EDMONTON, ALBERTA--(Marketwired - Feb. 4, 2014) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
North Country Gold Corp. (TSX VENTURE:NCG) (OTCQX:NCGDF) ("North Country" or the "Company") is pleased to announce that Mr. Brian Budd has been appointed to the Board of Directors in conjunction with his being promoted to President after serving as Vice President of Corporate Development. The Founder and former President of the Company, John Williamson, will remain as Chairman, CEO and Director.
"Brian has demonstrated the highest degree of integrity while tirelessly promoting North Country Gold Corp and our flagship Three Bluffs Project as it has developed into a high-grade gold deposit", stated Mr. Williamson, "His leadership will be key as we work toward a Preliminary Economic Assessment and redouble efforts to attract investors with our strategy to emphasize operations that will be sustainable in volatile markets and economic conditions."
Mr. Budd has an extensive management background with over 25 years of entrepreneurial and sales leadership experience in the resource and high tech industries. In addition to his role as Vice President of Corporate Development, Mr. Budd has served the Company as Corporate Secretary and Director. He has also served as a Director for Graphite One Resources Inc. and as CEO and Director for Altiplano Minerals Ltd.
Grant of Options
In conjunction with this change in management, the Board of Directors has granted 800,000 stock options in aggregate to Mr. Budd and to Mr. Peter Kleespies, the Vice-President of Exploration and Qualified Person for the Company. The stock options were granted in accordance with the Company's stock option plan and are exercisable for five years at a price of $0.15 per common share.
The Company also intends to complete a non-brokered private placement (the "Private Placement") of up to 10,000,000 common shares of the Company ("Common Shares") at a price of $0.05 per share, to raise gross proceeds of up to approximately $500,000. The Company intends to use the gross proceeds of the Common Shares for general working capital.
Closing of the Private Placement is anticipated to occur on or before February 28, 2014 and is subject to receipt of applicable regulatory approvals, including approval of the TSX Venture Exchange. The Common Shares will be subject to a four month hold period following the closing date in accordance with applicable Canadian securities laws.
This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States. The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act"), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements.
About North Country Gold Corp.
North Country Gold Corp. controls the gold-rich Committee Bay Greenstone Belt located 180kilometres ("km") northeast of Agnico Eagle's Meadowbank gold mine in Nunavut Canada. It is one of the largest under-explored greenstone belts in Canada with numerous drill-ready high-grade gold targets. The Company holds a 100% interest in 339,240 acres along the 300km long belt and has identified 5 distinct exploration centres with numerous high-grade gold drill intercepts. North Country operations are currently focused on advancement of the Three Bluffs deposit, which is geologically comparable, with similar grades, type of mineralization and age, to the Lupin, Meadowbank and Meliadine gold deposits. (Please see the Company's announcement on January 22, 2014.)
On behalf of the Board of Directors,
North Country Gold Corp.
North Country Gold Corp. maintains an extensive quality control program in the preparation, shipping and checking of all samples from the property. The content of this news release and the Company's technical disclosure has been reviewed and approved by Peter Kleespies, M.Sc., P.Geol., who is the Qualified Person as defined by NI 43‐101 Standards of Disclosure for Mineral Projects. A detailed description of North Country Gold Corp.'s QA/QC program is provided on the Company's website at www.northcountrygold.com.
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.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling, exploitation activities, the proposed financing and events or developments that the Company expects are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market prices, exploitation and exploration successes, continuity of mineralization, uncertainties related to the ability to obtain necessary permits, licenses and title and delays due to third party opposition, changes in government policies regarding mining and natural resource exploration and exploitation, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. For more information on the Company, investors should review the Company's continuous disclosure filings that are available at www.sedar.com