Toronto, Ontario--(Newsfile Corp. - December 5, 2017) - RosCan Minerals Corporation (TSXV: ROS) ("RosCan" or the "Company") is pleased to provide the following progress update:
DORMAA GOLD PROJECT (GHANA)
Drill Program - Gold anomalous areas have been identified with the completion of a prospecting program and gold-in-soil geochemical survey. A 3,000 metre reverse circulation and air core rotary blast drill program has been designed to test these anomalies and had been delayed due to obtaining the necessary approvals. This drilling is expected to begin in January 2018.
Option and Joint Venture Agreement - Certain provisions in the agreement made with Pelangio Exploration Inc. are being renegotiated for RosCan to assume operatorship. The necessary amendments are expected to be finalized by year end.
In addition, RosCan's remaining payments pursuant to the agreement have been extended and are now as follows:
| (a) fund $1,700,000 in exploration expenditures, as follows: | ||||
| Amount | Due Date | |||
| $700,000 | By June 5, 2018; and, | |||
| $1,000,000 | By June 5, 2019. | |||
| (b)pay to Pelangio an aggregate of $150,000, as follows: | ||||
| Amount | Due Date | |||
| $50,000 | On June 5, 2018; and, | |||
| $100,000 | On June 5, 2019 | |||
WEST AFRICA LAND ACQUISITION STRATEGY
RosCan is making excellent progress in advancing its strategy to acquire additional gold prospective properties in West African countries. RosCan is currently assembling a sizeable land package in Mali and expects to provide further details in the coming weeks.
COMMENTARY
Greg Isenor, President and CEO of RosCan, stated, "We are excited that the first phase of drilling on the Dormaa Project is expected to begin in January and appreciate the efforts of the traditional authorities and government officials in the approval process. In addition, we are fairly advanced on assembling a land package in the prolific Birimian rocks of Mali, West Africa, using an approach that has proven to be successful for me in past".
ABOUT ROSCAN
RosCan Minerals Corporation is a Canadian gold exploration company focussed on the acquisition of gold properties in West Africa. The Company is currently exploring the promising gold potential of the early exploration stage Dormaa Project in Ghana. RosCan is earning a 50% interest in the Dormaa Project from Pelangio Exploration Inc. ('Pelangio').
For further information, please contact:
Greg Isenor
President and Chief Executive Officer
Tel: (902) 832-5555 or (416) 293-8437
Email: info@roscan.ca
Forward Looking Statements
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation that relate to the Dormaa Project. Forward-looking statements involve risks, uncertainties, and other factors that could cause actual results, performance, prospects, and opportunities to differ materially from those expressed or implied by such forward-looking statements. Forward-looking statements in this news release include, but are not limited to, statements with respect to the option to earn an interest in the Dormaa Project, the Company's proposed financing activities and its ability to satisfy its project financing and working capital needs, planned use of any proceeds or available funds, objectives, goals or future exploration plans at the Dormaa Project, the business and operations of the Company. Forward-looking statements are necessarily based on a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties and other factors which may cause actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: failure of Pelangio to obtain the authorizations for the assignment to it of the Prospecting License; the Company's inability to obtain financing to satisfy the payments necessary for it to earn an interest in the Dormaa Project when due; political and economic risks related to Ghana, title risks, liquidity risks related to the Company and Pelangio, general business, economic and social uncertainties; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; delay or failure to receive board or regulatory approvals; those additional risks set out in the Company's public documents filed on SEDAR at www.sedar.com; and other matters discussed in this news release. Although the Company believes that the assumptions and factors used in preparing the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. Except where required by law, the Company disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.
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.
