GRAND JUNCTION, CO, May 24, 2017 /CNW/ - Bullfrog Gold Corp. (OTCQB: BFGC) ("Bullfrog", "BFGC" or the "Company") is pleased to announce the initial closing of a non-brokered US $816,000 private placement of equity. These subscriptions were priced at $0.08 per unit, which consists of one share of the Company's common or preferred stock and a two-year warrant to purchase a full share at an exercise price of $0.15. The lead purchaser in the amount of $540,000 was Eros Resources Corp., a TSXV company led by Ron Stewart, President and CEO and Ron Netolitzky, Chairman. A final closing of additional subscriptions is anticipated on May 31, 2017.
Proceeds will mainly be used for advancing the Bullfrog Gold Project ("Project") under programs described below and general corporate purposes.
- Complete an independent resource estimate before mid-June 2017 followed by a technical report before the end of July 2017, all compliant with Canadian 43-101 standards and US SEC Guideline 7. This work was initiated in mid-March 2017 by the Golden, Colorado office of Tetra Tech, a recognized global provider of engineering, technical and construction management services with particular expertise in the mining sector.
- Initiate by August 2017 and complete by year end an independent preliminary economic analysis.
- Update the environmental baseline and project engineering sufficient to obtain a Plan of Operations from the US Bureau of Land Management along with other regulatory requirements. Such approvals will permit comprehensive drilling and other site programs to begin in 2018 and extend through the project development period.
- Confirm or re-establish the field survey control systems used by Barrick Bullfrog Inc.
- Research existing water rights in the area and pursue adjudications as appropriate.
- Mining claim maintenance fees and property acquisition payments.
About Bullfrog Gold Corp.
Bullfrog Gold Corp. is a Delaware corporation that controls the Bullfrog Gold Project located 120 miles NW of Las Vegas, Nevada. Barrick produced 2.3 million ounces of gold, mainly on Project lands from 1989 into early 1999. The Company's lands have significant exploration potential and are currently estimated by management to contain 470,000 ounces of heap leachable mineralization averaging 0.89 grams of gold/tonne within a preliminary open pit outline.
The Company recently expanded and perfected its digital database after scanning all of Barrick's assay certificates, geologic logs and survey files on 1262 holes containing 155 miles of drilling in the Project area. This extensive digital database has also been independently vetted by Tetra Tech.
Cautionary Note Regarding Forward Looking Statements
This press release may contain certain "Forward-Looking Statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the United States Securities Exchange Act of 1934, as amended. All statements, other than statements of historical fact, included herein including those with respect to the objectives, plans and strategies of the Company and those preceded by or that include the words "believes," "expects," "given," "targets," "intends," "anticipates," "plans," "projects," "forecasts" or similar expressions, are forward-looking statements that involve various risks and uncertainties. We use certain terms in this valuation such as "mineralization" and "mineral inventory estimates" that are not defined in Canadian National Instrument 43-101; or recognized under the U.S. SEC Industry Guide 7. The Company is presently an exploration stage company. Exploration is highly speculative in nature, involves many risks, requires substantial expenditures and may not result in the discovery of sufficient mineral deposits that can be mined profitably. Furthermore, the Company currently has no resources or reserves on any of its properties. As a result, there can be no assurance that such forward-looking statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Additional information regarding important factors that could cause actual results to differ materially from the Company's expectations is disclosed in the Company's documents filed from time to time with the United States Securities & Exchange Commission.
SOURCE Bullfrog Gold Corp.
For further information: David Beling, PE, President, CEO & Director, +1-970-628-1670