11:57:02 EDT Sat 04 Jul 2020
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Provenance Gold Corp
Symbol PAU
Shares Issued 27,089,164
Close 2020-06-02 C$ 0.11
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Provenance to file 2019, Q1 results by June 14

2020-06-02 20:48 ET - News Release

Mr. Rauno Perttu reports


Provenance Gold Corp. will continue to rely on the temporary 45-day extension for the filing deadline of its annual financial statements, the accompanying management's discussion and analysis, and the related officer certifications for the year ended Dec. 31, 2019, and will also rely on the extension in respect of its interim financial statements, the accompanying management's discussion and analysis, and the related officer certificates for the three-month period ended March 31, 2020, as granted by the Canadian Securities Administrators in response to the continuing COVID-19 pandemic.

Prior to the extension, the company was required to file the annual filings by April 29, 2020, and the interim filings by June 1, 2020, respectively. Relying on B.C. Instrument 51-515 (Temporary Exemption from Certain Corporate Finance Requirements), affording the company an additional 45 days from the deadline to file, the company expects to file the annual filings and the interim filings on or before June 14, 2020.

Over the past two years, the company has concentrated its exploration efforts in Nevada. The company has reviewed many properties and has acquired and begun exploration of Silverbow and the Blue Horse properties in central Nevada. These properties form the core of a gold and silver system on which the company has identified areas of strong gold and silver mineralization. Geological mapping and reinterpretation of the property's mineral system have identified key initial drill targets that contain continuous surface mineralization.

Additionally, the company is in the final stages of discussion on a third Nevada gold property with a strong, extensive gold soil anomaly that surrounds limited historic drilling, which intersected strong structurally controlled gold values.

"With these properties, we will have our hands full in moving them forward. The properties have strong gold and silver systems that we will explore sequentially, beginning with the Blue Horse property," stated Provenance's chief executive officer, Rauno Perttu. The properties are easily accessed year-round and will allow low-cost exploration.

"Because of these opportunities, the company is discontinuing its Yukon option agreement to focus entirely on its Nevada projects. While Yukon is an exciting property that could potentially become an important future discovery, the cost of exploration and extremely limited exploration season make this a challenging project for a small company. Our dollars will be much more effectively spent in Nevada without significant shareholder dilution," continued Mr. Perttu.

Except as set forth in this news release, there have been no undisclosed material business developments since the filing of the last interim financial report. The company acknowledges that management and other insiders are subject to a trading blackout policy that reflects the principles in Section 9 of National Policy 11-207 (Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions).

Rauno Perttu, PGeo, a qualified person (as defined by National Instrument 43-101), has reviewed and approved the technical contents of this news release.

We seek Safe Harbor.

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