TSX.V: TU
www.tigrisuranium.com
VANCOUVER, Dec. 7, 2012 /PRNewswire/ - Tigris Uranium Corp.
(TSX.V: TU) ("Tigris"), and Wolfpack Gold Corp.
("Wolfpack") are pleased to announce that Tigris has
determined to diversify its business focus, while maintaining its
exposure and commitment to the long term viability of the uranium
market. To this end, Tigris has made an investment in NexGen Energy
Ltd. ("NexGen") and has entered into a non-binding
letter of intent, dated effective November
30, 2012 (the "LOI"), with Wolfpack, whereby Tigris
has agreed to acquire all of the issued and outstanding shares of
Wolfpack (the "Transaction").
The Transaction will constitute a Reverse
Takeover (as defined in the policies of the TSX Venture Exchange
(the "TSXV")) of Tigris by Wolfpack. Upon completion
of the Transaction, it is expected that the combined entity will
continue to be classified as a mining issuer on the TSXV.
Uranium Activities and Sector Outlook
Tigris remains committed to the positive long
term opportunities within the uranium sector but is keenly aware of
the short and potentially medium term issues facing the nuclear
industry. Currently the uranium sector has been experiencing
steadily declining prices, posing substantial short term
challenges. Various sources suggest no significant
supply-demand imbalances on the horizon, which would, if present,
lead to higher prices. The singular bright spot for investors
in the uranium sector of late has been confined to the relative
select group of companies making significant discoveries of high
grade uranium primarily in the Athabasca Basin of Canada. The prospects for lower grade
in-situ projects has been dimmed by the continuing low prices for
uranium as well as the limited access to capital caused by global
economic uncertainties.
Tigris owns a package of quality assets
highlighted by the Crownpoint and
Hosta Butte uranium projects located in McKinley County, New Mexico which contain
indicated mineral resources totalling 26.6 million pounds of
U3O8 at an average grade of 0.105% e
U3O8 and inferred mineral resources totalling
6.1 million pounds of U3O8 at an average
grade of 0.110% e U3O8 (see Tigris' news
releases dated May 29, 2012 and
June 7, 2012) Although these assets
have an annual holding cost of less than $5,000, they have been significantly impaired by
the recent decision of Uranium Resources, Inc. (OTCBB: URRE) to
defer construction of its neighbouring Churchrock project. This
directly adversely affects Tigris as a significant amount of
Tigris' uranium inventory is covered under licences held by Uranium
Resources.
Consistent with Tigris' long term view on the
potential for growth in the uranium market, and the industry's
current focus on high grade deposits primarily in the Athabasca Basin, Tigris has agreed to acquire
3,750,000 units ("Units") of NexGen at a price of CDN$0.40 per Unit. Each Unit is comprised of one
common share of NexGen (a " Share") and one-half of one Common
Share purchase warrant (a "Warrant"), with each whole Warrant
entitling the holder thereof to purchase one Share at a price of
$0.60 per Share for a period of two
years from the date of issuance. NexGen has recently
announced a reverse takeover transaction with Clermont Capital Inc.
(TSXV: XYZ.P) (see Clermont's news
release dated November 30, 2012).
NexGen
NexGen is a uranium exploration company with a
portfolio of assets strategically located in the Athabasca Basin, Canada and is focused on discovering the next
world class uranium orebody. NexGen's portfolio includes the
Radio project. The Radio project is interpreted to be on the
same structural trend as Rio Tinto's Roughrider deposit along with
the majority of the Canadian projects formerly held by Mega Uranium
Ltd. (TSX: MGA), which were recently acquired by NexGen.
Business Combination with Wolfpack
Wolfpack was formed by the combination of assets
in the United States from
Seabridge Gold Corp. (TSX: SEA) and Golden Predator Corp.
