KELOWNA, BC, July 29, 2019 /CNW/ - Rockwealth Resources Corp. (TSXV: RWR) ("RWR" or the "Company") is pleased to announce that further to its news release dated July 22, 2019, the Company assisted Realgold Resources Corp. ("Realgold") in raising funds pursuant to a private placement at $0.20 per common share to further develop its projects. The Company's CEO and Director, Dev Randhawa invested $200,000 into Realgold and certain other third parties invested $200,000 into Realgold, for a total of $400,000. The Company continues to conduct due diligence on Realgold and its properties located in the Kyrgyz Republic.
The Tien Shan Gold Belt is an extensive geological province containing >200 million ounces of gold and is host to several giant gold deposits, including the world's single largest operating gold mine (Muruntau in Uzbekistan) to the west and the giant Kumtor mine in eastern Kyrgyzstan to the east end of the belt. The Company believes that Realgold's portfolio of gold assets have the geological potential to host large Carlin type gold-rich mineral deposits within the Tien Shan Gold Belt.
Dev Randhawa, CEO and Director, and Ross McElroy, Director of the Company stated "we are excited to potentially complete a deal with Realgold and its world class team. Realgold's team includes its President, Doug Kirwin, MSc Geology, who has over 45 years of international exploration experience including detailed knowledge of Tien Shan geology and mineral deposits. Realgold's portfolio covers the world's second largest confirmed Carlin terrain and includes 16 properties covering approximately 274,000 hectares."
Doug Kirwin, President and Director of Realgold
Mr. Kirwin continues a successful career in the international mining sector. As Executive Vice President of Ivanhoe Mines, he was a key member of the discovery of the giant Oyu Tolgoi copper deposits in Mongolia, acquired by Rio Tinto, earning his team the prestigious Thayer Lindsey award in 2004 for the most significant international mineral discovery. Mr. Kirwin also recommended the acquisition of the Kainantu project to the founders of K92 Mining Inc Corporation, which now operates the very successful high-grade Kainantu gold mine in Papua New Guinea. He remains involved with the project as a senior technical advisor. In addition to contributing to the discovery of several other significant gold mines and deposits, he continues his role as an adjunct professor at James Cook University, Australia.
Further details regarding any potential transaction involving Realgold and its properties will be provided in a future news release, if and when the Company and Realgold execute a letter of intent in respect thereof. There can be no assurance that any transaction will be completed.
The scientific and technical information contained in this news release as it relates to Realgold has been reviewed and approved by Ross McElroy, a "Qualified Person" as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
President and Director
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 news release.
This news release may contain forward-looking statements or information within the meaning of applicable securities laws including but not limited to comments regarding the signing of a letter of intent, the potential transaction with Realgold, statements about Realgold and its intentions, statements relating to the technical or business prospects, and other matters. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements and the Company undertakes no obligation to update such statements, except as required by law.
There can be no assurance that any transaction with Realgold will be completed.
Forward-looking statements address future events and conditions and are necessarily based upon a number of estimates and assumptions. These statements relate to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable and assumptions of management. Any statements that express or involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions or future events or performance (often, but not always, using words or phrases such as "expects" or "does not expect", "is expected", "anticipates" or "does not anticipate", "plans", "estimates" or "intends", or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved), and variations of such words, and similar expressions are not statements of historical fact and may be forward-looking statements. Forward-looking statement are necessarily based upon a number of factors that, if untrue, could cause the actual results, performances or achievements of the Company to be materially different from future results, performances or achievements express or implied by such statements. Such statements and information are based on numerous assumptions regarding present and future business strategies and the environment in which the Company will operate in the future, including the price of metals, anticipated costs and the ability to achieve goals, that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and governmental and other regulatory approvals required to conduct the Company's business will be available on reasonable terms and in a timely manner. While such estimates and assumptions are considered reasonable by the management of the Company, they are inherently subject to significant business, economic, competitive and regulatory uncertainties and risks. Forward-looking statements are subject to a variety of risks and uncertainties, which could cause actual events, level of activity, performance or results to differ materially from those reflected in the forward-looking statements, including, without limitation: (i) risks related to gold and other commodity price fluctuations; (ii) risks and uncertainties relating to the interpretation of exploration results; (iii) risks related to the inherent uncertainty of exploration and cost estimates and the potential for unexpected costs and expenses; (iv) that resource exploration and development is a speculative business; (v) that the Company may lose or abandon its property interests or may fail to receive necessary licences and permits; (vi) that environmental laws and regulations may become more onerous; (vii) that the Company may not be able to raise additional funds when necessary; (viii) the possibility that future exploration, development or mining results will not be consistent with the Company's expectations; (ix) exploration and development risks, including risks related to accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration and development; * competition; (xi) the potential for delays in exploration or development activities or the completion of geologic reports or studies; (xii) the uncertainty of profitability based upon the Company's history of losses; (xiii) risks related to environmental regulation and liability; (xiv) risks associated with failure to maintain community acceptance, agreements and permissions (generally referred to as "social licence"); (xv) risks relating to obtaining and maintaining all necessary government permits, approvals and authorizations relating to the continued exploration and development of the Company's projects; (xvi) risks related to the outcome of legal actions; (xvii) political and regulatory risks associated with mining and exploration; (xix) risks related to current global financial conditions; and (xx) other risks and uncertainties related to the Company's prospects, properties and business strategy. These risks, as well as others, could cause actual results and events to vary significantly. Factors that could cause actual results to differ materially from those in forward looking statements include, but are not limited to, continued availability of capital and financing and general economic, market or business conditions, the loss of key directors, employees, advisors or consultants, decrease in commodity prices including gold, litigation, exchange rate fluctuations, failure of counterparties to perform their contractual obligations and fees charged by service providers. Investors are cautioned that forward-looking statements are not guarantees of future performance or events and, accordingly are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty of such statements. The forward-looking statements included in this news release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities legislation.
SOURCE Rockwealth Resources Corp.
For further information: Dev Randhawa, Phone: 1-250-868-8177