québec, with extensive land holdings in the Abitibi Greenstone Belt. Falco owns 74,000 hectares of land in the Rouyn-Noranda mining camp, which represents 70% of the entire camp and includes 13 former gold and base metal mine sites. Falco's principal property is the Horne Mine, which was operated by Noranda from 1927 to 1976 and produced 11.6 million ounces of gold and 2.5 billion pounds of copper. Osisko Gold Royalties is the largest shareholder of the Company and currently owns 16.0% of the outstanding shares of the Company.
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking statements and forward-looking information (together, "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, are forward-looking statements. Generally, forward-looking statements can be identified by the use of terminology such as "plans", "expects", "estimates", "intends", "anticipates", "believes" or variations of such words, or statements that certain actions, events or results "may", "could", "would", "might", "will be taken", "occur" or "be achieved" and includes, without limitation, the continued and timely development of the Horne 5 project. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially from these forward-looking statements include the reliability of the historical data referenced in this press release and those risks set out in Falco's public documents, including in each management discussion and analysis, filed on SEDAR at www.sedar.com. Although Falco believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed times frames or at all. Except where required by applicable law, Falco disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise
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