TORONTO, ON / ACCESSWIRE / September 27, 2016 / Frontline Gold Corporation (TSXV: FGC) ("Frontline" or the "Company") announces that conditional on TSX-V approval it has granted stock options to purchase 10,500,000 common shares at $0.05 per share to officers, outside directors and four consultants. The options will expire on September 26, 2021.
Conditional on TSX-V approval, 10,500,000 options were granted to the follow directors, officers and consultants of the Company:
| Walter Henry | Officer/Director | 2,000,000 |
| Jim Patterson | Director | 1,500,000 |
| Darryl Sittler | Director | 1,500,000 |
| Tom Hussey | Officer/Director | 1,500,000 |
| Greg Isenor | Officer/Director | 1,500,000 |
| Laris Brauns | Consultant | 1,250,000 |
| Aydin Hencan | Turkish Employee | 500,000 |
| Erkan Gun | Turkish Employee | 500,000 |
| Perry English | Consultant | 250,000 |
Pursuant to the grant of these options, a total of 10,500,000 options are outstanding under Frontline's Stock Option Plan at this time, and 4,046,336 options remain available for issuance. Frontline has outstanding 140,463,361 shares and giving consideration to this option issuance, 150,963,361 shares on a fully diluted basis.
Frontline is a Canadian junior mineral exploration company. The Company's principal properties include the following:
-
Keban Tailings Project - Located approximately 45 km northwest from the city of Elazig, via paved highway, which is fully permitted, which includes the exclusive rights to process a minimum 114,000 tonnes of mineralized milled tailings stored in two areas within the defined tailings boundaries.
-
Kambertepe Tailings Project - Includes the exclusive rights to process approximately up to 6,000 tonnes of mineralized tailings, with the following average reported grades per tonne of tailings: 2.1% Copper, 21 g/t Silver, 1.9% Zinc, 0.5% Titanium and over 50% Iron, based on assays completed by Bureau Veritas, Vancouver, Canada, as noted from a Firat University report on the project dated March 15th, 2016.
-
Menderes Gold Project, a 6,194 ha (62 km²) contiguous land package located near the village of Efemçukuru, in Izmir Province, Western Turkey. The permits that make up the Menderes Gold Project were acquired for their excellent potential to host low to medium sulphidation, gold-mineralized epithermal vein systems. The Menderes Gold Project is contiguous to the eastern and southern property boundaries of Eldorado Gold's Efençukuru Mine (source: www.eldoradogold.com).
-
Niaouleni gold project, in southern Mali in the heart of West Africa's prolific gold belt. Active gold exploration projects in the immediate vicinity of Niaouleni include African Gold Group Inc.'s Kobada Gold Project (www.africangoldgroup.com). Within the general geographic area surrounding Niaouleni, there are approx. 12 operating mines, which make the economics of establishing mining operations very viable. Niaouleni sits between the 6.4Moz Lero mine (source: www.nordgold.com) & the 5.9Moz Morila mine (source: www.randgoldresources.com).
-
Flint Lake and Sandhill Lake Gold Projects which are adjacent to First Mining Finance's advanced stage exploration Cameron Lake Gold Deposit in Ontario. Measured & Indicated Resource: 8.9 Mt at 2.29 g/t for 650,000 ounces of gold. Inferred Resource: 14.9 Mt at 1.91 g/t for 920,000 ounces of gold (source: www.firstminingfinance.com.)
-
Red Lake (gold) and Birch-Uchi Greenstone Belt exploration properties, which include the Whitehorse Island Mining Patents, the Chukuni Gold Exploration project (adjacent to Goldcorp's Red Lake Gold Mine).
-
Production Royalty and Net Smelter Royalty on a portion of First Mining Finance's Pickle Crow Gold Project which was acquired from PC Gold Inc. (see http://www.frontlinegold.com/s/NewsReleases.asp?ReportID=668206&_Type=News-Releases&_Title=PC-Gold-Enters-Into-Agreement-to-Acquire-Mining-Claims)
The technical information herein was reviewed by Mr. Greg Isenor, P. Geo., who acts as Frontline's Qualified Person as defined by National Instrument 43-101.
Further information about the Company is available on the Company's website, www.frontlinegold.com, or our social media sites listed below:
Facebook: https://www.facebook.com/FrontlineGold/
Twitter: https://twitter.com/frontlinegold
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations; and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
"Walter Henry"
Walter Henry, President & CEO
FRONTLINE GOLD CORP.
Contact: Walter Henry
Telephone: (416) 362-9100
Fax: (416) 362-9300
Email: [email protected]
Website: www.frontlinegold.com
Frontline Gold Corp. (TSXV: FGC)
1 Toronto Street, Suite 201
Toronto, Ontario M5C 2V6
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Neither TSX Venture Exchange nor its Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Frontline Gold Corporation