(TSX: GPD). Over the past few years, both of these
advanced gold exploration companies have concentrated their efforts
in Canada, while maintaining a
select portfolio of gold projects in Nevada; one of the leading gold jurisdictions
of the world. Most of these projects have seen little to no
exploration since the price of gold was below $400/oz. The package of gold assets
includes several projects that saw production from open pit heap
leach operations during the late 1980s to mid-1990s. Several
of these projects host historic resources, and the report titled
"Castle Black Rock Project Castle Zone Resource Evaluation,
Esmeralda County, Nevada" dated
July 9, 2012 (amended September 27, 2012) estimates the total inferred
resources for the Castle Zone at the property to be
14,683,000 tonnes of mineralized material with gold grading
0.45 g/t, at a cutoff grade of 0.25 g/t.
Name Change
On completion of the Transaction, Tigris plans
to change its name to "Wolfpack Gold Corp." or such other name as
may be approved by its board of directors.
Rationale
By combining advanced uranium assets with a
quality package of gold exploration projects, including a treasury
of approximately $9.5 million in cash
and investments, the combined entity will provide shareholders with
value and liquidity through current and ongoing gold exploration as
well as long term benefits derived from the significant uranium
assets. The technical team leading this effort combines the
strengths of both companies resulting in a highly qualified
technical team with specialty expertise in Nevada gold systems as well as uranium
deposits.
The Technical Team
The combined entity will be led by Nathan Tewalt BSc, CEO who led the team along
with Tom Chadwick BSc, CPG, VP
Exploration and Richard Rukavina
BSc, Permitting and Project Management, responsible for the
discovery of the Hollister and Rossi (Storm) deposits on the
Carlin Trend in Nevada while in the employ of Great Basin Gold
Ltd. and FMC Gold Corp. respectively. The technical team is
augmented by Mark J. Abrams, MSc,
CPG and VP Corporate Development, who has more than 30 years of
experience primarily in Nevada
with Placer Dome and Agnico Eagle. Douglas Underhill, PhD, CPG, MBA rounds out the
technical team and is responsible for Tigris' uranium
interests. Dr. Underhill has more than 40 years' experience
in mineral exploration, specializing in uranium geology, ISR
technology and supply-demand analysis. He has served as Uranium
Resource and Production Specialist with the Nuclear Fuel Cycle and
Waste Technology Division for the International Atomic Energy
Association (IAEA).
Although the combined entity will focus
exclusively on advancing its Nevada gold assets, it will maintain its
considerable uranium assets and remains confident in the long term
value inherent therein.
"This business combination will bring together
two successful acknowledged technical teams and a portfolio of
quality assets. By combining the established but out-of-favor
uranium assets with the advanced gold exploration assets in
Nevada we are creating a company
with a dynamic future," said Chairman William M. Sheriff. "Shareholders of the
new company will benefit from near term success and progress in the
gold sector while maintaining the longer term window on Tigris'
significant uranium holdings."
About Wolfpack Gold Corp.
Wolfpack's mandate is to advance low cost heap
leach and high grade underground gold projects towards production
in the western United
States. Wolfpack 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. Wolfpack'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.
Complete information regarding Wolfpack's
properties may be found in Wolfpack's National Instrument 43-101
Technical Reports and other filings which are available under
Wolfpack's SEDAR profile at www.sedar.com.
Adelaide Property
Location: The Adelaide Property is a gold
exploration project consisting of 210 unpatented lode mining claims
located on the eastern flank of the Sonoma Ridge in Humboldt County, Nevada, approximately 15
miles southeast of Winnemucca,
Nevada. By road, Adelaide can be accessed year-round by
traveling 16 miles east of Winnemucca on Interstate 80 to exit 194
at Golconda and then south on the
gravelled all season Pumpernickle Valley road for 13.5 miles.
Adelaide lies on the northern
portion of the Battle Mountain -
Eureka gold trend. The
property is 16 miles west of Newmont's Lone
Tree gold deposit, 19 miles west of Goldcorp/Barrick's
Marigold gold deposit, and 24 miles northwest of Newmont's
Battle Mountain gold-copper
deposit complex.
