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Gold Lakes Corp. (GLLKD)

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Last Post: 11/18/2017 10:01:47 AM - Followers: 122 - Board type: Free - Posts Today: 1

Latest News:

April 24, 2017: Gold Lakes Corp Retires Majority of Convertible Notes
LINK:  https://globenewswire.com/news-release/2017/04/24/970199/0/en/Gold-Lakes-Corp-Retires-Majority-of-Convertible-Notes.html 

Beachwood, Ohio, April 24, 2017 (GLOBE NEWSWIRE) -- Gold Lakes Corp., (the “Company”) (OTC PINK: GLLK) an exploration stage Blue-Sky company that specializes in acquiring and developing mining assets today announced that it has retired the majority of its convertible notes taken in the last two years, either thru repayment or thru issuance of shares in a strong effort to reenergize its balance sheet. 

The Company acknowledged that, although it still requires capital to keep the business going, it will be more judicious in any future financings. Over the past several months, it has focused on reducing the debt exposure on its balance sheet and is assessing new and more cost-effective sources of liquidity to finance its business. 

"Our stock has been under enormous pressure due to the heavy amount of debt converted into shares and introduced to the market. The dilution of the stock has been a concern to us, and all of our shareholders, and to hopefully see it coming to an end is a relief to us all. Going forward, we will still need to finance a portion of our operations, but we have tightened our belts and will continue to run very lean. We are confident that our approach will result in a significant increase in our stock price in the future." states Christopher Vallos, President of Gold Lakes Corp. 

Gold Lakes Corporation strategy is to identify and acquire prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. 
 


 
http://www.goldlakes.com/


 
Welcome to Elephant Country
 
ABOUT GOLD LAKES

As a new exploration play in the exceptionally prolific Abitibi Greenstone area, Gold Lakes represents compelling investment and takeover potential.

Gold has spiked over $1,300 for the first time in two years, and the Gold Miners ETF (GDX) has risen 50% since the start of 2016.

Gold Lakes Corporation strategy is to identify and acquire prospective properties in well-mineralized mining areas and advancing these properties toward making new discoveries within the Abitibi Greenstone Belt. For slightly over a century, the legendary Abitibi-Greenstone belt has produced hundreds of billions of dollars' worth of mostly gold, silver, copper and zinc.

This area of Northern Ontario and Quebec is comparable to Nevada's Carlin Trend.

The Abitibi Greenstone belt is an established gold mining district having produced over 100 mines and 180 million ounces of gold since 1901.



Golden Opportunities
 
THE PLAN
 

Under the direction of industry veteran Ed Morrow GLLK’s VP of Mining Exploration, the Company plans to be on the property presently to ascertain the areas and targets to commence its aggressive drilling program.

The Big Monty lies within the prolific Porcupine-Destor Fault Zone “PDFZ” (110 Million ounces of Au produced to date and adjacent to the North and Northwest borders by St. Andrews Goldfield’s Holt Property (SAS: TSXV) which has 2.8 Million Ounces of measured and indicated resources and 1.1 Million Ounces of inferred resources as of December 31, 2013.

GLLK management intends to prove that the Holt property gold system continues onto its claims.

The 2,846 acre Big Monty was acquired by GLLK in a deal with Flex Mining Ltd. A November 2012 Airborne Survey noted a variety of features characteristic of gold bearing fields within the seven claims making up the property.

Initially, the Company plans to do extensive groundwork and rock sampling, once the current geological report is interpreted, Eventually, an NI-43-101 report will be commissioned to delineate the indicated and reserve figures.

The Company fully intends to explore financing and JV opportunities with potential partners within the Abitibi Greenstone Belt.

Gold Lakes plans to conduct extensive geophysical work and a minimum 2000 metre drill program once financing is secured. The Porcupine-Destor fault system is believed to run generally East-West through the Big Monty property with numerous North East-South West cross faults providing several possible intersecting structural features which could possibly host economic mineralization.

The Abitibi Greenstone Belt area is also noteworthy for impressive grades:

• Bonterra Resources north of Val D’or Quebec, Gladiator Project in a recent announcement generated a high-grade intersection of 137.4 g/t over 2.5 m with coarse visible gold having been observed in the core.

• Oban Mining Corporation in a recent announcement genereated 41.8 g/t Au Over 2.5 Metres at Windfall Lake gold project located in Urban Barry Township, Québec.

• The Hislop mine reported 5.2 g/t of gold in ore. Hislop mine located in the prolific Timmins gold mining district, which lies within the Abitibi Greenstone Belt.

• Macassa gold operations owned by Kirkland Lake Gold Inc., is part of one of Canada’s oldest and richest systems. The Kirkland Lake Main Break system boasts production of 24 million troy ounces of gold over a span of 86 years and average historic grade of 16.5 g/t.

