VANCOUVER, Feb. 13, 2020 /CNW/ - Eros Resources Corp.
(TSX-V: "ERC" "Eros" or the "Company") is pleased to provide a
general corporate update on its activities, aside from the
activities at the Bell Mountain Gold-Silver Project discussed in a
news release of February 6,
2020. Eros has been active on multiple fronts, as it expands
its interests in both mineral properties and investments in junior
resource companies.
Investment Portfolio
Eros continues to be active with its investment portfolio which,
because of its strong focus on gold exploration companies, has
benefited significantly by the recent rise in the gold price. Since
the end of the third quarter of 2019, Eros' portfolio value has
enjoyed an increase of approximately $3,000,000, while at the same time exiting
portions of certain investments to fund the ongoing operations at
Bell Mountain. The Eros portfolio currently holds interests in 23
junior resource issuers.
Key investments held within the portfolio include:
- MAS Gold Corp. ("MAS"). MAS Gold Corp is a junior gold
exploration company with a focus on developing its advanced
properties in the La Ronge Gold Belt region of Saskatchewan.
Eros has participated in a number of private placements of MAS, and
intends to maintain its ownership position in MAS going
forward.
- Owl Capital Corp. ("Owl"). Eros has signed an agreement
to sell its interests in the Oro Cruz and Eastgate properties in
California and Nevada, as well as Eros' holdings share and
warrant holdings of Bullfrog Gold Corp. to Owl in exchange for a
35.9% interest in Owl. The transaction has not yet been
completed. Please refer to Eros' news release of April 25, 2019 for further details.
- Skeena Resources Limited. ("Skeena"). Skeena is a late
stage gold exploration company with a focus in the Golden Triangle
region of British Columbia. With strong exploration results,
along with recent financings and asset sales, Eros believes that
Skeena is well positioned for continued success.
- Eagle Plains Resources Ltd. ("EPL"). Eagle Plains is a
prospect generator within the junior resource industry, which has
been very active in the La Ronge Gold Belt region of
Saskatchewan. With its business model of staking ground,
completing early exploration work, and then spinning properties
out, it remains well positioned with its own investment portfolio
and maintains a strong cash position.
Currently, the overall value of the investment portfolio is in
excess of $7,500,000.
Interest in Bell Mountain Gold Deposit, Nevada
Since receiving notice that the Bell Mountain mining claims were
no longer subject to a moratorium from the Department of the Navy
(the "Navy") in the fourth quarter of 2018, Eros began aggressively
pursuing mine permitting on Bell Mountain Gold-Silver Project (see
News Release February 6, 2020).
The Preliminary Environmental Assessment of Bell Mountain
entered its 30 day public comment period on January 31, 2020. Eros anticipates receiving a
"Finding of No Significant Impact" (FONSI) for the Bell Mountain
Gold-Silver Project in 2020 with approval of the Environmental
Assessment. Eros also expects to have various mine operating
permits well advanced in 2020.
For more information, please refer to the news release issued on
February 6th, 2020.
Interest in SnipGold Corp. Property
Eros retains a 5% interest in the Hemlo West claim block, on the
Iskut River property in British
Columbia held by Seabridge Gold Inc (through its ownership
of SnipGold Corp.), who holds the other 95% interest. The
interest was acquired from Golden
Band. The Company intends to advance its interests in
the property, along with Seabridge Gold Inc.
Hatchet Lake Uranium Property
Eros continues to hold a 29.85% interest in the Hatchet Lake
Joint Venture (the "JV"). Denison
Mines holds the remaining interest and is the operator of
the JV. Located 17 kilometres north of the McClean Lake
uranium mill, in the shallow eastern portion of the Athabasca basin of Saskatchewan, the property has boasted
significant mineralization in historic drill holes. Eros has
received notice of Denison's proposed work program and has
responded that it intends to maintain its interest.
About Eros
Eros Resources Corp. is a Canadian public company. Eros'
business objective is the identification, acquisition and
exploration of advanced projects with a North American focus.
Another focus of the Company is to make strategic investments
with a global focus and a diverse commodity base. The Company's
expertise in the resource sector supports the selection of these
strategic investments.
On Behalf of the Board of Directors of EROS Resources
Corp.
Ronald K. Netolitzky
President & CEO
NEITHER THE 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.
This news release includes certain forward-looking statements
or information that could cause actual results to differ materially
from Eros' plans or expectations. All statements other than
statements of historical fact included in this release, including,
without limitation, statements regarding metallurgical
results and outcomes, any updated technical report, are
forward-looking statements that 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.
Forward-looking statements are subject to a variety of risks
and uncertainties, which could cause actual events, level of
activity, performance or results to differ materially from those
reflected in the forward-looking statements, including, without
limitation: risks relating to the actual results of current
exploration activities, fluctuating gold prices, possibility of
equipment breakdowns and delays, cost overruns, that Eros may lose
or abandon its property interests or may fail to receive necessary
licences and permits, availability of capital and financing and
general economic, market or business conditions.
The forward-looking statements included in this news release
are made as of the date hereof and Eros disclaims any intention or
obligation to update or revise any forward-looking statements,
whether as a result of new information, future events or otherwise,
except as expressly required by applicable securities
legislation.
SOURCE Eros Resources Corp.