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Eagle Mountain Gold Corp.(fka EMGCF) RSS Feed

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Welcome to 

 

Eagle Mountain Gold Corp.

 

  TK.   ( EMGCF)  


 
 

Eagle Mountain Gold Corp. is working aggressively to commence production in 2014 at its advanced-stage Eagle Mountain gold project in Guyana, South America. In strategic partnership with IAMGOLD, the high-quality asset has an existing NI 43-101-compliant resource of 188,000 indicated and 792,000 inferred gold ounces.

http://www.iamgold.com/English/News/News-Releases/News-Release-Details/2013/IAMGOLD-Indirectly-Acquires-Additional-Shares-in-Eagle-Mountain1133545/default.aspx

In mid-February, our strategic partner IAMGOLD indirectly doubled its ownership in Eagle Mountain to 14.93%. This followed the exercise of an option held by Eagle Mountain to acquire the remaining 50% interest in the Eagle Mountain property from Omai Gold Mines Ltd., a 95%-owned subsidiary of IAMGOLD. The closing of this transaction gives Eagle Mountain 100% ownership of the property, establishes IAMGOLD indirectly as our largest shareholder and demonstrates their confidence in our team's ability to develop the project. Sprott Asset Management also holds a significant position in Eagle Mountain through the Sprott Gold & Precious Metals Fund.

http://www.iamgold.com

The resource at Eagle Mountain covers only 250 hectares of the 5,050-hectare property, providing excellent potential for expansion. The deposit remains open in three lateral directions and at depth, showing strong mineralization along its edges. The company also has an option to acquire up to 95% of Mowasi, a 17,000-hectare project directly adjacent to Eagle Mountain.


With gold starting at surface, Eagle Mountain is potentially suitable for low-cost, open-pit mining. The property has excellent access and is in close proximity to existing infrastructure, including existing roads, a small airport within four kilometres and waterways. The historic Omai gold mine, which produced over 3.7 million ounces of gold through 2005, is approximately 40 kilometres from Eagle Mountain. Guyana is a mining friendly, English-speaking democracy in South America.


Eagle Mountain Gold Corp. has an aggressive corporate development strategy. The company's experienced board, management and operating teams are proven in making mining discoveries and achieving production.

Eagle Mountain Gold Corp.'s shares currently trade on the TSX-V under the symbol Z, on the OTCQX as EMGCF and in Frankfurt as E9X.

 
Eagle Mountain Gold Corp. is a resource company with an advanced-stage gold exploration project in strategic partnership with IAMGOLD. The recent results of an NI 43-101 conducted by third party engineering firm ACA Howe shows an increase in total resource estimate by 34% over the Company?s 2010 NI 43-101 at the company?s Eagle Mountain Project. With a cut-off at 0.5 g/t Au, the Indicated resource measures 188,000 ounces averaging 1.49 g/t Au and the Inferred geological resource measures 792,000 ounces of gold averaging 1.19 g/t Au. The deposit remains open in three directions and shows potential for expansion with strong gold values at the edges of the mineral resource. In addition, infill drilling will be conducted to make compliant historical resource that fell out of QA/QC compliancy status from the 2010 NI 43-101 due to new industry-wide regulations imposed by the Securities Commission. The full NI 43-101 report is posted on                                                                                                                  
www.sedar.com.    
http://www.sedar.com/DisplayCompanyDocuments.do?lang=EN&issuerNo=00021487

In January of 2012, Eagle Mountain significantly improved its Earn-in and Joint Venture agreement with Omai Gold Mines Ltd., a subsidiary of IAMGOLD Corp, to earn a 100% interest in the Eagle Mountain gold project in Guyana.

 The most eye-catching change is that Eagle Mountain Gold doesn't have to make anymore cash payments to fully acquire the property. The Company immediately receives a 50% stake in the property in return for the issuance of 7.5 million shares of Eagle Mountain Gold to Omai Gold. Moreover, Eagle Mountain Gold earns the right to acquire the remaining 50% interest in Eagle Mountain on or before April 30, 2013, by paying Omai Gold $1 million in cash or shares, at Eagle Mountain Gold's discretion.

 On January 7, 2012, Eagle Mountain Gold entered into a definitive Share Purchase Agreement with Kensington Court Ventures Inc. (TSX:KCT)
http://kensingtoncourtventures.com/, a Capital Pool Company, whereby Kensington acquired 100% of the issued and outstanding shares of Eagle Mountain Gold's wholly-owned subsidiary, Stronghold Brasil Mineração Ltda, which holds a 100% interest in the Tucuma gold project, located in the State of Para, Brazil.

