July 9, 2020 / Vancouver, BC / Corsurex Resource Corp., (CSE: CRC) (the “Company”) announces a name change to Gold Port Corporation, a three for one share consolidation and concurrent financing. The consolidation is on the basis of one new (1) for each three (3) old common shares and will result in the Company having 12,845,000 shares issued and outstanding pre financing. A new CUSIP and ISIN number will be issued. Registered shareholders of the Company will receive a letter of transmittal from the Company’s transfer agent with instructions for exchanging their pre-consolidation shares. Shareholders who hold their shares through a broker or other intermediary will not need to complete a letter of transmittal. The Company will not issue any fractional Shares as a result of the consolidation, but will round up or down to the nearest whole Share. In addition, all outstanding stock options of the Company will be cancelled. All existing warrants of the Company will be reduced by a factor of three, with the exercise price increased by a factor of three, with all other warrant terms remaining the same.
Concurrent with the Consolidation, the Company announces a Private Placement of up to five million units at a price of CDN$0.15 per unit for gross proceeds of up to CDN $750,000. Each unit will be comprised of one Share and one transferable common share purchase warrant. Each warrant will allow the holder to purchase one Share of the Company at a price of CDN$0.30 for a period of three years from closing. At the discretion of the Company, the warrant will be subject to an acceleration provision whereby if the shares of the Company trade for forty cents ($ 0.40) or above for more than ten consecutive trading days, the holder will have thirty days to exercise. The Private Placement will be open to all existing shareholders of the Company and interested parties who can rely upon an exemption from the registration and prospectus requirements of applicable securities laws to participate. A finder’s fee of 8% will be payable in connection with the financing. Proceeds from the Private Placement will be used to further evaluate and define the Groete Gold Copper Project located in Guyana, South America, and for general working capital purposes.
The Groete Gold Copper Project Guyana
The Company holds a 100% interest in the Groete Gold Copper Project located in Guyana, S.A. The National Instrument 43-101 Mineral Resource Estimate (the “Technical Report”) is in the Inferred Mineral Resource classification at an open pit cut-off grade of 0.25 g/t AuEq and is summarized in the table below. Mineral Resource estimation parameters including bulk density, metal values, process recoveries and pit optimization costs are detailed in Section 14 of the Technical Report. A gold price of US$1,275/oz was used for the Mineral Resource Estimate.
The Technical Report is available at SEDAR and a new Company website is under construction.
The project was last explored in 2012, which included a drill program that allowed the calculation of the above inferred mineral resource. The Company has maintained a full camp and security at the project site. The exploration plan will encompass camp expansion, heavy equipment rehabilitation in preparation for further drilling. The objective will be to potentially expand the known Mineral Resource and if possible, re-define the Mineral Resource into the Measured and Indicated classification. Approximately 1.2 kilometers of the known 4 kilometer strike have been evaluated by drilling. Further surface sampling to better define the mineral horizon will be undertaken in conjunction with drilling the historical target areas.
This news release has been reviewed and approved by independent Qualified Person, Eugene Puritch, P.Eng., FEC, CET, President of P&E Mining Consultants Inc..
Adrian Hobkirk, President and CEO of the Company, is quoted “Our objective will be to enhance the current defined Mineral Resource both in size and classification. Work to date has only drilled 1,200 meters of a 4 km strike. A Guyana experienced team is in place, and plans are set to move the project forward quickly.”
ON BEHALF OF THE BOARD OF DIRECTORS
Adrian Hobkirk, President, CEO and Director
No stock exchange or securities regulatory authority has reviewed or accepted responsibility for the adequacy or accuracy of this release.
Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties. For a description of the risks and uncertainties facing the Company and its business and affairs, readers should refer to the Company’s Management’s Discussion and Analysis and other disclosure filings with Canadian securities regulators, which are posted on www.sedar.com.