Wolfpack Gold Shareholders Vote 99.97% in Support of Timberline Transaction
RENO, Nev.--(BUSINESS WIRE)--Wolfpack Gold Corp. (TSX-V: WFP) (“Wolfpack” or the “Company”) announces that at a Special Meeting held on August 5th, 2014, a total of 30,224,939 voting shares were cast at the meeting, representing 52.8% of the issued and outstanding common shares of the Company. With 99.97% of the vote in favor, shareholders have overwhelmingly supported the transaction whereby the Company’s non-uranium assets will be acquired by Timberline Resources Corporation (NYSE MKT: TLR; TSX-V: TBR) (“Timberline”) in exchange for Timberline shares as originally announced March 13, 2014. Current shareholders of Wolfpack will continue to hold their shares in the surviving company which will be renamed enCore Energy Corp. and shareholders will also receive 0.75 share of Timberline for each share of Wolfpack that they own. The Company’s considerable uranium assets will be the focus of enCore Energy which will continue to trade on the TSX Ventures exchange. The transaction is expected to close within the next ten days.
“Crownpoint and Hosta Butte Uranium Project Mineral Resource Technical Report, McKinley County, New Mexico, USA, Mineral Resource Technical Report - National Instrument 43-101”
The Company also announces that with 99.5% in favor, the following Directors were elected:
William M. Sheriff
William B. Harris
Nathan A. Tewalt
About Timberline Resources
Timberline Resources Corporation is exploring and developing advanced-stage gold properties in the western United States. Timberline holds a 50-percent carried interest ownership stake in the Butte Highlands Joint Venture in Montana. Timberline's exploration is primarily focused on the major gold districts of Nevada, where it is advancing its flagship Lookout Mountain Project toward a production decision while exploring a pipeline of quality earlier-stage projects at its South Eureka Property and elsewhere. Timberline’s leadership has a proven track record of discovering economic mineral deposits that are developed into profitable mines. Timberline is listed on the NYSE MKT where it trades under the symbol "TLR" and on the TSX Venture Exchange where it trades under the symbol "TBR".
About Wolfpack Gold Corp.
Wolfpack Gold's mandate is to advance low cost heap leach and high grade underground gold projects towards production in the western United States. The advanced Castle-Black Rock project has a previous operating history as an open pit heap leach operation before closing due to low gold prices in the 1980’s. In addition, the Company has a 100% interest, with no holding costs, on 115,000+ acres (46,400 ha) of private mineral rights in New Mexico, including the Crownpoint and Hosta Butte uranium deposits. These deposits contain an indicated resource of 26.6 MM pounds U3O8 at an average grade of 0.105% eU3O8 and an inferred resource of 6.1 MM pounds U3O8 at an average grade of 0.110 eU3O8 (1). A portion of these resources are under NRC license.
For additional information:
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.
(1) Technical Report, titled, “Crownpoint and Hosta Butte Uranium Project Mineral Resource Technical Report, McKinley County, New Mexico, USA, Mineral Resource Technical Report - National Instrument 43-101,” dated May 14, 2012, and authored by Douglas L. Beahm, PEng, PGeo.
Cautionary Note Regarding Forward-Looking Statements
Information set forth in this news release may involve forward-looking statements under applicable securities laws. Forward-looking statements are statements that relate to future, not past, events. In this context, forward-looking statements often address expected future business and financial performance, and often contain words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation; statements about the terms and completion of the business combination, bridge loan and related transactions are forward-looking statements. By their nature, forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following risks: failure to successfully negotiate a definitive agreement satisfactory to both parties; failure to successfully complete the parties’ respective due diligence review; and failure to satisfy all conditions precedent to the definitive business combination agreement, including any required shareholder approval and approval of the TSX Venture Exchange; failure to realize the anticipated benefits of the proposed transaction; and the additional risks identified in the management discussion and analysis section of Wolfpack Gold Corp.’s and Timberline Resources Corporation’s interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulators. Forward-looking statements are made based on management's beliefs, estimates and opinions on the date that statements are made and the respective companies undertakes no obligation to update forward-looking statements if these beliefs, estimates and opinions or other circumstances should change, except as required by applicable securities laws. Investors are cautioned against attributing undue certainty to forward-looking statements.