Toronto, Ontario – June 18, 2020 – Satori Resources Inc. (“Satori” or the “Company”) announces that it has engaged Orix Geoscience Inc. (“Orix”) to conduct a review and subsequent file management of the historical technical data from the past producing Tartan Lake Gold Mine Project located in Flin Flon, Manitoba.
In recent years, Orix digitized key information from approximately 12 banker boxes containing historical technical data that was situated at the mine site (from the 1980s). The Tartan Lake Gold Mine Project operated between 1986 and 1989, and a Technical Report updated by Minetech International Limited dated January, 2012 indicated that “When the mine started production, the gold price was approximately $US460/ounce and when production ceased in November 1989, the gold price was approximately $US375 per ounce”.
The outcome from this review by Orix shall provide the Company with a more fulsome data set conducive for evaluating options to advance the Tartan Lake Gold Mine Project.
Satori further announces a non-brokered private placement offering of up to $200,000, comprised of the issuance of both flow-through and non-flow through common shares. Each flow-through common share shall be issued at a price of $0.08 per share, and each non-flow-through common share shall be issued at a price of $0.065.
Finders fees equal to 6% of the gross proceeds raised may be paid to eligible finders or other third parties, in connection with this offering.
The offering is subject to specific conditions, as well as approval by the TSX Venture Exchange and any other applicable securities legislation. The securities comprising the offering will be offered to all Qualified Purchasers resident of any Canadian Province, in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The securities issued upon the closing of the offering will be subject to a four month hold period from the date of issue, including any other re-sale restrictions imposed by applicable securities regulatory authorities. Insiders of Satori may, subject to regulatory approval, participate in the offering.
Peter Karlese, P.Geo., is the qualified persons responsible for the technical information in this news release.
ABOUT SATORI RESOURCES INC.
Satori is a Toronto-based mineral exploration and development company whose primary property is the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
FOR FURTHER INFORMATION, PLEASE CONTACT:
Jennifer Boyle, B.A., LL.B
President and Chief Executive Officer
Satori Resources Inc.
Mr. Pete Shippen, CFA
Chair, Satori Resources Inc.
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.
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