ANTHEM RESOURCES INC
News Releases in 2015
2015 January 09, 2015 Anthem Corporate Update NR: 15-01
Anthem Resources Inc. (TSXV: AYN) ("Anthem" or "the Company") is pleased to provide a corporate update including activity at its Canadian uranium properties, and acquisition of new claims for gold in Quebec. The company continues its strategy to conserve capital, in advance of the restructuring of Boss Power Corp., of which Anthem holds 27.25 million shares or 34.7%.
Boss Power Corp. (TSXV: BPU) ("Boss Power")
A Special Meeting of the Shareholders of Boss Power will be held January 19, 2015 to approve its divisive re-organization. As noted in Anthem's news release of November 24, 2014, Anthem and other parties have entered into lock-up agreements with Boss Power, which, amongst other things, ensure they will irrevocably vote their Boss shares, representing approximately 67.3 per cent of outstanding Boss shares, in favour of the arrangement. Assuming that the holders of the Boss shares approve the arrangement, and the requisite court and regulatory approvals are obtained, the closing is now expected to take place on January 23, 2015. An Information Circular detailing the arrangement has been posted under Boss Power's profile on SEDAR and on Boss Power's website.
Saskatchewan Uranium Joint Ventures
Anthem holds a 41.7% interest in each of the Hatchet Lake and Murphy Lake Joint Ventures, located in the shallow, eastern portion of the Athabasca Basin. Denison Mines Corp. is the operator and the target is unconformity-type uranium deposits similar to the nearby McLean Lake mine. For Hatchet Lake, Denison has budgeted $760,000 to complete ground geophysics and drilling of 7 or 8 holes totalling 2000 m on the Tuning Fork grid. Drilling is expected to commence in mid-January. At Murphy Lake, Denison plans to spend $608,000 to complete ground geophysics and drilling of four holes totalling about 1400 m in June-July. Anthem believes that the uranium market will remain depressed for the foreseeable future and therefore has elected not to contribute to either program for 2015, and will be diluted to an estimated 36% JV interest for Hatchet Lake, and 32% for Murphy Lake.
Quebec Uranium (Otish Minerals Ltd.)
Anthem has executed a Settlement Agreement with Virginia Energy Resources Inc., (TSX.V: VUI; OTCQX: VEGYF) ("Virginia Energy") whereby Virginia Energy will transfer full ownership of subsidiary Otish Minerals Ltd. ("Otish minerals") to Anthem in return for full and final satisfaction of its indebtedness to Anthem of $3.9 million. Otish Minerals' primary asset is the Otish uranium property in central Quebec, which was explored by Virginia and Anthem between 2007 and 2012. It also holds the Chateau Fort gold property described below.
Pursuant to a Purchase Agreement between the parties dated August 20, 2012, Virginia Energy purchased from Anthem full ownership of Otish Minerals. In lieu of immediate payment for the purchase, Virginia Energy issued a promissory note payable to Anthem for $3.9 million. Under the terms of the Settlement Agreement, Virginia Energy has transferred back to Anthem its full ownership of Otish Minerals, and Anthem accepts the transfer as full and final settlement of the debt. Anthem has previously written down the value of this investment to zero, reflecting its impairment due to a government moratorium on uranium exploration.
In March, 2013, the Government of Quebec announced it would conduct an impact study on the exploration and development of uranium in the province. The Bureau d'Audiences Publiques sur l'Environnement ("BAPE") was given a mandate to complete this study and submit a report no later than May 20, 2015 to the Minister of Sustainable Development, Environment and the Fight Against Climate Change, who will then have 60 days to make the report public. In the meantime, the Government says that no certificate of authorization will be issued for the exploration or development of uranium in Quebec until the study is completed. The Company is awaiting the outcome of the BAPE study and considering its options..