 Tucuma consists of 6 mining concessions comprising a land package of 11,456 hectares. Under the terms of the agreement, Eagle Mountain Gold will receive as consideration for the sale:


 16,300,000 common shares of Kensington, or approximately 52.3% of Kensington's issued and outstanding shares. These shares will add about $4 million to Eagle Mountain Gold's balance sheet.


 Three seats on the Kensington 5-member Board of Directors.


The Tucuma gold/copper property is located in the State of Para, Brazil and covers a total area of approximately 11,456 hectares.


Located in central Guyana, the Eagle Mountain Project is 45 kilometers from the historic Omai Gold Mine, which produced approximately four million ounces of gold before closing in 2005. The project is only 5 kilometers from the mining-friendly township of Madhia and relatively close to existing infrastructure. Guyana is a mining-friendly, English-speaking jurisdiction with a stable democracy based on British law.

Through an option agreement with
Mowasi Gold Corp., Eagle Mountain Gold Corp. can earn up to 95% interest in an additional 8,500 hectares of land adjacent to the Eagle Mountain Project.


 
The Eagle Mountain property has a resource estimate of 733,500 ounces of gold based on 179 drill holes totaling 24,203 meters. The resource has the potential of doubling in the next few quarters.

Management & Directors

Mr. Ioannis (Yannis) Tsitos
President, CEO & Director
Mr. Tsitos, MSc., has over 25 years experience in the Mining Industry, having spent 19 years with BHP Billiton group. Mr. Tsitos has lived and worked in South Africa, Ecuador, Greece and United Kingdom, and has been working in Canada since 2000. Originally a physicist-geophysicist, he left BHP Billiton in December 2007, where he had the title of New Business Manager for Minerals Exploration based in Vancouver. He holds a B.Sc degree in Physics from the University of Athens and a Master's degree in Applied Geophysics and Geology from the University of Birmingham, U.K. In addition, he has done management and finance studies as part of an MBA program with Herriot Watt University, Edinburgh. Mr. Tsitos brings to the Company a wealth of knowledge and extensive experience in the mining sector focused on exploration and development for a wide spectrum of commodities, from gold, base metals, nickel and diamonds to bulk minerals such as bauxite, coal and iron ore. Well-known in the Canadian and international exploration communities, he has worked on projects and has travelled for business in 32 countries. He has been instrumental in the identification, negotiation and execution of more than 50 exploration agreements with juniors, majors, as well as with state exploration and mining companies. Mr. Tsitos has also been part of two discovery teams with BHP Billiton in porphyry-copper and nickel-sulphide deposits. He is a member of the Association for Minerals Exploration British Columbia and Prospectors and Developers Association of Canada. He is also a director at First Bauxite Corporation.
Mr. Geoff Hampson
Chairman & Director

Mr. Hampson has a long history of building and investing in early stage companies in a wide variety of industries including the Resource Sector. He is the founder, Chief Executive Officer and Chairman of the Board of Fibrox Technologies Ltd., a producer of synthetic mineral fibre, since February 1994. He was the Chairman of the Board of Pacific Rodera Energy Inc (TSXV:PRD) and sits on the Board of Directors of International Samuel Exploration Inc (TSXV:ISS). Mr. Hampson was the President, Chief Executive Officer and a director of Peer 1 Network Enterprises Inc., an internet infrastructure company based in Vancouver, British Columbia, from June 2000 to December 2005. From 2007 until 2010 he was the founder, CEO and a director of Corelink Data Centers LLC, a colocation provider based in Chicago. In addition, he is and has been a director and officer of a number of other reporting issuers including Cricket Capital Corp., Green Global Investments Inc, and Cymat Technologies Ltd.
Mr. Art Freeze
Director

Mr. Freeze has 43 years of experience as an exploration and production geologist, spanning grass-roots exploration through to supervision of underground development programs. He has held consulting, supervising and management positions with major companies including: Cominco Ltd., Pasminco Ltd., Echo Bay Mines Ltd. and Pan American Silver Corp. Between 2002 and 2008, he was employed as principal Consulting Geologist to Goldcorp Inc., Silver Wheaton Corp., and New Gold Inc. Currently Mr. Freeze is President of Stillwater Enterprises Ltd. He sits as a Director of several public exploration companies. Mr. Freeze has extensive international experience in North, Central and South America, in Spain, in the former Soviet Republics and North Korea. He is a member of the Association of Professional Engineers and Geoscientists of British Columbia. Most recently Mr. Freeze has devoted the majority of his professional services to Orko Silver Corp. as a Technical Advisor and devotes approximately 20% of his time to Goldcorp Inc.
Dr. Luiz Bizzi
Director

