VANCOUVER, British Columbia, May 17, 2016 /PRNewswire/ --
ALTAIR GOLD INC. ("Altair" or the "Company") (TSX-V: AVX; Germany FRA: 90A; ISIN: CA0213702008; WKN: WKN A14WVP) Mr. John Huguet, Chairman of the Board, is pleased to report that the Company, having received the approval of the TSX Venture Exchange, has made the initial option payment of US$120,000 on the acquisition of the Cerpulje prospect in Kosovo. This is the first of three option payments to be made. The Company will earn a 90% interest in A.G.J.A. S.H.P.K., a private company based in Kosovo which owns the licenses covering the Cerpulje prospect, once all payments are made.
The Cerpulje prospect is located in northern Kosovo, approximately 17km west of the town of Mitrovica. Exploration in the area was first undertaken in the 1950's and has continued intermittently to the present time. The prospect has seen both core drilling and underground exploration through several adits. Mr. Perry Grunenberg, PGeo., an independent qualified person as defined by National Instrument 43-101, has completed the report on the prospect. This NI 43-101 report integrates all of the historic work on the prospect and provides guidance to Altair's future work programs.
The Company is pleased to announce the initiation of Phase 1 of a 2 phase work program on the Property. This program is intended to further determine the presence of high grade Zinc and intends to perform at least a partial para genesis study tracing origins of the deposit. With success this program will generate more targets for further investigation.
Mr. John Huguet, the Company's recently appointed director and Chairman of the Board, brings over 35 years of resource development experience to the Board. Mr. Huguet is the Chairman and President of Aguila American Gold Ltd., which is currently developing a 350 tpd high grade gold processing facility in Peru. Mr. Huguet brings broad executive experience throughout the Americas and South East Asia, previously having served as Managing Director of Atkinson Holdings Ltd. He has contributed to the success in many mine milling operations and many varied financial solutions. His focus will be on early production projects.
To learn more about Altair Gold, please visit http://altairresources.com.
ON BEHALF OF THE BOARD,
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.
John Huguet, FCPA, FCMA
Chairman and Independent Director
#1305 - 1090 West Georgia Street, Vancouver, BC, Canada, V6E 3V7
SOURCE Altair Gold Inc.