VANCOUVER, British Columbia, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Solstice Gold Corp. (TSXV: SGC) (“Solstice”, “we”, “our” or the “Company”) is pleased to announce that industry veteran Mike Timmins has been appointed as Chief Executive Officer of Solstice, effective October 18, 2021. Mike will continue to be a director of Solstice and will be based in Toronto, Ontario.
Mike is a mining executive with over 24 years of technical and corporate development experience at Agnico Eagle and Placer Dome. Mr. Timmins has extensive project experience in acquisitions and numerous strategic investments into the junior mining space as well as having worked in various operational capacities in the Red Lake camp for Placer Dome. Mr. Timmins is a graduate of Queens University (EMBA), the University of British Columbia (M.Sc.) and Bishops University (B.Sc.).
The Board of Directors is very pleased to welcome Mike to the Company. He brings a wealth of technical, capital markets and corporate development experience to Solstice. Mike has the project leadership skills necessary to build out our business plan which seeks to drive shareholder value through discovery on our two 100% owned projects in Red Lake, Ontario and our KGP project next to Meliadine in Nunavut. In addition, he possesses the corporate development expertise to maximize the value of our recently acquired royalty and property portfolio*.
This new acquisition includes 45 projects currently optioned to third parties providing cash and share payments to Solstice and which, at payback, is expected to lead to the ownership of royalty interest on all projects at no cost. Mike will also leverage his demonstrated ability to drive new business by capitalizing on the many opportunities from within the portfolio.
*For more information on our recent portfolio acquisition see:
“I’m very excited to be joining a team with strategic land position, in two of the most prolific gold districts in Canada. The under-explored, greenstone extensions of the Red Lake Camp and the emerging Meliadine Gold Camp are low risk, highly prospective regions where a management team with actionable knowledge, direct camp experience and a track record of discovery can operate in effectively. Shareholders of Solstice are well positioned to benefit from the raw potential of our projects, value generation from our royalty and property portfolio and the market excitement of pure exploration drilling” stated new CEO, Mike Timmins.
The Company also announces that Marty Tunney will step down as President of the Company to pursue other endeavours but will continue to provide valuable transition and consulting services to Solstice on an ongoing basis. Marty is a founding member of Solstice and has played in a significant role in the management of the Company to date and remains committed to the success of the Company going forward. We wish him well in his future endeavours and look forward to his continuing involvement with Solstice.
Grant of stock options
In connection with Mr. Timmins appointment, pursuant to Solstice's stock option plan, the Company will issue to him 1,200,000 stock options expiring in 5 years, effective today and priced as of close of business October 18, 2021, vesting over two years as follows: one third vesting immediately, one third after one year and one third after two years.
Mr. Timmins recently invested C$100,000 and purchased 1,000,000 shares in the Company's proposed non-brokered private placement which closed October 5, 2021.
About Solstice Gold Corp.
Solstice is a gold exploration company focused on advancing our high-quality projects in the top mining jurisdictions in Canada. Our 55 km2 Red Lake Extension project along with the combined 96 km2 Taillon, Moreau and Berens projects are located on the north end of the prolific Red Lake Gold District in Ontario. Our district scale KGP project covers 886 km2 with certain other rights covering an adjacent 683 km2, all with no underlying option or earn in payments. KGP has seen over $12MM dollars invested to date on significant field work, the identification of a 10 km2 gold boulder field and the preparation of multiple drill-ready targets. KGP is located in Nunavut, only 26 km from Rankin Inlet and approximately 7 km from the Meliadine gold deposits owned by Agnico Eagle Mines Limited.
The Company is committed to responsible exploration and development in the communities in which we work. For more details on Solstice Gold, our exploration projects and details on our recently acquired portfolio of projects please see our Corporate Presentation available at www.solsticegold.com.
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.
On Behalf of Solstice Gold Corp.
David Adamson, Ph.D.
Phone: (604) 283-7234
Forward Looking Statements
This news release contains certain forward-looking statements (“FLS”) including, but not limited to the Company’s expectations, intentions, plans and beliefs in connection with the Company’s planned exploration activities, and the expected benefits and returns to the Company following the acquisition. FLS can often be identified by forward-looking words such as “approximate or (~)”, “emerging”, “goal”, “plan”, “intent”, “estimate”, “expects”, “potential”, “scheduled”, “may” and “will” or similar words suggesting future outcomes or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. There is also no guarantee that continued exploration at Solstice exploration projects, all of which are at an early stage of exploration, will lead to the discovery of an economic gold deposit. Factors that could cause actual results to differ materially from any FLS include, but are not limited to, failure of the Company to raise sufficient proceeds in the financing to satisfy the purchase price of the portfolio acquisition, failure of the Company to obtain TSX Venture Exchange approval on terms acceptable to the Company or at all, the future impacts of the COVID 19 pandemic and government response to such pandemic, the ability of the Company to continue exploration at its projects during the pandemic and the risk of future lack of access to the projects as a result thereof, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, inability to locate source rocks, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, regulatory approvals and other factors. FLS are subject to risks, uncertainties and other factors that could cause actual results to differ materially from expected results.
Potential shareholders and prospective investors should be aware that these statements are subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those suggested by the FLS. Shareholders are cautioned not to place undue reliance on FLS. By their nature FLS involve numerous assumptions, inherent risks and uncertainties, both general and specific, that contribute to the possibility that the predictions, forecasts, projections and various future events will not occur. Solstice undertakes no obligation to update publicly or otherwise revise any FLS whether as a result of new information, future events or other such factors which affect this information, except as required by law.
This news release contains information with respect to adjacent or other mineral properties in respect of which the Company has no interest or rights to explore or mine or acquire. Readers are cautioned that mineral deposits on adjacent or similar properties are not indicative of mineral deposits on the Company’s properties, nor is there certainty that Solstice’s projects will contain economic mineralization. This news release mentions other companies that are unrelated to Solstice, and this does not imply any agreements, partnerships or rights with respect to any of these companies or their properties other than where explicitly defined. Past performance is no guarantee of future performance, and all investors are urged to consult their investment professionals before making an investment decision.