VANCOUVER, BRITISH COLUMBIA--(Marketwired - Sept. 2, 2014) - La Ronge Gold Corp. (TSX VENTURE:LAR) -
- La Ronge will retain 22% Equity Stake in return for $1.00 Million Investment in Canfrac Sands
- La Ronge Representative will be appointed to the Canfrac Sands Board
- La Ronge to Pursue Acquisitions in the US Frac Sand Market
- La Ronge Board of Directors remain Unchanged
La Ronge Gold Corp. ("La Ronge" or the "Company") - Further to the Company's news release dated May 5, 2014 and June 20, 2014, the Company announces that the proposed 100% acquisition of the assets and business of Canfrac Sands Ltd. ("Canfrac") and concurrent $7,000,000 subscription receipts financing has been terminated; instead the Company will release the remainder of its $1,000,000 deposit to Canfrac in exchange for a 22% equity stake in Canfrac, pro-rata subscription rights for any future securities issue by Canfrac, and representation on Canfrac's board. La Ronge will not retain Canfrac Sands board of directors and management team including, Chris Friesen, David Brough, and Tony Yip.
Additionally, La Ronge would like to announce that the Company has been actively searching for, and pursuing, opportunities in the US frac sand market. The Company has identified and is currently evaluating multiple Tier 1 frac sand projects in the Southern United States.
About La Ronge Gold Corp.
La Ronge is actively engaged in diversifying its mining assets portfolio into sectors other than precious metals. The intent of this strategy is to identify and acquire strategic investments that have the capability to generate cash flow with low capital expenditure costs. This mining asset diversification strategy is limited geographically to Canada / USA at the present time. La Ronge is a Vancouver-based resource growth and development company. The Company owns high-grade gold deposits in one of Canada's emerging gold producing regions, the La Ronge Gold Belt, northern Saskatchewan. La Ronge also holds other gold projects located in Ontario and Saskatchewan.
For more information about La Ronge Gold Corp., please go to www.larongegold.com or contact Rasool Mohammad, B.Sc. (Mining), President & CEO.
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This News Release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding or inferring the future business, operations, financial performance, prospects, and other plans, intentions, expectations, estimates, and beliefs of the Company. Information and statements which are not purely historical fact are forward-looking statements. Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward-looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.