Vancouver BC, May 27, 2015.
Falcon Gold Corp. (FG: TSX-V
), ("Falcon" or the "Company") is pleased to announce it has closed a first tranche of its previously announced private placement for gross proceeds of $191,225 and issued 2,549,666 Units priced at $0.075 per Unit. Each Unit consists of one common share and one-half warrant. Each whole warrant is exercisable for one Falcon common share at a price of $0.10 per share for the first 12 months after closing or at a price of $0.20 per share for the 12 months thereafter. The Common Shares are subject to a four month hold period which expires in September 2015. Finders' fees of $10,123 have been paid.
Proceeds from this financing shall be used to advance its exploration and development work on the New York Canyon project and for general corporate purposes.
About Falcon Gold Corp.
Falcon is a Canadian mineral exploration company focused on generating, acquiring, and exploring opportunities in North America. Falcon has the right to earn up to an 80% interest in the New York Canyon copper property from Canyon Copper Corp. Located in western Nevada, the property has been subject to 181 drill holes totaling approximately 39,000 m (128,000 ft) to date. Recent work by Copper Canyon was focused on the mineralized zones within 21 patented claims and much of the drilling was directed at the Longshot Ridge copper-oxide mineralization.
Historical drilling by Continental Oil Company (Conoco) identified significant intervals of copper and molybdenum mineralization which includes the 1977 drill hole MN-42 that intersected 1,040 ft (317m) of 0.41% Cu, 0.012% Mo and 4 ppm Ag within the Copper Queen zone located approximately 3 kilometers west of the Longshot Ridge zone. Based on compilation of historical exploration data which includes diamond drilling and geophysical surveys (Induced Polarization and Magnetics), the Longshot Ridge, Champion, and Copper Queen zones represent priority target areas of exploration for porphyry, and skarn-style mineralization and the development of mineral resources.
In addition to the New York Canyon project, Falcon holds a 100% interest in the Washington Silver project that includes the past producing Silver Bell mine located in the Republic Mining District, northeastern Washington, USA. Previous drilling by Falcon has demonstrated the high grade potential of this silver project with an intersection of 167 grams per tonne (g/t) Ag over 36.5 m including a high grade intercept of 511.57 g/t Ag and 0.83 g/t Au over 9.14 m.
Qualified Person and NI 43-101 Disclosure
Mr. Jamie Lavigne, P.Geo, and Falcon's Chief Geologist, has reviewed and approved the technical contents of this news release.
For additional information, please visit our website: www.falcongold.ca
Cautionary Language and Forward-Looking Statements
This news release may contain forward looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, etc. Forward looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
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.
Falcon Gold Corp.
CEO & Director
IR Pro Communications Inc.