Vancouver, British Columbia – March 10, 2022: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90A; ISIN: CA02137W2004; WKN: WKN A2ALMP)
Mr. George S. Young, Chairman & CEO is pleased to provide the following announcement in regard to the Company’s ongoing acquisition and development activities in Burkina Faso:
Extension Agreement to Binding Purchase Agreement Executed
In connection with the Company’s planned acquisition of the Marbera project in Burkina Faso under a binding purchase agreement as previously announced, the Company is pleased to further announce that it has entered into an Extension Agreement with the Sellers to extend the time for closing of the acquisition. The Extension Agreement comes in the wake of the recent coup in Burkina Faso, and the Company believes that it will allow for sufficient time for the reinstatement of the necessary governmental agencies, and for the completion of financing by the Company, to enable the completion and closing of the acquisition. It will also allow time for the completion of a Technical Report as recently announced and any required Exchange approvals prior to closing.
With the recent appointment of a complete compliment of government ministers, including the new Minister of Mines, Jean Alphonse Some, the Company believes that the conditions within Burkina Faso will soon be favorable again for financing and acquisition of new projects within the country. As recently announced, the preparation of a new Technical Report is well underway on the property.
George S. Young said “We continue to make significant progress advancing the Marbera project by working with the Sellers to extend the agreement to provide for time to complete the transaction and by engaging with such outstanding companies as Snowden Optiro to prepare a Technical Report on Form NI 43-101 along with LHC Mine Finance of London as financial advisors, and we believe we are well positioned to deliver exemplary value to our shareholders.”
Information of a technical and scientific nature that forms the basis of the disclosure in this press release has been prepared and approved by Dorian L. (Dusty) Nicol, a Qualified Person, under National Instrument 43-101, and Vice President, Exploration of Altair Resources Inc.
About Altair Resources Inc.
Altair Resources’ (TSX.V: AVX) primary focus is developing the Marbera project, Burkina Faso’s newest gold mine development opportunity. Marbera has a historical resource of 1.388 million ounces of gold at a grade of 0.95 g/t (0.5 gram cut off). An updated 43-101 compliant resource estimate is underway and will be completed in Q2 of 2022. A PEA and Feasibility Study will commence immediately after.
Burkina Faso is 2 nd in gold production in West Africa with four major mining companies operating successfully and 15 gold mines that have reached production. In addition, Altair shareholders own an option to acquire two producing gold mines in Kazakhstan.
For further information:
George S. Young
Chairman, CEO, Altair Resources Inc.
+1 (806) 886- 3317
[email protected] , www.altairresources.com
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 release.
This press release contains forward-looking statements with respect to the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from the results suggested by the forward-looking statements. In addition, the forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties.
There is significant risk that the forward-looking statements will not prove to be accurate, that the management’s assumptions may not be correct and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on the forward-looking statements.
Generally forward-looking statements can be identified by the use of terminology such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “forecast”, “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the completion of the private placement and the Company receiving regulatory approval to the partial revocation order. These forward-looking statements are based on a number of assumptions which may prove to be incorrect including, but not limited to, the Company receiving regulatory approval to the private placement and the partial revocation order application.
The forward-looking statements contained in this press release are made as of the date hereof or the dates specifically referenced in this press release, where applicable. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.