VANCOUVER, June 23, 2011 /CNW/ - NSGold Corporation (TSXV: NSX) is pleased to provide the following update on corporate activities.
Annual General and Special Meeting
The Annual General and Special Meeting of the shareholders was held in
Halifax, Nova Scotia on June 16, 2011 and all matters of business were
passed including the authorization to change the name of the
Corporation to "NSX Resources Corp." The change of name was put forward
in light of the diversified commodity and geographical focus of the
Corporation. In addition the continuance of the Corporation out of the
province of British Columbia and into the federal jurisdiction of
Canada under the Canada Business Corporations Act was authorized and approved by the shareholders.
Share Capital Post Exercise of Warrants
NSGold reports that a total of 3,992,333 warrants and broker options
were exercised prior to the expiry date of June 18, 2011, for total
proceeds to the Corporation of $1.68 million. As a result, the current
number of issued and outstanding common shares of NSGold is 34,536,316,
and 35,946,316 on a fully-diluted basis. With the recent exercise of
warrants and broker options, the Corporation's cash reserves are
approximately $2.5 million which means that the 2011 exploration
programs for the Dios Padre Silver Project and the Mooseland Gold
Project are fully-funded.
Dios Padre Silver Project
At the Corporation's Dios Padre Project, located in the State of Sonora,
Mexico, the initial work program comprising a ground geophysical
survey, detailed geological mapping and geochemical sampling is
expected to commence in early July. The required permit applications
for the follow on drilling will also be completed in the near term.
Mooseland Gold Project
A further surface drilling program for the Mooseland Gold Project in
Nova Scotia is planned for the summer/fall period. The diamond drilling
program will comprise 5,000 to 6,000 meters and is designed to expand
the existing resource base (please see the news release dated June 15,
2011) by extending the drilling along strike of both the West and East
NSGold also announces that the Board of Directors granted stock options
to two directors in respect of an aggregate of 85,000 common
shares. The exercise price of the stock options is $0.50 per share. The
stock options vest in four equal tranches commencing three months from
the date of grant and will be fully-vested in twelve months. The
options will expire on June 22, 2016. NSGold now has stock options
outstanding in respect of an aggregate of 810,000 common shares, which
represents 2.3% of the issued and outstanding common shares of the
Perry MacKinnon P. Geo., Chief Geologist, for NSGold, a qualified person
as defined by National Instrument 43-101 has reviewed the information
provided in this news release.
NSGold Corporation is a mineral exploration company actively exploring
for gold in Nova Scotia, Canada and silver in Mexico. NSGold's
principal properties are the Mooseland Gold Property, located in Nova
Scotia, and the Dios Padre Property located in the Municipality of
Yecora, State of Sonora, Mexico, including the historic Dios Padre
Silver Mine located approximately 260 km east of Hermosillo. NSGold's
shares are listed on the TSX Venture Exchange under the symbol NSX.
Neither 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.
SOURCE NSGOLD CORPORATION
For further information:
Glenn A. Holmes
Chief Financial Officer, NSGold Corporation