TORONTO, ONTARIO--(Marketwired - Nov. 10, 2016) -
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(All figures in Canadian dollars unless otherwise stated)
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QMX Gold Corporation ("QMX" or the "Company") (TSX VENTURE:QMX) is pleased to provide an update on the exploration program currently underway on its 217 km² land package in the prolific mining region of Val d'Or, Quebec. The Company's exploration team has outlined multiple prospective targets in the southwestern area of the property, bordering Integra Gold's Lamaque South property, based on the extensive review of existing geological data. An initial 4,000 metre drilling program is planned to commence once permits are received, with the first set of results issued before year-end. Drilling permits for this program have been submitted and QMX is in the process of requesting tenders from drill contractors. Based on results from this program, QMX intends to design a subsequent drilling program in early 2017.
QMX continues to develop additional targets on its large land package. A particular focus is being placed on prospective diorite and gabbro plugs and sills, as well as favourable IP anomalies, in order to test the potential eastward extension of gold mineralization from the adjacent Lamaque South property on to the QMX property, between the Bourlamaque Batholith and the Poste Intrusion (see figure 1).
Brad Humphrey, President and CEO of QMX Gold, commented, "Recent exploration successes on the properties adjacent to ours have been very encouraging and we are eager to begin drilling our initial set of targets. We are maintaining a strong systematic exploration approach to our large land package, with the priority set on targets that fall between and to the west of the Bourlamaque Batholith and Poste Intrusion."
Further Settlement of Payables
QMX has completed additional share for debt settlements with various trade payables, as previously announced on October 27, 2016, and has issued 315,028 common shares of QMX at a deemed price of $0.10 per share. The common shares are subject to a statutory hold period of four months and one day that expires on March 9, 2017. The Company has made substantial progress strengthening its financial position and may now recommence the systematic exploration of its large land package in Val d'Or, Quebec.
David Rigg is a qualified person under National Instrument 43-101 and Senior Vice President, Exploration of QMX. He has reviewed and approved the scientific and technical information in this press release.
About QMX Gold Corporation
QMX Gold Corporation is a Canadian resource company traded on the TSX-V under the symbol "QMX". The Company is exploring its 217 km2 property position in the Val d'Or mining camp in the Abitibi District. In addition, QMX owns the Aurbel gold mill in Val d'Or Quebec.
Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
This press release contains or may be deemed to contain "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements regarding the future plans, operations and activities, proposed use of proceeds, receipt of required permits and obtaining necessary financing, and the ability of the Company to continue as a going concern. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved". Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the disclosure documents of the Company filed under the Company's profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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