January 19, 2018 – International Samuel Exploration Corp. (the “Company” or “International Samuel”) (TSXV: ISS USA: ISSFF FSE: RFC2) increases its land position at the Williams gold/copper porphyry property by 2,536 ha for a total of 7695 ha. The Williams Property is on trend and northwest to the recent acquisition of AuRico Metals Inc. (Kemess Mine) by Centerra Gold Inc. in a $310 million dollar transaction. Located between the Williams Property and Centerra Gold Inc. acquisition is Amarc Resources Ltd.’s Joy project, which was recently funded by Hudbay Minerals Inc. for $3.15 million dollars.
The Williams gold/copper property hosts two large exploration targets, the T-Bill prospect which is prospective for mesothermal style gold mineralization, and the GIC porphyry prospect which is prospective for porphyry copper-gold-molybdenum style mineralization. The T-Bill prospect contains widespread alteration along with a large 1,200 by 2,300-metre gold in soil anomaly defined by gold greater than 100 parts ppb. The zone contains gold-rich quartz veins locally with visible gold. Historical drilling within a small portion of the anomaly (300 m by 300 m) intercepted 11 separate two-metre intervals containing more than 12 g/t gold. The best historical drill intersections include two metres at 24.8 g/t gold and two metres at 35.0 g/t gold. The mineralized veins occur as multiple subparallel vein swarms and could have bulk minable potential in addition to the high-grade underground vein targets.
International Samuel is pleased that Canadian Mining Hall of Fame inductee Michael Muzylowski has agreed to join the Company’s Advisory Board. Mr. Muzylowski is a geological engineer with a career spanning more than 35 years of varied experience in resource exploration and mining operations in diverse parts of the world. His diverse talents were instrumental in the discovery and development of 16 mineral deposits that became producing mines. He has directed grassroots exploration programs, developed properties from exploration to production and managed mining operations.
Conrad Swanson, President of International Samuel Exploration Corp., stated “I can’t say enough about Mr. Muzylowski, a Canadian Mining hall of famer. I have no doubt Mr. Muzylowski’s vast experience can assist in fast tracking our Company’s potential.”
Non-brokered Private Placement
The Company also would like to announce a non-brokered private placement which includes a flow-through unit offering (“FT Units”) of up to 4,500,000 FT Units, raising gross proceeds of up to $540,000. Each FT Unit, priced at $0.12 is comprised of one common share of the Company and one common share purchase warrant exercisable to acquire one non-flow-through (“NFT”) common share at a price of $0.15 per share for a period of 24 months from the closing date of the FT Unit offering, subject to abridgement of the exercise period (after the expiry of the 4 month hold period) with 30 days’ notice to holders in the event that the closing price of the Company’s shares for 10 consecutive trading days exceeds $0.25.
In addition, the Company has arranged a non-brokered non-flow-through private placement unit offering (the “NFT Units”) of up to 2,000,000 NFT Units, raising gross proceeds of $200,000. Each NFT Unit will be comprised of one common share of the Company at a subscription price of $0.10 per common share and one share purchase warrant entitling the holder thereof to purchase one additional common share of the Company at an exercise price of $0.15 per share for 24 months from the closing date of the NFT unit offering, subject to abridgement of the exercise period (after the expiry of the 4 month hold period) with 30 days’ notice to holders in the event that the closing price of the Company’s shares for 10 consecutive trading days exceeds $0.25.
The financings are subject to TSX Venture Exchange (“TSXV”) approval. The Company may pay a finder’s fee of 8% cash and/or 8% warrants to eligible persons in compliance with applicable securities laws and exchange policies. The proceeds of this private placement will be used for the purpose of carrying out the exploration programs on the Company’s British Columbia properties and for general working capital.
Technical disclosure in this news release has been reviewed and approved by Derrick Strickland P. Geo., a qualified person as defined by National Instrument 43-101.
The Company has not verified the historical exploration results reported for the former operators of the Williams gold/copper porphyry property.
ON BEHALF OF THE BOARD OF DIRECTORS,
For further information, please contact:
International Samuel Exploration Corp.
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 release.
Certain statements in this news release constitute “forward-looking” statements. These statements relate to future events or the Company’s future performance as described in the above news release. All such statements involve substantial known and unknown risks, uncertainties and other factors which may cause the actual results to vary from those expressed or implied by such forward-looking statements. Forward-looking statements involve significant risks and uncertainties, they should not be read as guarantees of future performance or results, and they will not necessarily be accurate indications of whether or not such results will be achieved. Actual results could differ materially from those anticipated due to a number of factors and risks. Although the forward-looking statements contained in this news release are based upon what management of the Company believes are reasonable assumptions on the date of this news release, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The forward-looking statements contained in this press release are made as of the date hereof and the Company disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required under applicable securities regulations.