The Company is pleased to announce the appointment of Dr. Luiz Augusto Bizzi to the Board of Directors of Carat Exploration Inc. Dr. Bizzi is a Brazilian/Italian professional geologist and Certified Investment Analyst with over 25 yrs experience in minerals exploration and business development in South America. His academic credentials include a PhD from the University of Cape Town in South Africa, an MBA from Fundação Getulio Vargas in Brazil and editing of the book "Geology, Tectonics and Mineral Resources of Brazil" in 2003. Minerals exploration experience in different parts of South America (Brazil, Chile, Peru, Colombia, Argentine, Venezuela and the Guyanas) and Southern Africa, mostly with major mining corporations (e.g.) Exploration Manager for South America for BHP Billiton and Technical Director for South America for De Beers / Anglo American) but also with smaller-scale companies (e.g. Vice President - Exploration of MBAC Fertilizers), government (e.g. Director of Geology and Mineral Resources at CPRM - the Brazilian Geological Survey) and banking institutions (e.g. Senior Consultant at BNDES - the Brazilian Development Bank).
Mr. Demetreus (Jim) Heras
Chairman Emeritus & Director
Mr. Heras is a businessman and entrepreneur and during his 45 year career he has been a director and executive of several private and public companies, having raised over $100 million dollars in financings. He has been President and owner of World Wide Seafoods from 1997 to present and of Seven Seas Fish Co. from 1967 to 1997. In the mid-nineties he was Director and Chairman of the Board of St. Philips Resources Inc., and negotiated the agreement with Royal Oak Mines on the Kemess copper-gold deposit (which later became a mine) in British Columbia and the final acquisition of St. Philips Resources by Royal Oak Mines. He was Director and President of Highgrade Ventures Ltd. from April 1993 to 2000 (subsequently this company was named Brasilca Mining Corp.). Mr. Heras is also Director of Carat Explorations Inc. In addition, he has held various directorships in private and public companies in land development and other real estate ventures.
Mr. Tim Crowhurst
Director

Mr. Crowhurst is an accomplished senior-level business manager and public policy communicator with a proven track record of success in the areas of international trade and political affairs, business restructuring and the development and implementation of strategic business initiatives. Prior to establishing a strategic planning and business advocacy consultancy in 1993, he served as a senior policy advisor to Canadian cabinet ministers with a variety of portfolio responsibilities. Through these high profile assignments, he developed a strong background in all aspects of the policy development process - from polling, conception and testing, to public outreach and marketing. He is skilled at managing turnaround operations for public companies and associations, having acted since 2004 as CEO for several mining exploration companies.
Mr. Geoff Watson
Director

Mr. Watson has been involved in various aspects of the securities industry over the past 30 years. His background includes 25 years in the brokerage community, during which time he was involved with retail and institutional client management, and the financing of numerous public companies. Mr. Watson has most recently been involved in corporate communications, business development and overseeing the financial affairs of several North American public companies.
Mr. Albert Wu
CFO

Mr. Wu is a certified Management Accountant and he received his Bachelor of Commerce Degree in 1969 and his MBA in 1971, both from the Chinese University of Hong Kong. In the last twenty five years, Mr Wu has been working with public companies in providing accounting and management services on a part-time basis. He is currently the CFO of First Bauxite Corporation, Carat Resources Inc., Silver Lake Resources Ltd., Urastar Energy Inc. and Pacific Imperial Mines Inc., all of which are public companies listed on the TSX Venture Exchange.Suite 1220, Oceanic Plaza


1066 West Hastings Street

Vancouver, BC V6E 3X1
ir@eaglemountaingoldcorp.com

 
Share Structure (as at February 11, 2013):
Outstanding Common Shares 37,083,526
Options 1,220,000
Warrants 19,638,250
Fully Diluted 54,941,776
 

Representation
 
IR & MEDIA RELATIONS:
Primoris Group Inc.
160 Eglinton Ave. E, Suite 602
Toronto, Ontario
Canada M4P 3B5
Telephone: +1 (416) 489-0092
Toll-free (North America): 1-866-437-9552
ir@eaglemountaingoldcorp.com
www.primorisgroup.com


 
ACCOUNTANTS:
Smythe Ratcliffe Chartered Accountants
700-355 Burrard Street
Vancouver, British Columbia
Canada V6C 2G8
www.SmytheRatcliffe.com


 
LEGAL REPRESENTATION:
Boughton Law Corporation
595 Burrard Street #700
Vancouver, British Columbia
Canada V6C 3P6
www.boughton.ca


 
TRANSFER AGENT:
Computershare
510 Burrard Street - 3rd Floor
Vancouver, British Columbia
Canada V6C 3B9
www.computershare.com

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