June 15, 2016 – Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) announces that the following matters were approved at the June 14, 2016 Annual General and Special Meeting, of Shareholders by ordinary resolutions:
- the election of seven directors;
- the appointment of Davidson & Company, LLP as the Silver Range auditors;
- the renewal of the Silver Range Stock Option Plan; and
- a property transaction with Panarc Resources Ltd. (“Panarc”).
At the June 14, 2016 Annual General and Special Meeting, shareholders also approved by way of special resolution, a future company name change at the discretion of the Silver Range board of directors. A name change is unlikely to be undertaken until late in 2016, if at all.
At the June 14 meeting, Michael Power, the current Silver Range President and Chief Executive Officer, was elected to the board. Glenn Yeadon did not run for re-election as a director, but will continue in his current role as the Silver Range Corporate Secretary.
The property transaction with Panarc remains subject to TSX Venture Exchange acceptance. Under the terms of the property agreement, Silver Range will issue 10 million common shares to Panarc (a private Yukon corporation) to purchase the following gold exploration projects:
- the Up Town gold property, a high-grade granitoid-hosted Archean gold target located in the Northwest Territories (adjacent to a multi-million ounce past producer);
- three iron formation hosted gold targets in the Contwoyto Lake – Back River area of Nunavut (consisting of the Esker Lake, the Gold Bugs and the Hard Cash properties);
- the Bling gold property, an Archean greenstone gold prospect located in the Northwest Territories (100 km northeast of the Ekati mine); and
- two epithermal gold targets covering small past producers in Nevada (the Road Gold property in the Santa Fe District and the Bellehelen property in the Kawach Range).
Silver Range will acquire a 100% interest in each of the seven properties. Panarc will not retain any royalty or other residual interest in any of the projects.
Exchange acceptance of the purchase of the seven gold projects will formally mark Silver Range’s move away from its current Yukon focused silver-lead-zinc exploration model to that of a project generative business model concentrating on gold projects. The primary generative focus will be projects located in Nunavut, the Northwest Territories and Nevada, but other jurisdictions, excluding the Yukon Territory and British Columbia, will be considered as exploration opportunities are identified.
Silver Range will continue to hold its current Yukon projects, but has no plans to carry out additional silver-lead-zinc exploration until global markets for those metals improve significantly.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“W. Douglas Eaton”
For further information concerning Silver Range or its exploration projects please contact:
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
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.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.