VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 1, 2016) - West Melville Metals Inc. ("West Melville" or the "Company") (TSX VENTURE:WMM) is pleased to announce that it is changing its name to "K2 Gold Corporation" effective November 2, 2016 pursuant to the Articles of the Company and as approved by the Company's board of directors on July 11, 2016. The Company's common shares will commence trading on the TSX Venture Exchange under the new name at the opening of trading on November 2, 2016 under the symbol "KTO".
About West Melville Metals Inc.
As disclosed in the news release dated October 27, 2016, the Company recently entered into an option agreement with Gorilla Minerals Corp. ("Gorilla") to acquire a 90% joint venture interest (subject to an existing 3% NSR) in the Wels gold property.
The Wels gold property is a new discovery located approximately 50km east of Beaver Creek and 180km south of Dawson City, west central, Yukon in the Traditional Territory of White River First Nation (the "WRFN"). The area comprises 229 contiguous 'quartz claims' covering an area of approximately 4,788 hectares.
- Wels is located within the prolific Tintina Gold Province that stretches over 1,500km from western Alaska to eastern Yukon and is host to a variety of styles of gold and base metal mineralization. Preliminary studies indicate the mineralization is of Intrusive Related Gold System type ("IRGS") similar in style to the multi-million ounce Fort Knox and Dublin Gulch (Eagle) deposits
- One Rock sample collected directly beneath anomalous soil samples returned 149.5 g/t gold (4 other samples from the same location returned 17.7 g/t, 24.0 g/t, 3.1 g/t and 28.6 g/t)
- Trenching results returned 8.8 g/t gold over 45.0m including 9.15 g/t gold over 40.5m
- A five hole 442m drill program in 2015 returned gold mineralization in all holes. Hole DDH01 recorded 0.76 g/t over 97.5m (end of hole and not true width)
- An exploration program has been submitted by the Company for approval by White River First Nations and the Yukon Government for the 2017 season
- In conjunction with the Wels property transaction, the Company has completed its previously announced non-brokered private placement of 8.0 million units at a price of $0.25 per Unit, for gross proceeds of $2.0 million
John Robins Chairman of West Melville stated, "The Wels gold project is an exciting opportunity for West Melville and affords the Company a platform to leverage off Kaminak's recent success and experience in the Yukon."
R. Allan Doherty, P.Geo. is the Qualified Person, in accordance with NI 43-101 of the Canadian Securities Administrators, and is responsible for the technical content of this press release.
On behalf of the Board of Directors,
President and CEO
West Melville Metals Inc.
This news release contains forward-looking statements that are not historical facts. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking statements, including statements regarding the corporate name change, mineral potential of the Wels Gold Property, future exploration plans and consultations with the WRFN. Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, variations in the nature, quality and quantity of any mineral deposits that may be located, the Company's inability to reach satisfactory agreements with the WRFN to facilitate its exploration and development plans for the Wels Gold Property, the Company's inability to obtain any necessary permits, consents or authorizations required for its planned activities, and the Company's inability to raise the necessary capital or to be fully able to implement its business strategies. The reader is referred to the Company's public disclosure record which is available on SEDAR (www.sedar.com). Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except as required by securities laws and the policies of the TSX Venture Exchange, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
This news release does not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. No securities of the Company have been or will, in the foreseeable future, be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.