04:36:26 EDT Sat 11 Jul 2020
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Balmoral Resources Ltd
Symbol BAR
Shares Issued 151,192,922
Close 2019-11-12 C$ 0.23
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Balmoral receives $1.02M exploration tax credit refund

2019-11-13 09:21 ET - News Release

Mr. Darin Wagner reports


Balmoral Resources Ltd. has received an exploration tax credit refund of $1,021,729 from Revenu Quebec. The tax credit refund relates to eligible exploration expenditures incurred by the company during 2017 on its Detour gold trend project in Quebec.

The government of Quebec provides incentives to support the mineral exploration and development industry in the province, which includes a refundable tax credit, which, in the case of Balmoral's projects in Quebec, is equal to 38.75 per cent of eligible exploration expenditures.

"Receipt of the 2017 exploration tax credit refund further bolsters our treasury following the successful completion of our recent financing," said Darin Wagner, president and chief executive officer of Balmoral. "We are now fully funded for the balance of 2019, an active 2020 exploration season and beyond."

Exploration results from the recently completed Area 52 drill program are expected shortly, and plans are now being finalized for a resumption of testing in Area 52 and within the broader GFA (Grasset-Fenelon-Area 51/52) gold district where Balmoral is the dominant landholder.

About Balmoral Resources Ltd.

Balmoral is a multiaward winning Canadian-focused exploration company actively exploring a portfolio of gold and base metal properties located within the prolific Abitibi greenstone belt. The company's flagship, 1,000-square-kilometre Detour gold trend project hosts the resource-stage Bug and Martiniere West gold deposits, recent gold discoveries in the GFA district, and the Grasset nickel-copper-cobalt-PGE (platinum group elements) deposit.

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