History: The Gold Run (or Adelaide) district was organized in 1866, and
the production of lead, zinc and silver ores was first reported in
1869, but with the bulk of production between 1897 and 1910.
An estimated 19,000 oz of gold and 345,000 oz of silver
were produced from the Adelaide-Crown mine from the early 1900s
through 1992. More recently, numerous operators have explored
the Adelaide Property and surrounding area, including Phelps Dodge
Corp., Duval Corp., Noranda Inc., Gold King Consolidated Inc.,
Cambior Exploration USA, Inc.,
Newmont, Canyon Resources Corporation and Golden Predator. Of
those operators, Gold King Consolidated Inc. mined approximately
4,900 oz gold and 53,000 oz silver in 1990.
Canyon Resources leased the property from
Newmont pursuant to the Adelaide
and Tuscarora Mineral Lease and Sublease in late 2006, and carried
out data collection and GIS compilation during 2007, generating a
database with most assay values obtained from previous
drilling. Golden Predator acquired an option to acquire
Canyon's lease interest in the Adelaide Property in 2008 pursuant
to the Adelaide and Tuscarora Option Agreement and assumed
Canyon's obligations in February 2008. On June 28th, 2012 a transaction was
completed whereby the Adelaide
lease was one of the key interests contributed as an option
agreement to Wolfpack as part of a three-way deal with Golden
Predator and Seabridge.
Interest: Wolfpack holds an option to
acquire Golden Predator Corp.'s leasehold interest in the Adelaide
Property. To exercise the option, Wolfpack must issue
11,000,000 of its common shares to Golden Predator over a three
year period. On exercise of the option, Wolfpack will grant
to Golden Predator a 1% NPR on commercial production from the
Adelaide Property. Golden
Predator's leasehold interest in the Adelaide Property is subject to a 3% NSR and
the lessor has certain back-in rights to the property.
Certain of the claims comprised in the Adelaide property are subject to additional
NSRs, ranging from 1.5% to 2%.
Resource: A total of 573 holes have
been drilled by previous operators, including Golden Predator, for
a total of 49,977 m (163,966 ft) of reverse circulation
and core drilling. Although several resources have been
estimated for open pit and underground gold-silver mineralization,
and open pit gold-silver production records from the 1989-1991 time
period are available, there is currently no National
Instrument 43-101 compliant resource estimate for the Adelaide
Property. Wolfpack expects to advance Adelaide towards the completion of a National
Instrument 43-101 compliant resource in 2013.
Geologic Setting and Targets: The
Adelaide Property is underlain by the Lower Cambrian to Lower
Ordovician Preble and Ordovician Valmy Formations, which are
variably deformed and metamorphosed. The two formations are
generally separated by the Adelaide fault and associated
structures. These rocks are locally intruded by dikes of
intermediate to felsic composition. Two main lithologies
within the mapped Preble include phyllite and carbonate, which
generally strike northerly through the property. The units
exhibit intense internal deformation including folding and
faulting, while their age relationship is unknown.
Epithermal banded quartz-sulfide
±adularia±electrum veins comprise one of the primary gold-silver
occurrences on the Adelaide Property. The veins occur along
the northerly-trending Adelaide
fault zone and are hosted by the Preble and Valmy Formations.
The main veins trend north-northwest, dip approximately 70 to 85°W,
and can both coalesce and diverge along strike. Three small
open pits and older underground workings expose several main veins,
splays, and stockwork zones; the main veins are typically 4 ft
to 6 ft wide. The three main veins mined to date include
the Crown, Recovery and Margarite.
Another significant target type on the property
occurs as gold-bearing silica replacement bodies in carbonate host
rocks likely belonging to the middle Preble Formation and are known
to occur immediately west of and to the north of the phyllite
hosted vein zones currently being explored at Crown, Recovery and
Margarite. Recent additions to the drillhole database provide
a more detailed picture of a significant bulk tonnage gold target
north of the current pits area at Knob Hill that may represent an
excellent target for drilling planned to begin in early March,
2013.
