Avidian Gold Provides Corporate Update
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Avidian Gold Provides Corporate Update

Monday, March 30, 2020 8:00 AM
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Company Update

TORONTO, ON / ACCESSWIRE / March 30, 2020 / Avidian Gold Corp. ("Avidian" or the "Company") (TSX-V: AVG), an exploration Company with key gold assets in Alaska and Nevada announces that due to the COVID-19 pandemic the Company has suspended all activities and will in the short term focus on data analysis and strategic plans. Avidian's majority-controlled subsidiary, High Tide Resources, has delayed commencement of the diamond drilling program at the Labrador West Iron Ore Property located near Labrador City, Newfoundland & Labrador. The program will be initiated once health concerns associated with the COVID-19 pandemic subside.

Drill permitting continues at Avidian's Amanita Gold project which is adjacent and contiguous to Kinross's Fort Knox open-pit gold mine. The timing of the actual commencement of any drilling program on this project will also be dependent on the COVID-19 situation and the ability to work effectively in a safe and responsible manner.

David Anderson, Chairman and CEO states "Our first priority is the health and safety of our employees, contractors and the communities in which we operate. Until the current situation with COVID-19 subsides we could not effectively conduct a drill campaign in any of the jurisdictions in which our projects are located, and we will only re-activate these programs once the all clear is given by local, provincial/state and federal government authorities. In the meantime, the Company has enacted prudent measures to preserve capital and will be well positioned to return to active exploration in the months ahead".

The technical information contained in this news release has been approved by Steve Roebuck, P. Geo., President of Avidian, who is a Qualified Person as defined in "National Instrument 43-101, Standards of Disclosure for Mineral Projects."

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian's Golden Zone project also hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include the Amanita gold property which is adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.

Avidian is the majority owner of High Tide Resources, a private company, that owns the base metal Strickland Property, the Black Raven gold property and an option on the Labrador West Iron Ore property, all located in Newfoundland and Labrador, Canada.

Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities. Further details on the Corporation and the individual projects, including the NI 43-101 Technical report on the Golden Zone property, can be found on the Corporation's website at www.avidiangold.com.

For further information, please contact:
Steve Roebuck, President
Email: [email protected]

Neither 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.

Forward-looking information

This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities law.

SOURCE: Avidian Gold Corp.

Avidian Gold Corp.
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