Komet Resources Inc.

Komet Resources Inc.

August 05, 2015 08:42 ET

Komet Resources inc.: Drilling of the Extensions of the Guiro Mine

QUEBEC CITY, QUEBEC--(Marketwired - Aug. 5, 2015) - Komet Resources inc. ("Komet" or the "Company") (TSX VENTURE:KMT) announces the completion of its drilling campaign at Guiro and the beginning of a sampling campaign on all of the permit.

At the Guiro mine, a first drilling campaign of 35 diamond drill holes totaling 4,434 meters has just been completed. The latter aims is to extend the usable underground area, adding 250 meters west and 100 meters east to the existing 300 meters. In the coming months, Komet will complete an NI 43-101 compliant evaluation report, a reassessment of the resource and a reclassification of the mineral reserves. An extensive sampling campaign is also underway on all identified zones with mineralization included in the historic 1997 feasibility study from the EMF firm.

Change to the Board of Directors

Mr André Le Bel was appointed to replace Mr Mathias Thibieroz. Mr Le Bel is Vice President, Legal Affairs and Corporate Secretary of Osisko Gold Royalties and his experience will be an asset for Komet board. We would also like to sincerely thank Mr Thibieroz for his contribution to the Board and to the start-up of the Komet project.

Amendments to the Stock Option Plan

On May 22, 2014, the Board of Directors adopted a resolution approving the amendments to the Stock Option Plan in order to increase the maximum number of common shares issuable under the plan to 5,000,000, which represents 11.55% of the total amount of common shares currently issued and outstanding, and to make certain terms of the Stock Option Plan comply with the securities regulations currently in force. Theses modifications were approved by the Komet shareholders at the annual meeting on July 10th, 2015.

Stock options granted pursuant to the amended Stock Option Plan

A total of 1,536,850 stock options were granted pursuant to the amended Stock Option Plan. Theses options were granted to directors, officers, employees and consultants of the Corporation since May 22nd, 2014 with exercise price between 0.47$ and 0.52$. The granting was approved by the disinterested holders of common shares of Komet during the annual meeting on July 10th, 2015.

More information about the corporation is available at: http://kometgold.com

Forward-Looking Statements

Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange's policies) accepts any liability of any kind as to the authenticity or accuracy of this release. - This press release contains statements that may constitute "forward-looking information" or "forward-looking statements" as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.'s ("Komet") control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet's management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws. Jacques Marchand, P.Eng. Geo., is the Qualified Person who has reviewed this news release and is responsible for the geological information presented there.

Contact Information

  • Investor relations and information:
    Andre Gagne
    President and CEO
    Skype: andregagne11