Exploration Plans: The Wolfpack technical
team is currently preparing a phase one reverse circulation drill
program for Adelaide with a
planned start date of March, 2013. The timing and scope of
this work will be influenced by the timing and completion of the
Transaction. Detailed mapping is underway and is expected to
significantly impact target selection over the next few months as
this information is combined with the historic mapping, sampling
and drill results. Vein targets in and around the historic
open pits will continue to be a focus in the upcoming drill program
as will the bedded carbonate replacement bulk tonnage targets to
the west and north. In addition, engineering work is planned
for the currently permitted exploration decline into the Margarite
Pit area as a precursor to a second phase of work on the vein
zones.
Pending the results from phase one exploration
program, engineering and modeling work, a contemplated phase two
exploration program, as recommended in Wolfpack's technical report
on Adelaide, proposes much more
extensive exploration drilling and the construction of the decline
into the Margarite vein zones.
Castle Black Rock Property
Location: The Castle Black Rock Property
is a gold exploration project consisting of 209 unpatented lode
mining claims located in Esmeralda
County, Nevada, on the southern flank of the Monte Cristo
Mountain Range and is within the Walker Lane Gold Belt of western
Nevada. Claims and
identified gold concentrations that comprise the project are easily
accessed via US Highway 95/6 about 25 miles west of
Tonopah, Nevada near McLeans,
Nevada. Highway 95/6 bisects
the property and the historic Boss open pit and associated mine
area roads can be seen immediately north of the highway, where they
provide year-round access and drilling access.
History: The exploration history of the
Castle Black Rock Property dates back to the 1940s when a local
prospector discovered gold mineralized outcrop in an area referred
to as the "Boss Mine" on the Castle Black Rock Property.
Between 1977 and 1982, the Castle Black Rock Property was explored
by Houston Oil and Minerals Company, Ebco Enterprises Inc., and
Amax Exploration Inc. Between 1988 and 1990, Westley
Exploration Inc. and Mintek Resources Ltd. conducted geophysical
surveys and drilled over 250 holes peripheral to the Boss
Mine. Through this process, the Berg Zone was
discovered. Kennecott explored the Castle Black Rock Property
from 1993 to 1995.
Kennecott conducted geophysical surveys,
including aeromagnetics, drilled 65 holes, and eventually
discovered both the Castle Zone and Black Rock Zones. In
1997, Great Basin Exploration & Mining Company, Inc. acquired
the Castle Black Rock Property from Kennecott; then optioned it to
J.D. Welsh & Associates.
In 1998, Cordex Exploration Co. drilled approximately 20 holes in
and peripheral to the Castle Zone. Also in 1998, Uranerz
U.S.A. Inc. compiled previous
exploration data, mapped and sampled outcrops, and drilled 21
holes.
Interest: Wolfpack holds an option
to acquire Seabridge's leasehold interest in the Castle Black Rock
Property. To exercise the option, Wolfpack must issue
11,000,000 of its common shares to Seabridge over a three year
period. On exercise of the option, Wolfpack will grant to
Seabridge a 1% NPR on commercial production from the Adelaide
Property. The lessor of certain of the claims comprised in
the Castle Black Rock Property is a company controlled by
William Sheriff, a director and
officer of Wolfpack and Tigris, which holds a 3-5% sliding scale
NSR (with a 50% buy-back provision) on these claims. A third
party holds NSRs ranging from 0.5% to 1.0% on certain other claims
comprise the Castle Black Rock Property.
Resource: The Castle Black Rock Technical
Report dated July 9, 2012 amended
September 27, 2012 estimates the
total inferred resources for the Castle Zone of the Castle Black
Rock Property to be 14,683,000 tonnes of mineralized material
with gold grading 0.45 g/t at a cutoff grade of
0.25 g/t.