Chateau Fort Gold Property, Quebec
Anthem has completed substantial staking in recent weeks to nearly double the size of the Chateau Fort gold property held by its re-acquired subsidiary Otish Minerals Ltd. The new staking brings the property to 18,867 hectares in size and follows the discovery, by Visible Gold Mines Inc. (TSX.V: VGD or "Visible Gold"), of high-grade Au-Cu-Ag boulders at Km 147 and KM 150 along the newly constructed Route 167 Extension, a 4-season road. Anthem's property adjoins Visible Gold's property, as well as the past-producing, high-grade Eastmain gold mine of Eastmain Resources Inc. (TSX.V: ER). The claims were selected to cover prospective geology and geophysical trends from the Eastmain mine, as well as Au, Ag, Cu, Zn and As anomalies from proprietary, in-house surficial geochemical surveys (lake bottom, soil and stream sediments). Compilation work has identified at least eight high-priority targets for follow-up. A new map of the property will be posted to the Anthem website.
The technical information in this news release has been reviewed by Michael S. Cathro, PGeo, Anthem's vice-president of exploration and a qualified person as defined by National Instrument 43-101.
About Anthem Resources
Anthem Resources Inc. is a Canadian exploration company, which holds a number of mineral properties, joint ventures and royalty interests. Anthem also owns a portfolio of securities in various junior exploration companies including 27,250,000 shares of Boss Power.
On Behalf of the Board of Directors of
ANTHEM RESOURCES INC.
Walter Coles Jr.
President & CEO
Forward-Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the Arrangement, are forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Anthem's expectations include uncertainty as to the completion of the Blizzard Settlement and the Transaction in accordance with the terms and conditions of the binding letter agreement; the accuracy of management's assessment of the effects of the successful completion of the transaction; the timing and prospects for Boss Power's shareholder acceptance of the Arrangement and the implementation thereof; and the satisfaction of any conditions to an Arrangement. Anthem's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Anthem assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
You can view the Previous News Releases item: Mon Nov 24, 2014, Boss Power to Complete Divisive Reorganization in January page, or press the Back button on your browser.
Anthem Resources Inc. (TSXV: AYN) ("Anthem" or "the Company") is pleased to provide a corporate update including activity at its Canadian uranium properties, and acquisition of new claims for gold in Quebec. The company continues its strategy to conserve capital, in advance of the restructuring of Boss Power Corp., of which Anthem holds 27.25 million shares or 34.7%.
Boss Power Corp. (TSXV: BPU) ("Boss Power")
A Special Meeting of the Shareholders of Boss Power will be held January 19, 2015 to approve its divisive re-organization. As noted in Anthem's news release of November 24, 2014, Anthem and other parties have entered into lock-up agreements with Boss Power, which, amongst other things, ensure they will irrevocably vote their Boss shares, representing approximately 67.3 per cent of outstanding Boss shares, in favour of the arrangement. Assuming that the holders of the Boss shares approve the arrangement, and the requisite court and regulatory approvals are obtained, the closing is now expected to take place on January 23, 2015. An Information Circular detailing the arrangement has been posted under Boss Power's profile on SEDAR and on Boss Power's website.
Saskatchewan Uranium Joint Ventures
Anthem holds a 41.7% interest in each of the Hatchet Lake and Murphy Lake Joint Ventures, located in the shallow, eastern portion of the Athabasca Basin. Denison Mines Corp. is the operator and the target is unconformity-type uranium deposits similar to the nearby McLean Lake mine. For Hatchet Lake, Denison has budgeted $760,000 to complete ground geophysics and drilling of 7 or 8 holes totalling 2000 m on the Tuning Fork grid. Drilling is expected to commence in mid-January. At Murphy Lake, Denison plans to spend $608,000 to complete ground geophysics and drilling of four holes totalling about 1400 m in June-July. Anthem believes that the uranium market will remain depressed for the foreseeable future and therefore has elected not to contribute to either program for 2015, and will be diluted to an estimated 36% JV interest for Hatchet Lake, and 32% for Murphy Lake.
Quebec Uranium (Otish Minerals Ltd.)
