VAL-D'OR, QC, March 26, 2019 /PRNewswire/ - Bonterra Resources Inc. (TSX-V: BTR,OTCQX: BONXF, FSE: 9BR1) (the "Company" or "Bonterra") is pleased to announce the appointment of Matthew Happyjack to its Board of Directors, following the resignation of Richard Boulay.
"We are pleased to welcome Matthew to the Board of Directors" stated Greg Gibson, Chairman and interim CEO. "His strong background in business management and operations, particularly in the Val-d'Or region where Bonterra is advancing the development of its mineral exploration assets, will serve the Company well. I also wish take this opportunity to thank the outgoing director, Richard, for his contribution in building this Company."
Mr. Happjack is currently the President of Air Creebec, a regional airline based in Val-d'Or, Québec, that operates regularly scheduled flights, charters and freight services to 16 destinations in Quebec and Ontario, with its 400 employees. Prior to joining Air Creebec in 2010, Mr. Happyjack held various positions in the financial, management and accounting fields, all the while remaining actively involved in various projects to promote the economic development of The Cree First Nation of Waswanipi. Mr. Happyjack holds an MBA from the Université du Québec en Abitibi-Témiscaminque, where he also completed a Certificate in Accounting. He also holds certificates in Community Economic Development and Management and in Community Management, from Concordia University. Following this nomination, M. Happyjack was granted 200,000 share purchase options, having an exercise price of $2.00 and a term of five years, subject to the terms of the Company's stock option plan.
Bonterra is also pleased to announce it has optioned the right to acquire a new property, consisting of one mining claim covering an area of 56 ha, located 20 km north of the Barry project, in the heart of the Urban Barry mining camp. To acquire the property, Bonterra will make a cash payment of $25,000 and issue 10,000 common shares, to the arm's length vendors and, to exercise the option, Bonterra will make an additional cash payment of $50,000 and issue 15,000 common shares before the one-year anniversary of the agreement. This transaction remains subject to the approval of the TSX Venture Exchange and all common shares issued hereunder will be subject to a four-month hold period.
Bonterra Quick Facts
- Currently developing three high-grade gold deposits: Gladiator, Barry and Moroy projects in the mining-friendly jurisdiction of Quebec;
- with significant regional targets in the Urban Barry Camp.
- Bonterra is in the process of upgrading its wholly-owned gold mill, the only permitted mill in the Urban Barry Camp, to increase capacity from 800 to 2400 tpd; and
- a property-wide mineral resource estimate is underway and will include the Gladiator, Barry and Moroy deposits.
- Bonterra has a strong shareholder base which includes Wexford Capital, Kirkland Lake Gold and Eric Sprott.
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.
Cautionary and Forward-Looking Statements
This press release contains "forward-looking information" that is based on Bonterra's current expectations, estimates, forecasts and projections. This forward-looking information includes, among other things, statements with respect to Bonterra's exploration and development plans. The words "will", "anticipated", "plans" or other similar words and phrases are intended to identify forward-looking information. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause Bonterra's actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information. Such factors include, but are not limited to: uncertainties related exploration and development; the ability to raise sufficient capital to fund exploration and development; changes in economic conditions or financial markets; increases in input costs; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological or operational difficulties or inability to obtain permits encountered in connection with exploration activities; and labour relations matters. This list is not exhaustive of the factors that may affect our forward-looking information. These and other factors should be considered carefully and readers should not place undue reliance on such forward-looking information. Bonterra disclaims any intention or obligation to update or revise forward-looking information, whether as a result of new information, future events or otherwise.
SOURCE Bonterra Resources Inc.