TORONTO, ONTARIO--(Marketwired - Jan. 6, 2014) - Bold Ventures Inc. (TSX VENTURE:BOL) ("Bold") and KWG Resources Inc. (TSX VENTURE:KWG) ("KWG") are pleased to report that KWG is funding a further $2 million program under its agreement to earn from Bold an 80% interest in any chromite discovered within the claims optioned by Bold from Fancamp Exploration Ltd. hosting the Black Horse chromite occurrence. KWG may also earn a 20% interest in any other metals discovered on the property (please see the details of the option earn in agreements as described in Bold's press release dated March 4, 2013 or on the Bold website (www.boldventuresinc.com) or at the KWG website (www.kwgresources.com)).
As recommended in the 43-101 report commissioned by KWG and prepared to document the inferred chromite resource following last winter's drilling program, the possible down-dip extension of the resource will be tested with a series of deep holes. Orbit Garant Drilling Services Inc. has been awarded the drilling contract to utilize up to three drills. Mobilization is underway and drilling is anticipated to commence shortly.
Metallurgical test work which is ongoing has produced encouraging results to indicate that the Black Horse chromite appears to be amenable to reduction into metalized chrome and iron using natural gas. These results dictated that a number of transportation and underground mining trade-off studies be undertaken and those are currently underway.
The companies would like to take this opportunity to wish our shareholders, partners and service providers a very Happy New Year and a prosperous 2014!
About Bold Ventures
Bold has interests in various mineral properties located in and around the Ring of Fire Area of Northern Ontario and in the Atikokan area of Northwestern Ontario. Additionally, Bold is exploring four base and precious metals properties in the Abitibi Greenstone belt of Northwestern Quebec.
KWG has a 30% interest in the Big Daddy chromite deposit and the right to earn 80% of the Black Horse chromite occurrence where resources are being defined by a drilling program expected to resume early this year. KWG also owns 100% of Canada Chrome Corporation which has staked claims and conducted a $15 million surveying and soil testing program for the engineering and construction of a railroad to the Ring of Fire from Exton, Ontario.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements: This Press Release contains forward-looking statements that involve risks and uncertainties, which may cause actual results to differ materially from the statements made. When used in this document, the words "may", "would", "could", "will", "intend", "plan", "anticipate", "believe", "estimate", "expect" and similar expressions are intended to identify forward-looking statements. Such statements reflect our current views with respect to future events and are subject to such risks and uncertainties. Many factors could cause our actual results to differ materially from the statements made, including those factors discussed in filings made by us with the Canadian securities regulatory authorities. Should one or more of these risks and uncertainties, such actual results of current exploration programs, the general risks associated with the mining industry, the price of gold and other metals, currency and interest rate fluctuations, increased competition and general economic and market factors, occur or should assumptions underlying the forward looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. We do not intend and do not assume any obligation to update these forward-looking statements, except as required by law.
Shareholders are cautioned not to put undue reliance on such forward-looking statements.