Tigris Uranium Corp. Completes Reverse Takeover: Changes Name to Wolfpack Gold Corp.
VANCOUVER, May 21, 2013 /PRNewswire/ - Tigris Uranium Corp. (TSX.V: TU) (“Tigris”), and Wolfpack Gold Corp. (“Wolfpack”) are pleased
to announce the completion of the previously announced reverse takeover
transaction (the “Transaction”) pursuant to which Tigris acquired all
of the issued and outstanding shares of Wolfpack through a
three-cornered amalgamation (the “Amalgamation”) whereby Wolfpack
amalgamated with a wholly-owned subsidiary of Tigris.
Name Change and Stock Symbol
In connection with closing of the Transaction, Tigris has changed its
name from “Tigris Uranium Corp.” to “Wolfpack Gold Corp.” (the combined
company, the “Company”).
The Company will continue to be classified as a Tier 1 mineral
exploration issuer on the TSX Venture Exchange (“TSXV”). The common
shares of the Company are expected to commence trading on the TSXV when
the market opens on May 21, 2013 under the new name (Wolfpack) and
trading symbol “WFP”.
The Company’s Assets
Wolfpack’s mandate is to advance low cost heap leach and high grade
underground gold projects towards production in the western United
States while maintaining an important asset base in uranium. The
Company owns a significant portfolio of gold properties located in
Nevada and surrounding states and has options to acquire certain
properties, including the Castle Black Rock and Adelaide Properties
located in Nevada. The Company’s portfolio has seen little to no
activity since gold prices were below USD$400/oz. Both Adelaide and
Castle Black Rock have previous operating histories as open pit heap
leach operations during the late 1980s, when they were closed due to
low gold prices.
The Company is committed to maximizing shareholder value and is well
positioned with cash and marketable securities of approximately $8.2
million and a low annual expenditure rate. In addition, the Company
owns 115,000+ acres (46,400 ha) of private mineral rights, with an
indicated resource of 26.6 MM pounds U(3)O(8) at an average grade of 0.105% e U(3)O(8 )and an inferred resource of 6.1 MM pounds U(3)O(8) at an average grand of 0.110 e U(3)O(8) (Beahm, 2012). The mining properties are located in New Mexico’s
Crownpoint Uranium District, a portion of which are under NRC license,
and benefit from an increasingly progressive New Mexico regulatory and
The newly combined company has a well-rounded portfolio of gold
properties focused in and around central and northern Nevada. The
Company’s management, building on a track record of success in the
uranium sector, will continue advancing its Crownpoint and Hosta Butte
uranium assets in New Mexico, while studying ways to maximize the value
of those assets in an improving uranium market. Management has also
been structured to provide the best possible guidance in moving the
Company’s most advanced gold properties forward, while evaluating its
other key precious metals properties in and around the most highly
productive gold belts of Nevada.
2013 Nevada Precious Metals Program
With the completion of the Transaction, Wolfpack’s geologic staff is in
the field evaluating its property portfolio for further work later in
the season and for possible joint agreements with other explorers.
Although many the Company’s properties are concentrated near the
prominent historic and modern mining town of Tonopah, Nevada, some of
the better known properties in the portfolio are sediment and volcanic
hosted precious metal targets on the most prominent and highly
productive trends of north-central Nevada.
The Adelaide property, located on the Battle Mountain – Eureka Trend and
near the Getchell Trend, offers a variety of gold and gold-silver
targets in possible high grade underground to moderate grade open pit
configurations. The Company has permitted underground access to one of
the high grade zones, although significant drilling and modeling are
still required prior to any commitment to begin underground access
work. In the near term, preparations are being made for a planned
June-July reverse circulation drilling program. Initially, this
program will test extensions of the high grade vein style
mineralization in the vicinity of the open pits. A step out program is
also planned for areas to the north, where historic drilling suggests
sediment hosted gold may be related to extensively intruded fault
zones. Mapping is expected to fine tune these existing targets and to
possibly develop new ones related to the more productive structures,
host rocks sediments and intrusive bodies.
Immediately prior to the Amalgamation, the Company completed the
consolidation of its issued and outstanding common shares on the basis
of three (3) “old” common shares for one (1) “new” common share
Pursuant to the Amalgamation, each common share of Wolfpack has been
exchanged for one post-Consolidation common share of the Company, and
convertible securities of Wolfpack have been exchanged for convertible
securities of the Company on a one-for-one basis, post-Consolidation.
The Company has received final TSXV approval of the Transaction.
Details of the Transaction, including those related to the business and
properties of the Company, can be found in the Company’s press releases
of December 7, 2012, January 31, 2013 and April 29, 2013, and are more
particularly described in the Company’s Filing Statement dated April
29, 2013, all of which are available on SEDAR at www.sedar.com under the Company’s profile.
With the completion of the Transaction the Board of Directors and
management are now as disclosed in the company’s previous news release
dated April 29(th), 2013.
After completion of the Transactions, the Company has 49,897,750 common
shares issued and outstanding, of which approximately 60% represent
shares held by shareholders of Wolfpack prior to closing of the
Technical information in this press release relating to Wolfpack has
been reviewed and approved by Mark J. Abrams, MSc, PG, RG, the
Company’s Vice-President of Exploration and a Qualified Person as
defined in National Instrument 43-101.
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.
This press release contains projections and forward-looking information
that involve various risks and uncertainties regarding future events.
Such forward-looking information can include without limitation
statements based on current expectations involving a number of risks
and uncertainties and are not guarantees of future performance. There
are numerous risks and uncertainties that could cause actual results
and the Company’s plans and objectives to differ materially from those
expressed in the forward-looking information. Actual results and future
events could differ materially from those anticipated in such
information. These and all subsequent written and oral forward-looking
information are based on estimates and opinions of management on the
dates they are made and are expressly qualified in their entirety by
this notice. Except as required by law, the Company assumes no
obligation to update forward-looking information should circumstances
or management’s estimates or opinions change.
SOURCE Tigris Uranium Corp.