The Castle Black Rock Property contains
283 documented drill holes completed by previous operators,
with reference to additional earlier undocumented holes. Not
all drill holes were used for estimation purposes, as survey data
was not available for some holes and assay data was not verifiable
for other holes. Only holes that had both survey and assay
data that was verifiable were used for estimation purposes.
The author of the Castle Black Rock Technical Report only validated
the drilling conducted by Kennecott for use in resource estimation,
of which 57 reverse circulation drill holes drilled in 1994
and 1995 were verifiable and usable for resource estimation.
Of the 57 usable reverse circulation drill holes, 33 were
located in the Castle Zone and were utilized for grade
interpolation.
Additional infill and step-out drilling planned
by Wolfpack in 2013 will be designed to confirm and extend areas of
known gold mineralization in the Boss, Berg, Black Rock and Castle zones.
Geologic Setting and Targets: Quaternary
gravel and alluvial fan deposits cover at least 60 percent of the
Castle Black Rock Property emphasizing the importance of extracting
as much information from the outcrop mapping and drilling data
available within and around the claim block. The oldest unit
on the property is the Ordovician Palmetto Formation, a black limey
shale and chert. The Palmetto is overlain by the Castle Peak
rhyolite, which in turn is overlain by the porphyritic andesite
flows of the Miocene Blair Junction Andesite Unit.
Intercalated in the andesite units are rhyolite tuff units that
include both non-welded and welded textures. Rhyolite dikes
and possibly laccolithic dome features intrude the section.
Hydrothermal alteration in the volcanic rock is
focused on structures and is zoned vertically and laterally from
these structures. Alteration mineralogy is quartz-adularia
associated with fracture and breccia-matrix filling. Vertical
zonation of the alteration sequence has created an intense argillic
cap above the gold bearing structures, from three to 30 m
thick. Lateral zonation grades away from quartz-adularia
filled structures to pervasive sericite-clay outward to a
propylitic assemblage in andesite. Hydrothermal alteration is
most restrictive in the sedimentary rocks, but more dispersed in
andesitic unites, while locally extensive in the rhyolite
tuffs.
Recent mapping suggests intersecting northeast
and northwesterly striking fault zones can produce bulk tonnage
gold targets in the volcanic section, with potential for higher
grade vein and structural zones near the base of the volcanics and
in the underlying Palmetto sediments. Both targets types
offer attractive exploration opportunities on the property.
Exploration Plans: As recommended in the
Wolfpack National Instrument 43-101 technical report for Castle
Black Rock, a first phase of drilling, permitting and modeling work
is planned for early 2013 with timing dependent on the completion
of the Transaction. Most of the drilling will be completed by
reverse circulation, although select core drilling is tentatively
planned in high grade areas of the Castle zone. The primary
goal of this work is to provide enough confirmation drillhole data
to convert previously drilled currently non- National Instrument
43-101 mineralized material to qualified resources and to expand
areas of known mineralization. In addition, recently mapped
structures and their projections will be tested under gravel cover
to locate new target areas.
The second phase contemplated in the technical
report involves more detailed drilling and pre-development
engineering and permitting work and will be based on the results
from phase one.
Other Wolfpack Properties
Lantern: At Lantern, Wolfpack controls
114 unpatented lode mining claims located approximately six miles
southeast of Allied Nevada's Hycroft open pit gold-silver
mine. The historic Rosebud underground gold mine sits midway
on this same trend between Hycroft and Lantern and was a
significant gold producer for Hecla Mining in the 1990s.
Drilling by Santa Fe Mining in the early 1980s at Lantern produced
a significant gold equivalent resource for that company and will
provide an excellent starting point for a mapping, sampling and
drilling program tentatively planned by Wolfpack's geologists for
mid-2013. Several targets have been identified on the
property in a variety of rock types and with the location of the
property and ease of access, the greater Lantern land position is
expected to receive additional attention in 2013.
