VANCOUVER, BC, November 3, 2021 / CNW / – Southern Empire Resources Corp. (“Southern Empire”) (TSX: SMP) announces that it is proposing to undertake non-brokered private placement financing of up to 10,000,000 units (each a “unit”) at a price of $ 0.10 per Share for gross proceeds of at most $ 1,000,000 (the “Offer”).
Each unit will be made up of one common share of the Company (each a “Share”) and one share purchase warrant (each a “Warrant”), each Warrant allowing its holder to purchase one additional Share of the Company at the price of $ 0.15 per Share for a period of three years from the date of issue.
The proceeds of the offering will be used for the exploration of its mineral properties and for working capital purposes. Southern Empire anticipates that insiders will participate in the Offer.
The Company may pay the discoverers a commission in cash and / or in share subscription warrants.
The scientific and technical information contained in this press release has been prepared, reviewed and approved by David Tupper, P.Geo. (British Columbia), the Vice President of Exploration of Southern Empire and a Qualified Person (“QP”) in the context of National Instrument 43-101 of the Canadian Securities Administrators; Information standards for mining projects (NI 43-101).
About Southern Empire Resources Corp.
Southern Empire focuses on the acquisition, exploration and development of deposits of metals and minerals in North America.
In northeastern Durango, Mexico, Southern Empire has an option to acquire a 100 percent beneficial interest in the 1,750 hectare Pedro gold project where 2014 drilling by a subsidiary of Newmont Mining Corporation encountered epithermal gold mineralization in basal conglomerates of the Ahuichila Formation. At Pedro, permits are issued for up to 25 drill holes with nine drill holes currently planned; please see the Southern Empire press release from July 27, 2021.
In the Cargo Muchacho mountains of Imperial County, California, Southern Empire owns 100 percent of the historic property of the American Girl gold-producing mine and has options to acquire a 100 percent interest in the adjacent 2,160 hectare (5,338 acre) Oro Cruz property located approximately 22.5 kilometers (14 miles) southeast of Equinox Gold Corp’s operating Mesquite gold mine.
At Oro Cruz, extensive historic drilling and large-scale surface and underground mining of the American Girl, Padre y Madre, Queen and Cross oxide gold deposits by the American Girl Mining Joint Venture (AGMJV; owned at 53 % by MK Gold Company and 47 percent by Hecla Mining Company) occurred between 1987 and 1996. During this period, gold was recovered either by heap leaching of low grade ores or by crushing high grade ores. higher until AGMJV’s operations ceased at the end of 1996 due to the decline in gold. prices which leave the Oro Cruz property with numerous gold exploration targets in addition to the historical inferred resource estimate, reported in 2011 by Lincoln Mining Corp. 0.68 g / t Au (4,835,000 tonnes at 0.07 ounces of gold per tonne; please refer to the Cautionary Notice regarding the historic resource estimate of the Oro Cruz property below) .
On behalf of the Board of Directors of Southern Empire Resources Corp.,
Dale wallster, CEO and Director
Caution regarding forward-looking information
The information provided in this press release may contain forward-looking information or forward-looking statements based on assumptions as of the date of this press release. These information or statements reflect the current estimates, beliefs, intentions and expectations of management and are not guarantees of future performance. Southern Empire cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of important factors, many of which are beyond its respective control. These factors include, but are not limited to: risks and uncertainties associated with Southern Empire’s limited operating history, the need to comply with environmental and government regulations, the results of exploration programs on its projects, and risks and uncertainties. identified in its annual and interim financial statements and management’s discussion and analysis. Therefore, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required by applicable securities legislation, Southern Empire assumes no obligation to publicly update or revise forward-looking information.
Cautionary Notice Regarding Historical Resource Estimation
The historical resource estimate described above is disclosed in a technical report dated April 29, 2011, prepared for Lincoln Mining Corp. by Tetra Tech, Inc. and filed on the Canadian Securities Administrators’ Electronic Document Search and Analysis System (SEDAR). This historic resource is referred to as an inferred mineral resource, which is a category defined in NI 43-101. It was based on historical reverse circulation and core drilling samples, subsurface channel samples and blast hole sample analyzes and calculated using ordinary kriging to estimate gold grades in samples. blocks of 10 feet by 10 feet by five feet. Accordingly, Southern Empire considers this historical resource estimate to be reliable and relevant as it represents key targets for future exploration work. However, a qualified person has not done enough work to verify or classify this historical estimate as a current mineral resource and Southern Empire does not treat this historical estimate as a current mineral resource.
Work programs during the COVID-19 pandemic
The timing of Southern Empire’s exploration programs will depend on government regulations regarding the COVID-19 pandemic and the availability of exploration-related personnel, drilling contractors, equipment, accommodation, etc. Southern Empire will adhere to the COVID-19 guidelines for safe work practices by prioritizing the safety of workers, the community and the country and will only proceed with exploration and development work programs if the potential risks associated with the COVID-19 can be managed effectively.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Southern Empire Resources Corp.
For more information: On Southern Empire, please visit both www.smp.gold and SEDAR or contact: Lubica Keighery, (778) 889-5476, [email protected]