Lakeside Minerals Inc.

Lakeside Minerals Inc.

October 01, 2015 16:48 ET

Lakeside Provides Corporate Update

TORONTO, ONTARIO--(Marketwired - Oct. 1, 2015) - Lakeside Minerals Inc. (TSX VENTURE:LAK) (the "Company") wishes to provide a corporate update.

Due to poor resource market conditions, Peter Cashin and the Company have mutually agreed to let the Misery Lake property acquisition agreement (as announced in the press release dated May 2, 2015) lapse. The Company will continue to focus on its Launay project and will continue to look for other opportunities. At the same time, Peter Cashin has resigned as a President and CEO of the Company. Peter Cashin has released the Company of obligations regarding his previously signed employment agreement, will remain a director and will provide critical project evaluation capacity in his role as Chair of the Technical Committee of the Company. Peter Bilodeau, a current director of the Company was appointed President and CEO of the Company. Steve Brunelle has also resigned as a director of the Company.

Lakeside also wishes to announce that in connection with the previously announced unsecured convertible debenture financing ("Financing") under SIDEX's program "Field Action 2014" the Company is issuing 60,493 common shares ("Shares") to SIDEX s.e.c. for the semi annual interest payment due on September 16, 2015.

A total of 60,493 Shares, for gross proceeds of $3,024.66 were issued at a price of $0.05 per Share. The issuance of the Shares will not result in a change of control of the Company, will be subject to a four-month hold period from the date of issuance, and will be subject to the approval of the TSX Venture Exchange.

The mission of SIDEX is to invest in companies engaged in mineral exploration in order to diversify Quebec's mineral base and open new territories to exploration and investment. "Field Action 2014" was a $3-Million financing program launched in the spring 2014 by SIDEX to encourage junior mineral exploration companies to pursue field work during the summer and fall 2014, employ young professionals and service companies and make way for new discoveries.

About Lakeside Minerals Inc.

Lakeside Minerals Inc. is engaged in acquiring, exploring, and developing mineral properties. The Company's flagship Launay property is located in the heart of the Abitibi, 48 km northeast of Rouyn-Noranda. The Launay property straddles a significant extent of the Macamic deformation zone: a major deformation zone in the Abitibi subprovince located north of the Porcupine-Destor deformation zone. Lakeside is also pursuing potential acquisitions of interests in undervalued mineral exploration properties.

FORWARD-LOOKING STATEMENTS: Certain of the information contained in this news release may contain "forward-looking information". Forward-looking information and statements may include, among others, statements regarding the future plans, costs, objectives or performance of Lakeside Minerals Inc. (the "Company"), or the assumptions underlying any of the foregoing. In this news release, words such as "may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate" and similar words and the negative form thereof are used to identify forward-looking statements. Forward-looking statements should not be read as guarantees of future performance or results, and will not necessarily be accurate indications of whether, or the times at or by which, such future performance will be achieved. Forward-looking statements and information are based on information available at the time and/or management's good-faith belief with respect to future events and are subject to known or unknown risks, uncertainties, assumptions and other unpredictable factors, many of which are beyond the Company's control. The Company does not intend, nor does the Company undertake any obligation, to update or revise any forward-looking information or statements contained in this news release to reflect subsequent information, events or circumstances or otherwise, except if required by applicable laws.

Neither the 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.

Contact Information