Golden
Ridge: Golden Ridge is
located in the northeastern-most corner of California on the Oregon and Nevada borders, and remains one of the higher
grade gold properties in the Wolfpack portfolio. The location
of the property and high grade nature of the vein material
currently being explored by Wolfpack suggests that a possible high
grade underground mining scenario, with truck transport to a mill
in Nevada, could be a viable
production scenario should an adequate resource be put together.
Wolfpack currently controls 129 unpatented lode mining claims and
an additional 2,665 acres of fee land.
Tuscarora: High grade gold and gold-silver
targets are also present in the historic underground and open pit
mining district of Tuscarora,
Nevada, where 500,000 oz of gold and 7,000,000 oz of silver
were produced between the 1860s and 1995. The land position
consists of 247 unpatented lode mining claims and is easily
accessed via 52 miles of paved roads from Elko, Nevada. Wolfpack plans to follow
up high grade core intercepts in an area with post mineral cover
that was previously discovered by Newcrest Mining in the early
1990s, once permitting is completed in the area.
Financial Information
Summary financial information regarding Wolfpack
is as follows:
|
September 30, 2012
(unaudited) |
December 31, 2011
(audited) |
Current Assets |
$1,041,460 |
$4,020,019 |
Mineral Properties |
$6,170,927 |
$123,113 |
Liabilities |
$133,289 |
$400,009 |
|
Nine Months Ended
September 30, 2012
(unaudited) |
From Incorporation to
September 30, 2011
(audited) |
Expenses |
$1,748,155 |
$266,835 |
Loss |
$1,865,692 |
$259,633 |
Loss Per Share |
$0.08 |
$0.05 |
Further financial information on Wolfpack may be
found under Wolfpack's SEDAR profile at www.sedar.com.
Wolfpack, a British Columbia Corporation, is a
reporting issuer in British
Columbia, Alberta,
Manitoba and Ontario. Its directors and officers (and
jurisdiction of residence) include William
M. Sheriff (Yukon),
Nathan A. Tewalt (Nevada), John W.
Legg (British Columbia),
David Schmidt (British Columbia), Matthew Anderson (British Columbia), Rudi P. Fronk (Ontario), William E.
Threlkeld (Colorado),
Dan T. Gosselin (Ontario), Mark
Abrams (Nevada) and Nancy
La Couvée (British Columbia).
Terms of the Transaction
The LOI with Wolfpack contemplates Tigris
completing a consolidation of three old shares for each one new
share, issuing 29,965,000 post-consolidation shares to the current
Wolfpack shareholders and changing its name to Wolfpack Gold
Corp. The Transaction is anticipated to involve a
three-cornered amalgamation whereby a wholly-owned subsidiary of
Tigris will amalgamate with Wolfpack. It is anticipated that
a total of 49,897,750 post-consolidation Tigris shares will be
issued and outstanding on closing of the Transaction, with 40%
being held by the current Tigris shareholders and 60% being held by
the current Wolfpack shareholders.
Conditions to Closing
Completion of the Transaction will be subject to
the following conditions:
(a) |
all required consents being obtained; |
(b) |
the approval of the Transaction by the board of directors of
each of Tigris and Wolfpack; |
(c) |
the approval of the Transaction by the shareholders of Wolfpack
and Tigris and by the TSXV; |
(d) |
the agreement of the optionors of Wolfpack's
Adelaide/Tuscarora, Castle Black Rock, Liberty Springs and Four
Mile Basin properties to re-date the future share issuance
obligations under the respective option agreements; |
(e) |
Wolfpack and Tigris completing their respective due
diligence; |
(f) |
no legal proceedings pending or threatened to enjoin, restrict
or prohibit the Transaction; and |
(g) |
other conditions customary in transactions similar to the
Transaction. |
Lock-up and Support Agreements
Tigris has received Lock-up and Support
Agreements in favor of the Transaction from holders of 28,013,000
its common shares (none of whom are directors or officers of either
Company), which shares comprise 46.9% of its outstanding common
shares.
