Honey Badger Exploration Inc.

Honey Badger Exploration Inc.

October 22, 2015 06:00 ET

Honey Badger Exploration Receives TSX-V Approval for LG Diamonds Project Acquisition

TORONTO, ONTARIO--(Marketwired - Oct. 22, 2015) - Honey Badger Exploration Inc. (TSX VENTURE:TUF) ("Honey Badger" or the "Company") is pleased to announce that it has received TSX Venture Exchange approval for the acquisition of the LG Diamonds Project as announced by Honey Badger on September 29, 2015. The 45 claims, totaling approximately 2,275 hectares, are located in the James Bay region of Québec, in the Jamésie County Municipality, close to road and power lines.

Quentin Yarie, President & CEO, commented: "We are excited to add the LG Diamonds Project to Honey Badger's project portfolio. The project is in the diamond-rich zone that hosts Renard, Québec's new diamond mine. Magnetic anomalies on each of the 7 claim blocks that make up this property indicate prospective kimberlite targets and kimberlite indicators have been found in lake sediments near these magnetic anomalies. Our team is undertaking an aggressive campaign to model all historic geophysical data, complete a detailed magnetic survey of identified targets, prioritize targets, and conduct a drill program."

LG Diamonds Project Highlights

  • Located in the James Bay region of Québec, close to road and power lines
  • Total of 45 claims covering 2,275 hectares
  • 7 claim blocks centered on circular magnetic anomalies
  • Each magnetic anomaly represents a possible kimberlite
  • Lake sediments near the magnetic anomalies contain kimberlite indicators
  • The local geological environment is favourable for diamantiferous kimberlite
  • Exploration agreements in place with local First Nations Groups

Renard Diamond Project

The Renard Diamond Project contains Probable Mineral Reserves of 17.9 million carats and is scheduled to begin diamond production in 2016 (January 28, 2013, Stornoway news release) with an 11 years reserve-based mine life with diamond production averaging 1.6 million carats/annum life of mine (NI 43-101 Feasibility Study, March 27, 2013).

Renard has received significant support from the Québec government and Québec investors. The Québec government through Resources Québec, a subsidiary of provincial agency Investissement Québec, provided $220 million for the Renard project and Caisse de dépôt et placement du Québec provided $105 million. In addition the Québec government is building road infrastructure to the mine site.

Qualified Person

Quentin Yarie, P.Geo., is the qualified person in regard to the technical data contained within this news release and has approved the scientific and technical content of this news release.

About Honey Badger Exploration Inc.

Honey Badger Exploration is a gold and base-metals exploration company headquartered in Toronto, Ontario, Canada with properties in Quebec and British Columbia. The Company's common shares trade on the TSX Venture Exchange under the symbol "TUF".

For more information, please visit our website at http://www.honeybadgerexp.com.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This News Release contains forward-looking statements. Forward-looking statements are statements which relate to future events. In some cases, you can identify forward-looking statements by terminology such as "may", "should", "expects", "plans", "anticipates", "believes", "estimates", "predicts", "potential" or "continue" or the negative of these terms or other comparable terminology. These statements are only predictions and involve known and unknown risks, uncertainties and other factors that may cause our or our industry's actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements.

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