Gainey and Garibaldi Sign Bulk Sampling Agreement; Potential for Long-Term Revenue Share
Thursday, February 26, 2015 8:30 AM
High-grade mineralized material from Garibaldi's gold project to be bulk-sampled at Gainey's advanced mill and processing centre
VANCOUVER, BC / ACCESSWIRE / February 26, 2015 / Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) ("Gainey" or the "Company") is pleased to announce it has signed a letter of intent with Garibaldi Resources to bulk sample mineralized material from Garibaldi's La Patilla project at Gainey's advanced 300 TPD mill and processing centre. Following successful bulk sampling of the material, which has assayed as high as 10.4 gpt Au, the companies will evaluate the potential for processing over the long term via a Tolling/Revenue/Profit sharing business model agreement.
Gainey's 100%-owned mill and processing centre, which is the only one in the region with gravity and flotation circuits for optimized returns, is located in close proximity to Garibaldi's La Pailla property. Both the mill and Garibaldi's property are easily accessible and surrounded by excellent infrastructure in established mining districts.
David Coburn, CEO of Gainey Capital, commented, "Garibaldi's La Patilla gold mining project is located close to our mill and their 2014 drill program returned very impressive grades and wide mineralization. With our mill and processing centre fully operational and capable of doubling its capacity with very low additional capital expenditure and at short notice, we are excited by the potential for Gainey and Garibaldi."
Steve Regoci, CEO of Garibaldi Resources, said, "Garibaldi acquired La Patilla as a near-term exploitation project and our drilling has delivered tremendous first pass results. What's more, we own our own drill rig, which keeps costs low. This agreement with Gainey gives us access to the most advanced mill and processing centre in the region and has the potential for a longer term partnership that could deliver considerable economic gain for both companies."
About Gainey Capital Corp.
Gainey Capital is a gold and silver exploration, development and ore processing company exploring an aggregate of 18,766 hectares strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The company's Mill, located on its El Colomo property property, is capable of processing up to 300 tons of ore per day and the company has the capability, including permitting, to upgrade to 600 tons per day with low capital expenditure. Additional information on Gainey Capital, its current operations and its vision is available on the Company's website at www.gaineycapital.com or from [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS
David Coburn, Chief Executive Officer
For information, please contact the Company:
E-mail: [email protected]
FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
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SOURCE: Gainey Capital Corp.