New Directors and Officers
The LOI provides that the board of directors of
combined entity will, on closing, consist of two representatives of
management, two nominees of Tigris and three nominees of
Wolfpack. It is anticipated that these persons will be:
William M.
Sheriff, MSc, Chairman
Mr. Sheriff was co-founder and Chairman of
Energy Metals Corp., and was responsible for compiling the largest
domestic uranium resource base in US history. Mr. Sheriff is
Chairman & CEO of Golden Predator Corp., Chairman of Silver
Predator, Interim CEO of Redtail Metals Corp., and is also a
Director of Western Lithium USA
Corporation. Mr. Sheriff owns one of the largest privately held
mining databases in the world. Mr. Sheriff holds a BSc degree
(Geology) from Fort Lewis College,
Colorado and an MSc from the
University of Texas-El Paso in Mining
Geology and Mineral Economics.
Nathan A. Tewalt,
BSc, CEO and Director
Mr. Tewalt is the CEO and a Director of Silver
Predator Corp. and has over 25 years of experience in exploration
and executive management positions in the Western United States. Prior to its merger
with Silver Predator Corp., Mr. Tewalt founded Nevgold Resource
Corp. in 2007 and Colombian Mines Corporation in 2006, serving as
Chief Executive Officer for both companies. In 2006, as President
and CEO of Standard Uranium Inc., Mr. Tewalt completed a private
company acquisition in Texas that
resulted in the uranium explorer progressing from a private
start-up in 2003, gaining a public listing in 2004, and winding up
as a successful buy-out in 2006 by Energy Metals Corp.
(subsequently acquired by Uranium One for $1.8B). Prior to Standard Uranium, he was the
co-founder and Chief Executive Officer of Great Basin Gold Ltd.,
where he and his exploration team discovered the Midas-style vein
system and completed the Hollister 'Ivanhoe' Mine acquisition. Mr. Tewalt is a
Registered Geologist (Washington)
specializing in Nevada-style precious
metals systems.
Rudi Fronk,
MSc, Director
Mr. Fronk is the Director, President and CEO of
Seabridge and has over 30 years' experience in the gold business,
primarily as a senior officer and director of publicly traded
companies. Since 1999, Mr. Fronk has served as President and CEO of
Seabridge. Prior to Seabridge, Mr. Fronk held senior management
positions with Greenstone Resources, Columbia Resources,
Behre Dolbear & Company,
Riverside Associates, Phibro-Salomon, Amax and DRX. Mr. Fronk is a
graduate of Columbia University from
which he holds a BSc in Mining Engineering and an MSc in Mineral
Economics.
William E.
Threlkeld, MSc, Director
For the past 11 years, Mr. Threlkeld has served
as Senior Vice President of Seabridge where he has designed and
executed exploration and resource delineation programs that have
defined more than 45 million ounces of measured and indicated gold
resources. His successes include the discovery and definition of
the Mitchell and Iron Cap deposits
which have made the KSM project in British Columbia the largest gold reserve in
Canada. Mr. Threlkeld has 31 years
of experience in the industry and obtained a BSc from Colorado State University and an MSc in Economic
Geology from the University of Western
Ontario.
John W. Legg,
BA, LLB
Mr. Legg has a proven track record in the mining
industry, with over 15 years of experience with public resource
companies. As President of Golden Predator Corp. from 2009
through September 2012, Mr. Legg
steered that company through its expansion into the Yukon including the acquisition and financing
of the Brewery Creek Mine culminating in Golden Predator securing a
$35,000,000 debt facility to fund
re-activation of the Brewery Creek Mine. From 1994 through 2006 Mr.
Legg was a securities lawyer in private practice, advising
companies in natural resources, securities and corporate finance
law, and from 2007 to 2009 Mr. Legg was Executive Vice-President of
a private mining company operating in Mexico. Mr. Legg holds a BA from the
University of British Columbia and an
LLB from Dalhousie Law School.
