TSXV – ROU.V
VANCOUVER, Aug. 4, 2016 /CNW/ - Rouge Resources Ltd. (TSX-V;
ROU) ("Rouge" or the "Company") is pleased to announce the
completion of its $5.2 million
non-brokered private placement, and the acquisition of the Pampas
El Peñon project in Chile from
Arena Minerals ("Arena") and Sociedad Quimica Y Minera de Chile SA
("SQM").
Rouge will change its name to Fiore Exploration Ltd. on
August 8, 2016 and the shares will
trade under the symbol TSX-V : F.
The Pampas El Peñon properties lie immediately west and north of
the northernmost portion of Yamana's El Peñon deposit, known as the
Pampas August Victoria Complex. Yamana's El Peñon mine produced
227,000 ounces of gold and 7.7 million ounces of silver in 2015
with reported cash costs of US$621
and $8.38 an ounce respectively
(Yamana Gold 2015 Annual Report). Several north-south-trending
epithermal structures have been identified at or near surface on
Rouge's properties, with three of these structures traced for more
than 2 kilometres in strike length each. Over $1,000,000 has been spent on the property by
Arena and SQM to define these epithermal gold-silver targets, and
Rouge intends to aggressively follow them up in 2016.
The Company is also pleased to announce the appointment of Mr.
Paul Matysek M. Sc., P. Geo as an
advisor to the company. Mr. Matysek is a corporate entrepreneur,
professional geochemist and geologist with over 30 years of
experience in the mining industry. He is currently Executive
Chairman of Lithium X and has held senior executive and director
positions with several natural resource exploration and development
companies and is a proven company builder. He has built Goldrock
Mines Corp, Lithium One Inc, Potash One Inc and Energy Metals
Corporation which have all been subject to significant acquisition
premiums by larger mining companies.
The company has now appointed Robert
Pirooz, Peter Tallman,
Harry Pokrandt, Geir Liland and Tim
Warman (CEO) to the company's board of directors as
disclosed in the July 12, 2016 news
release. Harpreet Dhaliwal has been
appointed CFO of the Company.
"The acquisition of Pampas El Peñon marks the launch of a new
and aggressive South America
focused gold explorer," stated Tim
Warman, CEO of Rouge. "We will begin work on Pampas El Peñon
immediately with the goal of defining drill targets before
year-end, and our team is actively reviewing several other
promising acquisitions. I look forward to working with my new Board
and I also want to welcome Paul
Matysek, a highly respected explorer and company builder, as
an advisor to Rouge as we build a leading exploration company with
the goal of delivering world-class discoveries to the benefit of
shareholders and local communities."
Pampas El Peñon Acquisition
The Pampas El Peñon acquisition consisted of two option
agreements between Arena and Sociedad Quimica Y Minera de Chile SA
("SQM"). In exchange for transferring its interest in the option
agreements to Rouge, Rouge issued 9.55 million of its common shares
to Arena and 5.35 million common shares to SQM. Rouge also
assumed all of Arena's outstanding commitments under the option
agreements, which include $750,000 in
cash payments and an expenditure commitment on the project of
$1.83-million, both due by
July 27, 2017. Rouge also issued
870,000 common shares to the finders in conjunction with this
acquisition.
A 43-101 compliant report titled "NI 43-101 Technical Report
on the Pampas el Peñon Property, Province and Municipality of
Antofagasta, Antofagasta Region
(II), Chile" is being filed on
SEDAR as part of the closing.
In connection with the acquisition the company has completed a
private placement of 20 million shares at $0.26 per share for gross proceeds of
$5.2 million. On closing, the
Company issued 40,000 common shares and paid $143,130.50 cash as finders' fees in respect of
the Private Placement.
All shares related to the acquisition, financing, and the
finder's fees are subject to a four-month hold period ending
December 5th, 2016.
Tim Warman, P.Geo., Rouge's CEO,
is the Qualified Person who supervised the preparation of the
technical data in this news release.
About Rouge Resources
Rouge Resources has acquired the Pampas El Peñon gold project in
Chile from Arena Minerals, a
project which covers land in the same geological environment as
Yamana's flagship El Peñon mine. Rouge intends to change its name
to Fiore Exploration Ltd. on August 8, 2016.
On behalf of ROUGE RESOURCES LTD.
"Tim Warman"
Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Disclaimer for Forward-Looking Information
"This press release contains "forward-looking information"
and "forward-looking statements" within the meaning of applicable
securities laws. This information and statements address future
activities, events, plans, developments and projections. All
statements, other than statements of historical fact, constitute
forward-looking statements or forward-looking information. Such
forward-looking information and statements are frequently
identified by words such as "may," "will," "should," "anticipate,"
"plan," "expect," "believe," "estimate," "intend" and similar
terminology, and reflect assumptions, estimates, opinions and
analysis made by management of the Company in light of its
experience, current conditions, expectations of future developments
and other factors which it believes to be reasonable and relevant.
Forward-looking information and statements involve known and
unknown risks and uncertainties that may cause the Company's actual
results, performance and achievements to differ materially from
those expressed or implied by the forward-looking information and
statements and accordingly, undue reliance should not be placed
thereon.
Risks and uncertainties that may cause actual results to vary
include but are not limited to the availability of financing;
fluctuations in commodity prices; changes to and compliance with
applicable laws and regulations, including environmental laws and
obtaining requisite permits; political, economic and other risks;
as well as other risks and uncertainties which are more fully
described in our annual and quarterly Management's Discussion and
Analysis and in other filings made by us with Canadian securities
regulatory authorities and available at
www.sedar.com. The Company disclaims any obligation to
update or revise any forward-looking information or statements
except as may be required."
SOURCE Rouge Resources Ltd.