Vancouver, British Columbia (FSCwire) - SACRE-COEUR MINERALS, LTD. (the “Company”) announces it has received a demand notice from Mr. Alfro Alphonso (“Alphonso”) for the payment of the sum of US$301,698. This amount reflects the reimbursement of property payments made by Alphonso to the Guyana Geology and Mining Commission, on behalf of the Company, and relates to licenses held under an agreement the Company entered into with Alphonso dated March 22, 2005 (the “Mining Agreement”), as amended. The Mining Agreement covers a substantial portion of the license area in the Company’s mining portfolio, including the Company’s Million Mountain property. If the demand amount is not paid by August 17, 2014, the Company shall be deemed to be in default and shall lose its interest in licenses held under the Mining Agreement.
The Company continues to work with the two financiers disclosed in its July 17, 2014 press release with respect to a new secured non-equity financing (the “Supplemental Financing”) to raise up to US$12,000,000. Updates from the two financing sources indicate that their respective issues are expected to soon be resolved to permit closing as anticipated to pay all property payments as above, and to solidly recapitalize the Company for execution of its development and production plans.
About Sacre-Coeur
The Company is engaged in the acquisition, exploration, development, and production of properties for gold, metals and diamonds in South America, initially focussing on exploration and production of gold from its properties in Guyana. The Company presently holds 100% interest in approximately 860 sq. km of mineral properties in Guyana, including the Million Mountain Property which hosts an NI 43-101 compliant hard-rock resource of 12,119,285 tonnes grading 1.0 g/t Au Measured, and 2,175,278 tonnes grading 0.9 g/t Au Indicated for a total 451,000 tr oz Au combined. The Company has offices in Vancouver, Canada and Georgetown, Guyana. More information about the Company is available at <www.scminerals.com>.
ON BEHALF OF THE BOARD OF DIRECTORS OF
SACRE-COEUR MINERALS, LTD.
“Board of Directors” .
For further information, contact:
Sacre-Coeur Minerals, Ltd Phone: 604-899-0100 Fax: 604-899-0200 |
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.
This news release may contain “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 or “forward-looking information” within the meaning of applicable Canadian securities laws, which we will refer to as “forward-looking information”. Often, but not always, forward-looking information can be identified by the use of words such as “plans”, “expects”, “targets”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking information includes, but is not limited to, statements pertaining to proposed financing, gold production, development activities, commissioning of environmental studies, application for necessary permits for production operations, metallurgical studies, commissioning of a third party feasibility study, arrangement of financing for development, formal production decisions or business combinations.
We can give no assurance that the forward-looking information will prove to be accurate. Forward-looking information by its nature is based on assumptions and involves known and unknown risks, uncertainties and other factors, including those discussed in the Company’s quarterly and annual management discussion and analysis, which are available at www.sedar.com under the Company’s profile, any of which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. The forward-looking information is based on a number of assumptions that management believes are reasonable, including but not limited to assumptions about: the price of gold; the financial condition of the Company; anticipated costs and expenditures; estimated production; mineral resources or reserves and metallurgical recoveries; general business conditions; and the ability to achieve our goals. The forward-looking information is also subject to certain risks, uncertainties and other factors associated with our business, including but not limited to: ability to obtain financing; risks of not obtaining required approvals and waivers from the holders of Bonds; gold price volatility; risks of not meeting production and cost targets; discrepancies between actual and estimated production; mineral reserves and resources and metallurgical recoveries; mining operational and development risk; litigation risks; regulatory restrictions, including environmental regulatory restrictions and liability; risks of sovereign investment and operating in foreign countries; currency fluctuations; speculative nature of gold exploration; global economic climate; dilution; share price volatility; competition; loss of key employees; additional funding requirements; and defective title to mineral claims or property, as well as those factors discussed in the Company’s quarterly and annual management discussion and analysis. Should underlying assumptions prove incorrect, or should one or more of the risks, uncertainties or other factors materialize, actual results may vary materially from those expressed or implied in the forward-looking information.
Forward-looking information is designed to help you understand management’s current views of our near and longer term prospects, and it may not be appropriate for other purposes. Forward-looking information is based on the reasonable beliefs, estimates and opinions of management at the date the statements are made and is subject to change without notice. These factors should be carefully considered and viewers are cautioned not to place undue reliance on forward-looking information, which speaks only as of the date of this news release. We will not necessarily update this information unless we are required to by applicable securities laws.
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public://news_release_pdf/sacre-coeur07242014.pdfSource: Sacre-Coeur Minerals Ltd. (TSX Venture:SCM) http://www.scminerals.com/
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