Komet Resources Inc.

Komet Resources Inc.

March 31, 2015 08:00 ET

Komet Resources is Granted the Guiro-Diouga Permit

QUÉBEC CITY, QUÉBEC--(Marketwired - March 31, 2015) - Komet Resources Inc. ("Komet" or the "Company") (TSX VENTURE:KMT) is pleased to announce that the transfer of the Guiro-Diouga mine permit to its subsidiary Komet Resources Africa SA has been approved under ministerial decree at the Council of Ministers of Burkina Faso on March 25, 2015. André Gagné, President and CEO stated: "With this transaction now completed, I am confident that everything will be well implemented, with our experienced team already in place, in order to maximize the full potential of the Guiro mine." (See press release, July 24, 2015)

Komet wants to thank the Government of Burkina Faso, the Council of Ministers, the Finance Minister, all the different stakeholders of the Ministry of Mines and Energy especially its first responsible, the Mine and Energy Minister, Mr Boukabar BA.

Minutes of the March 25, 2015 Council of Ministers extract [translation]:

"The Council adopted a decree authorizing the transfer of STREMCO SA's industrial permit to operate a small gold mine to Komet Resources Africa SA, due to technical difficulties encountered by the former operator. The adoption of this decree enables the relaunching of gold mining activities at Guiro and Diouga, located in the provinces of Namentenga and Séno while generating direct employment and revenues for the benefit of Burkina Faso's state budget."

Exploration work and resource calculation

Drilling work will begin shortly in order to complete a gold resource estimate of the Guiro deposit under the 43-101 standard. A historical feasibility study prepared by the EMF firm in 1997 stated, for the Guiro deposit, measured resources of 115 000 tons at 11.82 g/t Au, indicated resources of 129 000 tons at 13.36 g/t Au, as well as inferred resources of 94 000 tons at 7.83 g/t Au. The calculation was done using the triangles method on a longitudinal strike of 280m at a depth of 80m. This historical estimate is not treated as current since a qualified person has not done sufficient work to classify it as current mineral resources. The Guiro deposit is contained within a quartz vein and its adjacent wall rocks. Drilling will aim to intercept this structure partially operated by the Stremco SA company.

The Guiro-Diouga permit, which holds the Guiro deposit, is strategically located in the eastern part of the Birrimian Bouroum-Yalogo greenstone belt. This belt has a high gold potential and also hosts the Taparko deposit, presently in operation.

Jacques Marchand, P.Eng. Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information presented there, including verification of the data disclosed.

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.

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