Rupert Resources Ltd (“Rupert” or the “Company”) announces that it has published its audited financial results for the twelve months ending February 28, 2018 and accompanying Managements Discussion and Analysis for the same period.
Both of the above have been posted on the Company’s website www.rupertresources.com and on Sedar at www.sedar.com.
During the 12 months ending February 28, 2018, the Company spent $8,902,394 (12 months ended February 28, 2017 – $5,309,207) on the Pahtavaara project, including $7,494,051 on exploration (12 months ended February 28, 2017 – $3,807,452), together with remediation of the underground mine. As of February 28, 2018, Rupert held cash or cash equivalents of $5,487,407, including $ 2,465,951 of $4,900,000 that the Company had raised through a non-brokered private placement which closed on March 2, 2018. The Company recorded a net loss and comprehensive loss for the year of $(5,079,159) (12 months ended February 28, 2017 – $(2,503,081)) and a net loss per share of $(0.06) (12 months ended February 28, 2017 – $(0.03)).
James Withall, Chief Executive Officer of Rupert Resources said, “We made progress on a number of fronts during the year notably the consolidation and reinterpretation of the significant historical data package for Pahtavaara which will provide strong foundations to move the Project forward. The balance sheet has been strengthened through a non-brokered private placement for gross proceeds $4,900,000; a baseline NI 43-101 resource was published for Pahtavaara; and the acquisition of the Northern Aspect properties gives us a presence in a second significant gold region of Finland. Looking forward we are making progress with the assaying of unsampled core and sampling of underground tunnelling at Pahtavaara, equivalent to around 10,000m of drilling. At Hirsikangas, we look forward to receiving the initial results from 1,400m of drilling in six holes undertaken prior to completion of the acquisition. Summer fieldwork is underway at both properties.”
All references to currency in this press release are in Canadian dollars.
Rupert is a Canadian based gold exploration and development company that is listed on the TSX Venture Exchange under the symbol “RUP”. The Company owns the Pahtavaara gold mine, mill, and exploration permits and concessions located in the Central Lapland Greenstone Belt in Northern Finland (“Pahtavaara”) (see the Company’s November 9, 2016 press release). Pahtavaara has an Inferred mineral resource at a 1.5 g/t Au cut off grade of 4.6 Mt at a grade of 3.2 g/t Au (474 koz) (see Company’s release from April 16, 2018). The Company also holds a 100% interest in two properties in Central Finland – Hirsikangas and Osikonmaki; the Gold Centre property, which consists of mineral claims located in the Balmer Township, Red Lake, Ontario; and the Surf Inlet Property in British Columbia.
The technical information about the Company’s mineral properties contained in this release, other than information summarized or extracted from the Technical Reports, has been prepared under the supervision of Mike Sutton, PGeo, a non-executive Director of the Company and who is a “qualified person” within the meaning of NI 43-101. Mr. Sutton has reviewed the contents of this release and has consented to the inclusion in this release of all technical statements, other than information summarized or extracted from the Technical Report, in the form and context in which they appear and confirms that such information fairly represents the underlying data and study results.
For further information, please contact:
Chief Executive Officer
Head of Corporate Development & Investor Relations
Rupert Resources Ltd
82 Richmond Street East, Suite 203, Toronto, Ontario M5C 1P1
Tel: +1 416-304-9004
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 release.
The TSX Venture Exchange Inc. has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release.
Cautionary Note Regarding Forward Looking Statements
This press release contains statements which constitute ”forward-looking statements”, including the completion of the proposed Transaction, deadlines, regulatory approvals, business activities and operating performance of the Company. The words “may”, “would”, “could”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” and similar expressions, as they relate to the Company, are intended to identify such forward-looking statements. Investors are cautioned that forward-looking statements are based on the opinions, assumptions and estimates of management considered reasonable at the date the statements are made, and are inherently subject to a variety of risks and uncertainties and other known and unknown factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the general risks of the mining industry, as well as those risk factors discussed or referred to in the Company’s annual Management’s Discussion and Analysis for the year ended February 28, 2018 available at www.sedar.com. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.