Prosper Gold Corp.
TSX VENTURE : PGX

Prosper Gold Corp.

February 24, 2015 08:45 ET

Prosper Gold Corp. Earns 51% of Star Porphyry Copper Gold Project-Northwestern BC

QUESNEL, BRITISH COLUMBIA--(Marketwired - Feb. 24, 2015) - Prosper Gold Corp. ("Prosper Gold" or the "Company") (TSX VENTURE:PGX) is pleased announce that the Company has earned a 51% direct interest in the Star Porphyry Copper Gold Project (the "Property") in northwestern British Columbia by fulfilling all conditions precedent of the first option (the "Option") pursuant to its July 15, 2013 option and joint venture agreement with Firesteel Resources Inc. ("Firesteel"). A copy of the option and joint venture agreement is available on www.sedar.com.

The Company has paid $200,000 and issued 200,000 Prosper Gold common shares to Firesteel to earn a 51% interest in the Property. Prosper Gold intends to continue to advance the Property with an objective of fulfilling additional obligations that would increase the Company's interest in the Property to 80%.

Star Project Highlights

  • 5 confirmed porphyry Cu-Au targets (Star, Star North, Star East, Copper Creek, & Pyrrhotite creek)
  • 13,431 meters have been drilled at Star inclusive of historical drilling from 2004-7
  • Multi-year area based (MYAB) notice of work permit for up to 200 drill location - Good until March 31, 2019
  • 30.4 line-km I.P. survey refining Star, Star North, and Star East targets
  • 3,586 Soil samples adding and expanding surface targets
  • 1,462 line-km airborne multi-parameter survey
  • Mineralization remains open laterally and to depth

Pete Bernier, President and CEO, commented, "Prosper has now advanced the Star copper gold porphyry system to have vested a 51% interest in the Property and is close to vesting an 80% interest, two and a half years ahead of schedule. The Star discovery remains open for extension in several directions with 4 other confirmed targets to drill. We look forward to advancing the project further."

Selected Drill Result from Star

DDH FROM (m) TO (m) INTERVAL (m) Cu % Au g/t Ag g/t Cu Eq%
S005 0 242.3 242.3 0.44 0.321 1.38 0.62
S006 0 190.2 190.2 0.41 0.224 1.46 0.54
S021 2.74 223.1 220.36 0.42 0.216 1.88 0.55
S023 3.04 293.21 290.17 0.41 0.194 1.97 0.52
S024 4.88 317.04 EOH 312.16 0.37 0.24 0.69 0.51
S025 7 276 269 0.42 0.20 0.61 0.54
S026 11 274 EOH 263 0.35 0.15 0.63 0.44
S027 7 341 334 0.35 0.11 0.84 0.41
S028 8 152 144 0.45 0.26 0.8 0.60
S029 11 263 252 0.34 0.21 0.71 0.46
S037 3.1 664 EOH 660.9 0.22 0.11 0.42 0.29
S040 3.9 472 EOH 468.1 0.26 0.07 0.43 0.29
S041 3.73 202 EOH 198.27 0.38 0.19 0.70 0.49
S043 7 442 EOH 435 0.24 0.07 0.40 0.28
S045 12.02 119 EOH 106.98 0.77 0.41 1.02 1.00
incl 12.02 76 63.98 1.12 0.59 1.30 1.47
S046 13.85 271 EOH 257.15 0.31 0.17 0.50 0.41
incl 30 96 66 0.53 0.30 0.72 0.71
incl 20 108 88 0.46 0.27 0.67 0.62
S048 2.06 79 76.94 0.78 0.55 1.28 1.10
S048 123 411 288 0.33 0.15 0.56 0.42
S049 4 328 324 0.44 0.22 0.74 0.57
incl 4 184 180 0.54 0.29 0.95 0.71
incl 184 328 144 0.32 0.14 0.48 0.40
Note: Widths reported are drill widths; true widths are unknown. Assays are uncut, length-weighted average values. Copper equivalent (Cu Eq%) values are given for illustration to express the aggregate content of copper and gold as a percent copper. They do not reflect the amount of metal that may be recovered should mining eventually occur. The calculation used is CuEq% = [Cu% + (Au g/t *0.583)] a formula which uses metal prices of US$3.00/lb Cu, US$1,200 per troy ounce Au.

Qualified Person

The scientific and technical information in this news release has been reviewed by Dr. Dirk Tempelman-Kluit, PhD, P.Geo., a Qualified Person under National Instrument 43-101.

For a detailed overview of Prosper Gold please visit www.ProsperGoldCorp.com.

ON BEHALF OF THE BOARD OF DIRECTORS

Peter Bernier, President & CEO

Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the Company's ability to earn additional interest in the Property, satisfaction of any terms of the Option Agreement, and the exploration potential and value of the Property are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: the Company's need for additional financing; the Company's ability to satisfy additional conditions precedent under the Option Agreement; operational risks associated with mineral exploration; fluctuations in commodity prices; title matters; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other projects; the absence of dividends; competition; dilution; the volatility of our common share price and volume and the additional risks identified the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.

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.

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