Dennis Stover,
BA, BSc, MSc, PhD
Dr. Stover recently retired from his position as
Executive Vice President, Americas for Uranium One, Inc. where he
was responsible for the commercial development of Uranium One's
substantial U.S. uranium assets as well its uranium assets located
elsewhere in the Americas. Previous to this position, he served as
Chief Operating Officer of Energy Metals and was instrumental in
advancing its US assets prior to its sale to Uranium One. Before
joining Energy Metals in 2005, he lead a private consulting firm
which provided technical services to both domestic and
international uranium mining ventures including a detailed process
design for a large acidic ISR operation in Asia, development of an operating plan for a
proposed ISL mine in the United
States, and a number of other projects throughout the world.
From 1989 until 2002, he served as Vice President, Engineering and
Project Development for Rio Algom Mining Corp. While with Rio
Algom, Dr. Stover directed a total revision of Mineral Resource and
Reserve calculation methods to conform to current SEC and
international reporting requirements. Prior to joining Rio Algom,
he served as Chief Engineer for Everest Minerals Corporation for 11
years.
William B.
Harris, BA, MBA
Mr. Harris has more than 35 years of experience
in financial and executive management with public companies. A
partner of Solo Management Group, LLC, he was previously President
and CEO of Hoechst Fibers Worldwide, a $5
billion [sales] company. He is a former director of Energy
Metals and Potash One, and is currently a director of Golden
Predator Corp., Silver Predator Corp., and EMC Metals Corp.
Sponsorship
Tigris will be seeking a waiver from the TSXV
sponsorship requirement.
Non-Arm's Length Parties
The Transaction will involve certain "Non-Arm's
Length Parties", as defined in the policies of the TSXV, including
William M. Sheriff, who is a
director and officer of both Tigris and Wolfpack, and John W. Legg, who is a director of Tigris and a
director and officer of Wolfpack. Mr. Sheriff also holds an
ownership interest in certain mineral properties under option to
Wolfpack, in respect of which he may receive additional share
issuances and royalty payments. Further information on the
interests held by Mr. Sheriff may be found in Wolfpack's
October 5, 2012 SEDAR filings under
Wolfpack's profile at www.sedar.com. Because the Transaction
involves "Non-Arm's Length Parties", the TSXV may require that the
Transaction be approved by disinterested shareholders.
Resumption of Trading
Trading of Tigris shares on the TSXV will remain
halted until the Transaction is accepted by, or satisfactory
documentation has been filed with, the TSXV.
About Tigris Uranium Corp.
Tigris is committed to maximizing shareholder
value and is well positioned with a treasury of approximately
$8.8 million and a low annual
expenditure rate. Tigris 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). These private
mineral rights associated with mining properties are located in
New Mexico's Crownpoint Uranium
District, a portion of which is under NRC license, in a new
progressive New Mexico regulatory
and political environment.
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.
Completion of the Transaction is subject to a
number of conditions, including TSXV acceptance and disinterested
shareholder approval. The transaction cannot close until the
required shareholder approval is obtained. There can be no
assurance that the transaction will be completed as proposed or at
all.
Investors are cautioned that, except as
disclosed in the Management Information Circular and/or Filing
Statement to be prepared in connection with the transaction, any
information released or received with respect to the RTO may not be
accurate or complete and should not be relied upon. Trading in the
securities of Tigris Uranium Corp. should be considered highly
speculative.
The TSX Venture Exchange has in no way passed
upon the merits of the proposed transaction and has neither
approved nor disapproved the contents of this press
release.
Technical information in this press release
relating to Tigris has been reviewed and approved by Douglas Underhill, PhD, MSc, MBA, a Qualified
Person as defined in National Instrument 43-101.
Technical information in this press release
relating to Wolfpack has been reviewed and approved by Mark J. Abrams, MSc, PG, RG, a Qualified Person
as defined in National Instrument 43-101.
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
Tigris's and Wolfpack'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, Tigris assumes no obligation to update forward-looking
information should circumstances or management's estimates or
opinions change.
SOURCE Tigris Uranium Corp.