The Properties host historical (non-NI 43-101 compliant) resources exceeding 1.3 million ounces of gold ('Historical Estimate'), in bulk tonnage and potentially open pit configuration and which are expected to have significant upside potential. The Properties are to be owned 90% by Altair and 10% by the Burkina Faso Government.
Although binding, the Agreement and the obligations of Altair thereunder are subject to completion of due diligence to Altair's satisfaction and to the satisfaction of any and all lenders and financiers and to the obtaining of financing by Altair on reasonable terms in respect to the valuation of the transaction.
Acquisition Highlights
The 3 prospects, consisting of approximately 17,879 hectares, are located in one contiguous permit in the productive Precambrian greenstone terrane of
Several significant drilling intercepts of high grade are surrounded by lower grade envelopes of possibly stratigraphically controlled mineralization. For example, a zone of 8m at 6.6 g/t gold is accompanied by 44m of 1.1g/t gold, and a zone of 5m of 15.7 g/t gold is contained in 46m of material grading from 7.2 to 10.9 g/t gold. The reader is cautioned that these are selected intervals and are not necessarily representative of the deposit as a whole, and the potential economic recovery of such material has not been determined.
The Properties are within 50km of more than 10 million oz. gold resources. Initial exploration and confirmation would concentrate on potentially open pit zones, but evaluation of the geological characteristics will also be oriented toward potential depth extensions of higher-grade zones, as targets of this nature are known to continue to great depths in deformed Precambrian greenstone terranes
Aggregate Consideration
At the closing of the Definitive Agreement, Altair will make a cash payment of
Mr.
We are also pleased that most of the purchase consideration comes with significant milestones in the advancement of the properties and after the commencement of production. We plan to work hard and efficiently to bring significant accretive value to
About
Altair is a gold and precious metals exploration company with rights to acquire a 65-per-cent interest in the Simon gold and silver property located in the state of
Contact:
Tel: +1 (806) 886- 3317
Email: gyoung@altairresouces.com
Web: www.altairresources.com
Forward-Looking Statements
This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate, that the management's assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements. Generally forward-looking statements can be identified by the use of terminology such as 'anticipate', 'will', 'expect', 'may', 'continue', 'could', 'estimate', 'forecast', 'plan', 'potential' and similar expressions.
Forward looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application. The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.
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