 

Area

The Abitibi Greenstone Belt

 

The Abitibi Greenstone Belt is an established gold mining district (comparable to Nevada’s Carlin trend) having produced over 100 mines and 180 million ounces of gold and more than 50 million ounces from the Cadillac Larder Fault Zone, from operations that include Lake Shore Gold’s Timmins West, the Kirkland Lake Gold complex and Goldcorp’s Porcupine. The Abitibi Greenstone area is also known for robust acquisition and takeover activity. In 2015, Oban Mining (OBM: TSX), with a market cap of north of $60 million, acquired five juniors in the region and has taken out several more to date. Oban is focused on a clear strategy of consolidation in the Abitibi and plans to become an intermediate producer within the near future. Its mandate is to drill test targets rapidly and advance or divest the rest. Oban is well financed with approximately $73 million in cash, cash equivalents and marketable securities.

Gold Lakes’ properties are located in the center of existing junior mining companies.
 

 
Properties
 
The Big Monty

The Big Monty Property consists of 7 claims totaling 2846 acres and is located approximately 70 kilometers north of Kirkland Lake, Ontario, and 68 kilometers east of Timmins, Ontario.

The Big Monty lies within the prolific Porcupine-Destor Fault Zone “PDFZ” (110 Million ounces of Au produced to date and adjacent to the North and Northwest borders by St. Andrews Goldfield’s Holt Property (SAS: TSXV) which has 2.8 Million Ounces of measured and indicated resources and 1.1 Million Ounces of inferred resources as of December 31, 2013.

Gold Lakes acquired 100% of the Big Monty property from Flex Mining Ltd.

A November 2012 Airborne Survey noted a variety of features characteristic of gold bearing fields within the seven claims making up the property.

 
The Ponderosa

Gold Lakes has recently acquired 100% interest in 31 claims in the Abitibi Greenstone Belt region. The new acquired land will be known as “The Ponderosa”.

The Ponderosa property consists of 329 claim units encompassing over 13,000 acres and is located in the townships of Frecheville, Stoughton and the Mistaken Islands of Ontario, Canada.

This new acquisition brings Gold Lakes total land holdings in the area to over 15,000 acres.

The company plans to conduct an airborne survey over the Ponderosa claims in the coming months. This airborne survey will tie in with the air borne survey that was previously completed on the Big Monty, to identify specific drill targets.

In addition, GLLK management intends to prove that the Holt property gold system continues onto its claims.
 

 
Takeover Activity

In June 2015 Oban Mining (OBM: TSX), with a market cap of north of $60 million, acquired five juniors in the region and has taken out several more to date. Oban is focused on a clear strategy of consolidation in the Abitibi Greenstone Belt and plans to become an intermediate producer within the near future.

Oban’s mandate is to drill test targets rapidly, advance or divest the rest. Oban is well financed with approximately $73 million in cash, cash equivalents and marketable securities.

In January 2016 Kirkland Lake Gold Inc. (TSX: KGI) closed a $178 million agreement to acquire all the outstanding shares of St Andrew Goldfields Ltd. (TSX: SAS) (OTCQX: STADF).

 

The new entity will have a strong production growth profile and is expected to produce 260-310k oz gold in 2016 with attractive cash costs between US$600-690/oz gold. Over 50% increase in proven & probable gold reserves to a combined 2.3m oz Au, and over 100% increase in measured & indicated gold resources, supporting long-term sustainable production profile.

Previous Abitibi Greenstone Belt 2015 acquisition activity:

• February 2015: Centerra Gold and Premier Gold Mines became 50/50 partners on Premier’s Trans-Canada Property in Ontario.

• March 2015: Goldcorp acquired Probe Mines for their deposit in Ontario.

• April 2015: Alamos Gold acquired Aurico Gold through a merger to gain exposure to its Young-Davidson Mine in Ontario

• April 2015: Yamana acquired Mega Precious Metals for their Monument Bay Gold Project in Manitoba.

