VANCOUVER, May 21, 2013 /PRNewswire/ - Tigris Uranium Corp. (TSX.V: TU) ("Tigris"), and Wolfpack Gold Corp. ("Wolfpack") are pleased to announce the completion of the previously announced reverse takeover transaction (the "Transaction") pursuant to which Tigris acquired all of the issued and outstanding shares of Wolfpack through a three-cornered amalgamation (the "Amalgamation") whereby Wolfpack amalgamated with a wholly-owned subsidiary of Tigris.
Name Change and Stock Symbol
In connection with closing of the Transaction, Tigris has changed its name from "Tigris Uranium Corp." to "Wolfpack Gold Corp." (the combined company, the "Company").
The Company will continue to be classified as a Tier 1 mineral exploration issuer on the TSX Venture Exchange ("TSXV"). The common shares of the Company are expected to commence trading on the TSXV when the market opens on May 21, 2013 under the new name (Wolfpack) and trading symbol "WFP".
The Company's Assets
Wolfpack's mandate is to advance low cost heap leach and high grade underground gold projects towards production in the western United States while maintaining an important asset base in uranium. The Company owns a significant portfolio of gold properties located in Nevada and surrounding states and has options to acquire certain properties, including the Castle Black Rock and Adelaide Properties located in Nevada. The Company's portfolio has seen little to no activity since gold prices were below USD$400/oz. Both Adelaide and Castle Black Rock have previous operating histories as open pit heap leach operations during the late 1980s, when they were closed due to low gold prices.
The Company is committed to maximizing shareholder value and is well positioned with cash and marketable securities of approximately $8.2 million and a low annual expenditure rate. In addition, the Company owns 115,000+ acres (46,400 ha) of private mineral rights, with an indicated resource of 26.6 MM pounds U3O8 at an average grade of 0.105% e U3O8 and an inferred resource of 6.1 MM pounds U3O8 at an average grand of 0.110 e U3O8 (Beahm, 2012). The mining properties are located in New Mexico's Crownpoint Uranium District, a portion of which are under NRC license, and benefit from an increasingly progressive New Mexico regulatory and political environment.
The newly combined company has a well-rounded portfolio of gold properties focused in and around central and northern Nevada. The Company's management, building on a track record of success in the uranium sector, will continue advancing its Crownpoint and Hosta Butte uranium assets in New Mexico, while studying ways to maximize the value of those assets in an improving uranium market. Management has also been structured to provide the best possible guidance in moving the Company's most advanced gold properties forward, while evaluating its other key precious metals properties in and around the most highly productive gold belts of Nevada.
2013 Nevada Precious Metals Program
With the completion of the Transaction, Wolfpack's geologic staff is in the field evaluating its property portfolio for further work later in the season and for possible joint agreements with other explorers. Although many the Company's properties are concentrated near the prominent historic and modern mining town of Tonopah, Nevada, some of the better known properties in the portfolio are sediment and volcanic hosted precious metal targets on the most prominent and highly productive trends of north-central Nevada.
The Adelaide property, located on the Battle Mountain - Eureka Trend and near the Getchell Trend, offers a variety of gold and gold-silver targets in possible high grade underground to moderate grade open pit configurations. The Company has permitted underground access to one of the high grade zones, although significant drilling and modeling are still required prior to any commitment to begin underground access work. In the near term, preparations are being made for a planned June-July reverse circulation drilling program. Initially, this program will test extensions of the high grade vein style mineralization in the vicinity of the open pits. A step out program is also planned for areas to the north, where historic drilling suggests sediment hosted gold may be related to extensively intruded fault zones. Mapping is expected to fine tune these existing targets and to possibly develop new ones related to the more productive structures, host rocks sediments and intrusive bodies.
Immediately prior to the Amalgamation, the Company completed the consolidation of its issued and outstanding common shares on the basis of three (3) "old" common shares for one (1) "new" common share (the "Consolidation").
Pursuant to the Amalgamation, each common share of Wolfpack has been exchanged for one post-Consolidation common share of the Company, and convertible securities of Wolfpack have been exchanged for convertible securities of the Company on a one-for-one basis, post-Consolidation.
The Company has received final TSXV approval of the Transaction. Details of the Transaction, including those related to the business and properties of the Company, can be found in the Company's press releases of December 7, 2012, January 31, 2013 and April 29, 2013, and are more particularly described in the Company's Filing Statement dated April 29, 2013, all of which are available on SEDAR at www.sedar.com under the Company's profile.
With the completion of the Transaction the Board of Directors and management are now as disclosed in the company's previous news release dated April 29th, 2013.
After completion of the Transactions, the Company has 49,897,750 common shares issued and outstanding, of which approximately 60% represent shares held by shareholders of Wolfpack prior to closing of the Transaction.
Technical information in this press release relating to Wolfpack has been reviewed and approved by Mark J. Abrams, MSc, PG, RG, the Company's Vice-President of Exploration and a Qualified Person as defined in National Instrument 43-101.
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.
This press release contains projections and forward-looking information that involve various risks and uncertainties regarding future events. Such forward-looking information can include without limitation statements based on current expectations involving a number of risks and uncertainties and are not guarantees of future performance. There are numerous risks and uncertainties that could cause actual results and the Company's plans and objectives to differ materially from those expressed in the forward-looking information. Actual results and future events could differ materially from those anticipated in such information. These and all subsequent written and oral forward-looking information are based on estimates and opinions of management on the dates they are made and are expressly qualified in their entirety by this notice. Except as required by law, the Company assumes no obligation to update forward-looking information should circumstances or management's estimates or opinions change.
SOURCE Tigris Uranium Corp.