06:27:07 EDT Thu 28 Mar 2024
Enter Symbol
or Name
USA
CA



Mustang Minerals Corp
Symbol MUM
Shares Issued 257,566,176
Close 2017-09-18 C$ 0.01
Market Cap C$ 2,575,662
Recent Sedar Documents

Mustang issues 5 M shares for CRA audit settlement

2017-09-19 12:16 ET - News Release

An anonymous director reports

MUSTANG MINERALS CORPORATE AND EXPLORATION UPDATE

Mustang Minerals Corp. has provided an update with respect to its exploration and corporate activities. The company is pleased to note that it has made significant progress in resolving its obligations relating to a Canada Revenue Agency audit of Canadian exploration expense.

Corporate

The company has reached settlement agreements with certain subscribers relating to obligations relating to a Canada Revenue Agency audit (see press releases dated Nov. 13, 2015, and May 4, 2017). A total of 5,005,075 common shares of the company representing $100,101.50 have been issued under the settlement agreements. Shares issued are subject to a hold period of four months and one day from the date of issuance. Hold periods for the shares issued to date expire on Nov. 1, 2017 (1,090,875 shares); Nov. 20, 2017 (578,607 shares); and Dec. 23, 2017 (3,335,593 shares). No fees or commissions were payable in conjunction with the issuance. No shares were issued to insiders or non-arm's-length persons.

Exploration

With an improved working capital position, Mustang is now poised to move forward with its core business of mineral exploration and development on its exploration properties in Manitoba.

The company has identified targets for further drilling at both the Makwa and Mayville properties, focused on the potential for high-grade nickel/copper/cobalt and platinum group metals. The discovery of further resources may enable enhancement of project economics for the Makwa-Mayville project. A 3-D inversion of a surface pulse EM (electromagnetic) survey data completed in 2015 at Mayville identified two prominent geophysical targets at depth. Those targets are expected to the focus of future drilling at the project. In addition, the company plans fieldwork to target stratiform-hosted platinum group metal mineralization associated with the known chromite mineralization at various locations on its property in the Bird River sill.

About Mustang Minerals Corp.

Mustang owns the mineral rights to the Makwa nickel property and the Mayville property, both located in the Bird River greenstone belt in southeast Manitoba. The company also controls mineral rights at the East Bull Lake property west of Sudbury prospective for platinum group metals and the Bannockburn nickel property near Matachewan.

Carey Galeschuk, PGeo, is the qualified person for Mustang Minerals.

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