TORONTO, Feb. 25 /CNW/ - Armistice Resources Corp. (TSX: AZ), which is moving toward beginning gold production at its McGarry Mine in the Kirkland Lake area of Northeastern Ontario, today announced that it has retained Wertheim + Company Inc. (WCI) to assist the company in developing and carrying out an active investor and corporate relations program.
"Armistice Resources has made significant progress during the past year toward putting our McGarry Mine into production," said Todd J. Morgan, the company's President and Chief Executive Officer. "We have targeted late this year or early next to start up gold production at the mine, subject mainly to the timing of acquiring the required additional capital of approximately $15 million.
"We recently announced several exciting developments that are significant to our efforts to create increasing value for the shareholders of Armistice Resources. Two of these announcements concerned very positive initial results from the exploration drilling program that we began in late October 2009. We designed that drilling program to test the extension of the existing mineralized package and to test for possible new structures," Mr. Morgan continued.
"The third announcement that we recently made was the signing of a Letter of Intent with a group of private investors to purchase up to 100 percent of the ownership of the former Kerr-Addison Mine and related mineral properties totaling in excess of 2,000 acres. The Kerr property adjoins our McGarry Mine gold project and covers an additional four miles of strike straddling the prolific gold producing Larder Lake - Cadillac Break. Acquiring the Kerr property provides Armistice Resources with significantly more exploration potential," he said.
"In the coming months, we expect to have a number of other announcements regarding the progress that we are making including further results from our drilling program. We also are looking at other opportunities to grow our company," he continued.
"Having achieved this stage in our company's development, we determined that it is timely that Armistice Resources become more active in building the profile of our company and taking our story to our current and potential investors. We have already begun working with Wertheim + Company to assist us in doing this, beginning with the recent announcements and are now working on major improvements to our website so that investors will be able to easily obtain more current information on our progress," Mr. Morgan said.
"Armistice Resources clearly has a very strong story to tell and it is at an exciting time in its development and growth," said Richard (Dick) Wertheim, Managing Partner of Wertheim + Company. "The company is not yet widely known to investors and we are excited about having the opportunity to help it in telling its story. We particularly enjoy working with experienced management teams and boards of directors that recognize the value of following best practices in communicating with their investors."
Toronto-based Wertheim + Company (WCI), established in 1990, is led by communications industry veteran Richard (Dick) W. Wertheim with nearly four decades of experience in investor and public relations. Mr. Wertheim is the recipient of Investor Relations magazine's Lifetime Achievement Award, recognizing him as "an individual who has made a truly exceptional contribution to investor relations in Canada." WCI works with a spectrum of large-, mid-, and small-cap public companies. Describing its approach to investor relations as "Stock Marketing(TM)", WCI believes that anything that may contribute to, or detract from, the profile and reputation of a company and its management will affect the marketability and therefore the valuation of its securities. As the Toronto partner of the IPREX (International Public Relations Expertise) network, WCI is able to execute communications programs across North America, Europe, Latin America, and Asia. The IPREX network comprises some 70 leading public relations firms in more than 35 countries.
About Armistice Resources Corp.
Armistice Resources, a Canadian-based exploration and development company, is moving toward beginning gold production at its McGarry Mine in the Kirkland Lake area of Northeastern Ontario. The McGarry Mine is located in Virginiatown on the prolific Larder Lake-Cadillac Break that extends 200 km east-west straddling the Ontario and Quebec border and that has produced 95 million ounces of gold. The McGarry Mine is adjacent to the former Kerr-Addison Gold Mine that has produced more than 11 million ounces of gold. The McGarry Mine consists of 33 contiguous patented mining claims, including three licenses of occupation, totaling 484 hectares. The McGarry Mine is fully permitted and all equipment and systems at the site have been brought up to standards, including its installed mining plant. Armistice Resources intends to commence gold production at the McGarry Mine within about the next year, subject to obtaining the necessary additional capital required to finance the mine's operations. Armistice Resources is listed on the Toronto Stock Exchange (Symbol: AZ) and currently has approximately 76,648,852 million common shares issued and outstanding. To find out more about Armistice Resources, please visit the company's website at www.armistice.ca.
This news release may contain forward-looking statements, including current expectations on the timing of the commencement of production, the completion of the required financing and the completion of the purchase of the Kerr Property. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to, the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; the degree to which mineral resource estimates are reflective of actual mineral resources; the degree to which a pre-feasibility study gives sufficient grounds for classifying the indicated mineral resources as probable reserves; and the degree to which factors which would make a mineral deposit commercially viable are present; the risks and hazards associated with underground operations. Risks and uncertainties about Armistice Resources' business are more fully discussed in the company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these. Armistice Resources assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements.
SOURCE Kerr Mines Inc.
For further information: For further information: Investor and Media Relations, Richard W. Wertheim, Wertheim + Company Inc., Email: email@example.com, (416) 594-1600 ext. 223, (416) 518-8479 (cell)