Anthem has executed a Settlement Agreement with Virginia Energy Resources Inc., (TSX.V: VUI; OTCQX: VEGYF) ("Virginia Energy") whereby Virginia Energy will transfer full ownership of subsidiary Otish Minerals Ltd. ("Otish minerals") to Anthem in return for full and final satisfaction of its indebtedness to Anthem of $3.9 million. Otish Minerals' primary asset is the Otish uranium property in central Quebec, which was explored by Virginia and Anthem between 2007 and 2012. It also holds the Chateau Fort gold property described below.
Pursuant to a Purchase Agreement between the parties dated August 20, 2012, Virginia Energy purchased from Anthem full ownership of Otish Minerals. In lieu of immediate payment for the purchase, Virginia Energy issued a promissory note payable to Anthem for $3.9 million. Under the terms of the Settlement Agreement, Virginia Energy has transferred back to Anthem its full ownership of Otish Minerals, and Anthem accepts the transfer as full and final settlement of the debt. Anthem has previously written down the value of this investment to zero, reflecting its impairment due to a government moratorium on uranium exploration.
In March, 2013, the Government of Quebec announced it would conduct an impact study on the exploration and development of uranium in the province. The Bureau d'Audiences Publiques sur l'Environnement ("BAPE") was given a mandate to complete this study and submit a report no later than May 20, 2015 to the Minister of Sustainable Development, Environment and the Fight Against Climate Change, who will then have 60 days to make the report public. In the meantime, the Government says that no certificate of authorization will be issued for the exploration or development of uranium in Quebec until the study is completed. The Company is awaiting the outcome of the BAPE study and considering its options..
Chateau Fort Gold Property, Quebec
Anthem has completed substantial staking in recent weeks to nearly double the size of the Chateau Fort gold property held by its re-acquired subsidiary Otish Minerals Ltd. The new staking brings the property to 18,867 hectares in size and follows the discovery, by Visible Gold Mines Inc. (TSX.V: VGD or "Visible Gold"), of high-grade Au-Cu-Ag boulders at Km 147 and KM 150 along the newly constructed Route 167 Extension, a 4-season road. Anthem's property adjoins Visible Gold's property, as well as the past-producing, high-grade Eastmain gold mine of Eastmain Resources Inc. (TSX.V: ER). The claims were selected to cover prospective geology and geophysical trends from the Eastmain mine, as well as Au, Ag, Cu, Zn and As anomalies from proprietary, in-house surficial geochemical surveys (lake bottom, soil and stream sediments). Compilation work has identified at least eight high-priority targets for follow-up. A new map of the property will be posted to the Anthem website.
The technical information in this news release has been reviewed by Michael S. Cathro, PGeo, Anthem's vice-president of exploration and a qualified person as defined by National Instrument 43-101.
About Anthem Resources
Anthem Resources Inc. is a Canadian exploration company, which holds a number of mineral properties, joint ventures and royalty interests. Anthem also owns a portfolio of securities in various junior exploration companies including 27,250,000 shares of Boss Power.
On Behalf of the Board of Directors of
ANTHEM RESOURCES INC.
Walter Coles Jr.
President & CEO
Forward-Looking Information: This release contains forward-looking information within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, plans for and intentions with respect to the Arrangement, are forward-looking statements. Forward-looking statements involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from Anthem's expectations include uncertainty as to the completion of the Blizzard Settlement and the Transaction in accordance with the terms and conditions of the binding letter agreement; the accuracy of management's assessment of the effects of the successful completion of the transaction; the timing and prospects for Boss Power's shareholder acceptance of the Arrangement and the implementation thereof; and the satisfaction of any conditions to an Arrangement. Anthem's forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made. Anthem assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change.
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.
For further information contact: Walter Coles, Jr., President/CEO or Tony Perri - Investor Relations, Manager
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 669-4799 Website: www.anthemresourcesinc.com
Suite 611, 675 W. Hastings Street Vancouver, British Columbia, Canada V6B 1N2
Tel: (604) 669-4799 Website: www.anthemresourcesinc.com
You can view the Previous News Releases item: Mon Nov 24, 2014, Boss Power to Complete Divisive Reorganization in January page, or press the Back button on your browser.
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