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CANADIAN SECURITIES EXCHANGE: WGC
WINNIPEG, Oct. 5, 2016 /CNW/ - Winston Gold Mining Corp. ("Winston Gold" or the "Corporation") (CSE: WGC) is pleased to announce that, pursuant to the terms of a share exchange agreement dated September 2, 2016 (the "Agreement") with Goldridge Holdings Limited, a private company incorporated in the Province of British Columbia ("Goldridge") and the shareholders thereof, as previously announced on September 7, 2016, the Corporation has completed the acquisition of 100% of the issued and outstanding common shares of Goldridge (the "Transaction"). As a result of the completion of the Transaction, Goldridge has become a wholly-owned subsidiary of the Corporation.
In connection with the closing of the Transaction, the Corporation issued an aggregate of 27,250,000 common shares in the capital of Winston Gold, on a pro rata basis, to the Goldridge shareholders at a deemed price of $0.15 per share and made cash payments of US$175,000 as provided in the Agreement.
"The Gold Ridge Project complements our vision to develop high-grade low cost mines in stable jurisdictions," commented Murray Nye, President of Winston Gold. The project hosts three historic underground gold mines, the most prolific of which is known as the Gold Prince mine. Mineralization is believed to be Mesothermal in nature and may possibly continue to considerable depth."
About Winston Gold
Winston Gold is a junior mining company focused on advancing high-grade, low cost mining opportunities into production. Towards that end, the Corporation has acquired two under-explored and under-exploited gold/silver mining opportunities, being the Winston Gold project near Helena, Montana, and the Gold Ridge project, near Willcox, Arizona.
The CSE has neither approved nor disapproved the information contained herein.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.
This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that the Corporation expects to occur, including with respect to the expected operations of the Company following completion of the Transaction, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include regulatory actions, market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
SOURCE Winston Gold Mining Corp.
For further information: On behalf of the Board of Directors of the Company, please contact: Murray Nye, Chief Executive Officer and a director of Winston Gold, at: Suite 201-919 Notre Dame Avenue, Winnipeg, Manitoba, R3E 0M8, Telephone: (204) 989-2434, E-mail: [email protected]