Southern Empire and MAS Gold receive Interim Order for Plan of Arrangement

ID: 1560851
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(businesspress24) - Southern Empire and MAS Gold receive Interim Order for Plan of Arrangement

This news release is not for distribution to U.S. newswire services for dissemination in the United States.

Vancouver, BC - September 16, 2020 - Southern Empire Resources Corp. (TSX-V:SMP) (Frankfurt:5RE) (WKN:A2P197) are pleased to announce the receipt of an interim order from the Supreme Court of British Columbia (the Interim Order) in connection with Southern Empires previously announced acquisition of all of the issued and outstanding shares of MAS Gold pursuant to a plan of arrangement in accordance with the Business Corporations Act (British Columbia) (the Arrangement).

Dale Wallster, Southern Empires President and CEO stated: Following the closing of the Arrangement, which is expected in the fall of 2020, we will have a strong balance sheet, with no debt and a robust cash position to fund a two pronged exploration effort that will target the expansion of the current Saskatchewan NI 43-101 resources as well as continued exploration and development of our Oro Cruz Gold Project.

Highlights of Southern Empires MAS Gold Acquisition

The Arrangement will result in Southern Empire acquiring interests in two road accessible, advanced-stage gold deposits located approximately 60 kilometres west of SSR Mining Inc.s Seabee/Santoy gold operations in the La Ronge Gold Belt of Saskatchewan, Canada:

· the North Lake Gold Deposit, located on the Preview-North property, has an Inferred Mineral Resource estimated at 417,000 ounces of gold (oz Au) contained in 14,110,000 tonnes (t) grading 0.92 grams gold per tonne (g Au/t); see MAS Golds News Release dated March 25, 2020 and their NI 43-101 Technical Report dated April 10, 2020 available on SEDAR
· the Greywacke North Gold Deposit, one of several known stratabound, high-grade gold-bearing zones on the Greywacke Lake Property, 33 kilometres southwest of Greywacke North, has 95,600 oz Au comprising an Indicated Mineral Resource of 255,500 t at 9.92 g Au/t, plus an Inferred Mineral Resource of 59,130 t at 7.42 g Au/t, at a cut-off grade of 5 g Au/t; see MAS Golds NI 43-101 Technical Report of June 1, 2016 available on SEDAR


· Significant potential for resource expansion exists at both the Greywacke North and North Lake deposits
· Saskatchewan is repeatedly acknowledged as one of the best mining jurisdictions in the world.
· Excellent exploration potential also exists for MAS Golds Preview-North Property (which hosts the Point gold deposit), Henry Lake and Elizabeth Lake properties.

The Interim Order provides for, among other things, a meeting of the MAS Gold shareholders to consider and vote upon the Arrangement. Details of the Arrangement, including a summary of the terms and conditions of the arrangement agreement, will be disclosed in the management information circular and related documents that MAS Gold will make available on SEDAR and mail out to its shareholders.

About Southern Empire Resources Corp.

Southern Empire is focused on the acquisition, exploration and development of gold deposits in North America.

At the Oro Cruz Gold Project, in the Cargo Muchacho mountains of Imperial County, southeastern California, Southern Empire owns the American Girl Mine Property and holds options to acquire a 100% interest in the 2,160 hectares (5,338 acre) Oro Cruz Property located approximately 22.5 kilometres (14 miles) southeast of the operating Mesquite gold mine of Equinox Gold Corp.

With a history that includes extensive drilling and large-scale open pit and underground mining, which was suspended during the gold market downturn in 1996, the Oro Cruz Gold Project hosts many exploration targets in addition to a high-grade oxide gold zone that, based on the historical mine operation records, is amenable to conventional heap leach extractive methods. To watch a virtual fly by of Southern Empires Oro Cruz Gold Project, please visit the website.

Qualified Person (QP)

The scientific and technical information contained in this news release has been prepared, reviewed, verified and approved by David Tupper, P.Geo. (British Columbia), Southern Empires VP Exploration and a Qualified Person within the context of Canadian Securities Administrators National Instrument 43-101; Standards of Disclosure for Mineral Projects.


On behalf of the Board of Directors
Dale Wallster, CEO and Director
Southern Empire Resources Corp.


For further Information please visit our Website www.smp.gold and review our Sedar filings or contact Lubica Keighery:
Email: lubica(at)smp.gold
Phone: +1 778 889-5476
Web: www.smp.gold
LinkedIN: www.linkedin.com/company/southernempire


About this Press Release:
In Germany this press release is brought to you by Rohstoffaktien.news - your German news platform for international mining stocks. For more information visit www.akt.ie/ran-news


Cautionary Notice on Forward-Looking Information:
Information set forth in this news release may contain forward-looking statements that are based on assumptions as of the date of this news release. All statements, other than statements of historical fact, that address activities, events or developments that Southern Empire expects or anticipates will or may occur in the future are forward-looking statements that reflect managements current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. Southern Empire cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond Southern Empires control. Such factors include, among other things: risks and uncertainties relating to Southern Empires limited operating history and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, Southern Empire undertakes no obligation to publicly update or revise forward-looking information or statements.

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 news release.




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Date: 09/17/2020 - 05:49
Language: English
News-ID 1560851
Character count: 10071
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