• October 2015: Alamos just bought out Carlisle Goldfields for a premium of 62% to Carlisle’s closing price on October 14, 2015, and a 117% premium to its 30-day volume-weighted average price
 

Company Contacts
Gold Lakes Mining Company
Christopher Vallos, President
3401 Enterprise Parkway, Suite 340
Beachwood, Ohio 44122
888-123-4568
216-916-9303
Email: info@goldlakes.com

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PostSubject
#5225   Gllk live and learn, another tax write off!!! station1111 11/18/17 10:01:47 AM
#5224   Gllk should be a shame of themselves for Fkgllkd 11/17/17 10:05:29 AM
#5223   What a complete crock. Holding the little I tuckerabbott 11/16/17 11:32:15 AM
#5222   The odds aren't that good. This is headed rbtree 11/15/17 09:28:57 PM
#5221   Wow what a Joke acscialabbaii 11/15/17 08:42:16 PM
#5220   I'm still holding! it's a lotto play Nasdak2012 11/15/17 07:32:07 PM
#5219   GLLK still holding.$$$ station1111 11/15/17 12:32:06 PM
#5218   Anyone still holding. Rampage123 11/15/17 12:31:33 PM
#5216   Wow that split took me from 279000 to buttaflisw 11/14/17 04:54:39 PM
#5215   This is such bs Rampage123 11/14/17 02:54:05 PM
#5214   244,000 sold today equals 1.2 Billion shares dumped DialedIn2Trade 11/14/17 01:59:26 PM
#5213   there supposed to release their annual report soon....so Hal1812 11/14/17 12:32:09 PM
#5212   Someone just sold 131M shares!!! DialedIn2Trade 11/14/17 11:14:34 AM
#5211   .3888 How did that happen ? I'm actually hdll 11/14/17 09:53:34 AM
#5210   "just"? That's been the case here since mid-summer rbtree 11/13/17 11:53:51 PM
#5209   Why? It will be sub-penny soon enough. rbtree 11/13/17 11:52:09 PM
#5208   Damn mighty nice of you to drop by hdsmonkey 11/13/17 09:27:22 PM
#5206   let the dumping begin don't worry this wil Nasdak2012 11/13/17 05:58:03 PM
#5205   Short and simple you just became a victim csb043 11/13/17 03:15:30 PM
#5204   if you could buy more between .5-.10, would you? Hal1812 11/13/17 02:31:13 PM
#5203   Can someone make me understand what just happened Rampage123 11/13/17 01:48:48 PM
#5202   $GLLKD has 1084 shares sold so far... DialedIn2Trade 11/13/17 01:10:01 PM
#5201   My TD Canada is showing .50cents Rampage123 11/13/17 12:24:04 PM
#5200   Yes, E trade is the same, but it hdll 11/13/17 12:22:15 PM
#5199   I always said that is a "possibility". They hdll 11/13/17 12:16:14 PM
#5198   Anyone showing R/S on their screen ? hdll 11/13/17 12:07:46 PM
#5197   $GLLK $GLLKD Announces update... DialedIn2Trade 11/13/17 09:56:20 AM
#5196   GLLK one for 5,000 reverse split: Renee 11/10/17 04:20:40 PM
#5195   someone just dumped 40mil at .00001 :\ Hal1812 11/10/17 01:54:49 PM
#5194   Y’all will be 5,000% richer very soon lol...j/k StockWhale 11/10/17 01:47:34 PM
#5193   not all hero's wear capes Hal1812 11/10/17 11:15:30 AM
#5192   Thank You for the update. jbailey2705 11/10/17 10:07:10 AM
#5191   1:5000 R/S Monday, per FINRA: http://otce.finra.org/DailyList davidsson10 11/10/17 09:11:51 AM
#5190   Are we rich yet? Hal1812 11/08/17 08:56:10 PM
#5189   When you least expect it Gunmetal 11/06/17 04:41:50 PM
#5188   Any idea when the R/S will happen?? jbailey2705 11/06/17 12:40:53 PM
#5187   HERE WE GO!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Gunmetal 11/06/17 07:31:06 AM
#5186   Screw it in the Meantime I'll flip my Nasdak2012 11/04/17 09:59:03 PM
#5185   Sadly, there is zero chance of that happening. rbtree 11/02/17 03:38:27 AM
#5184   Should be. I get notifications from SEC, and hdll 10/31/17 02:24:31 PM
#5183   so 15 days from today??? Hal1812 10/31/17 02:15:43 PM
#5182   http://secfilings.com/searchresultswide.aspx?link=2&filingid=12348785 hdll 10/31/17 01:58:34 PM
#5181   Does anyone think that there is a possible Rampage123 10/31/17 11:50:56 AM
#5180   When on Earth is this R/S coming ? hdll 10/31/17 11:28:29 AM
#5179   Does anyone know if they are "required" to hdll 10/30/17 08:24:08 AM
#5178   Today should be the day. R/S. If hdll 10/30/17 08:18:00 AM
#5177   I hear you.. Well, all we can do hdll 10/27/17 03:37:25 PM
#5176   Same. I had so many high hopes for Mherrmann1988 10/27/17 03:02:42 PM
#5175   Next week will be very interesting for sure. hdll 10/27/17 12:03:18 PM
#5174   do you know how to get ahold of Tink 10/25/17 10:21:52 PM
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