MONTREAL, QUEBEC--(Marketwired - Sept. 29, 2016) - Sunset Cove Mining Inc. (the "Company") (TSX VENTURE:SSM) is pleased to inform shareholders that Mr. Roger Dahn has accepted an appointment to its Board of Directors.
Mr. Dahn has over 30 years' experience in the mining and exploration industries. He has worked for Noranda Inc. and Hemlo Gold Mines Inc., for more than 16 years, also as Exploration Manager-Eastern Canada for Battle Mountain Gold Company and Vice President-Exploration with Olympus Pacific Minerals Inc. and most recently Tri-Star Resources plc. Mr. Dahn is very qualified and he has a long-standing relationship with the New Brunswick Department of Energy & Resource Development and is very familiar with our manganese Battery Hill project which is part of the Houlton Woodstock Manganese Property, previously announced on June 28, 2016.
Mr. Dahn has been involved with a number of base metal and gold discoveries that advanced to development stage and production. He will also be in charge of the Company's exploration program.
Granting of Options
In addition, the Company is pleased to announce that the Company has granted 1,300,000 incentive stock options to various Employees, Directors and a Consultant. The options are exercisable at $0.15 per option for a period of 3 years from the date of grant and have no vesting conditions. The options are being issued under the terms of the Company's Stock Option Plans which were approved by shareholders at the Company's Annual General and Special Meeting on April 21, 2016. The Option Plan has been submitted, in the normal course to the TSX Venture Exchange for approval and no options can be exercised prior to the receipt of this approval.
The addition of Mr. Dahn to the Board of directors, also adds to the supervision and support that he can provide in the potential development of the Houlton Woodstock Manganese Property located in Carleton County, New Brunswick. The Company is awaiting the approval of the TSXV for the acquisition.
The terms the option agreement (the "Option Agreement") with Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) provide an option to the Company to earn a 100% interest in the Houlton Woodstock Manganese Property, over a two year period, upon making $200,000 in cash payments ($100,000 paid to date), issuing 4,000,000 post-consolidated common shares, undertaking an aggregate of at least $1,000,000 in exploration expenditures and delivering a Preliminary Economic Assessment to Globex on or before the fourth anniversary of the Option Agreement. The Option Agreement also includes a 3% Gross Metal Royalty.
The Houlton Woodstock Manganese Property includes the historical Moody Hill, Sharp Farm, Iron Ore Hill and Maple Hill manganese‐iron zones. In July 1953, K.O.J. Sidwell, in a report titled "Preliminary Report on the National Management Limited Property at Woodstock, NB" reported, based upon limited diamond drilling and a gravity survey manganese iron, resources of 25 million tons at Iron Ore Hill, 10 million tons at Moody Hill and 8 million tons at Sharp Farm (The resources cited above are historical, are not a current mineral resource or reserve under NI 43‐101 regulations, are not being considered by the Company as current resources or reserves, have not been reviewed by a geologist of the Company and should not be relied upon).
A significant drill campaign will be undertaken to outline the historical mineralized zones and delimit potential resources. The New Brunswick Department of Natural Resources has reviewed the proposed initial exploration program planned for this year and has allocated a $40,000 matching grant to support the exploration.
Manganese has many uses including in new alkaline batteries and rapidly developing lithium ion manganese batteries where MnO2 acts as the primary cathode material. This developing technology is promising as the magnesium‐oxide components are abundant, non‐toxic and provide better thermal stability. Manganese is essential in the production of stainless steel and as an alloying agent with aluminium.
Mr. Dahn is the qualified person for this press release.
Sunset Cove's mission is to acquire and advance high potential mining prospects located in North America with the intent of supplying value added materials to the lithium ion battery and other alternative energy industries. For more information visit the website at www.sunsetcovemining.com.
Forward-Looking Statement: Some statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Sunset Cove Mining. Actual results may differ materially from those currently anticipated in such 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.