Vancouver, British Columbia – November 12, 2021: ALTAIR RESOURCES INC. (“ALTAIR” or the Company”) (TSX-V: AVX; Germany FRA: 90AA; ISIN: CA02137W2004; WKN: WKN A2ALMP) is pleased to announce that further to its news release dated May 10, 2021 regarding the acquisition of a 65% interest in the Simon Property located in the state of Nevada, the Company has received and filed the technical report on the Simon Property with the TSX Venture Exchange. Once accepted, the Company will move to complete the closing of the Simon Property option agreement.
The Company continues to work on the non-brokered private placement (the “Private Placement”) announced on July 12th, as amended July 13th, 2021. Further to news releases dated July 30th and August 30th, 2021 announcing the first and second tranche closings, the Company estimates that up to a further 10 million units (each a “Unit”) will be issued at a price of CDN$0.11 per Unit. Each Unit comprises one common share and one share purchase warrant, with each warrant entitling the holder to purchase an additional common share at a price of CDN$0.18 for a period of one year from the closing.
About Altair Resources Inc.
Altair is a gold and precious metal exploration company. Altair recently announced the signing of a binding agreement for the purchase of the Marbera 2 permits in Burkina Faso, hosting historic resources of over 1.3 million ounces of gold as shown by over 387,000 metres of drilling and 294,000 samples.
The Company also recently announced an agreement for the acquisition of two gold-producing properties in Kazakhstan containing a total historic indicated resource of 947,900 ounces of gold, open pit and underground, and a total historic inferred resource of 892,600 oz of gold, open pit and underground, with current aggregate gold production at the two properties of approximately 21,000 ounces of gold per year from the oxide zones of each property. The in-situ acquisition cost of these gold-producing assets is $58 per ounce.
Altair also has rights to acquire a 65-per-cent interest in the Simon gold and silver property located in the state of Nevada. A past producer, the Simon property presents an excellent opportunity for adding value, employing low-cost exploration activities to identify prime drilling sites in six anomalous zones previously identified with gold, silver and copper mineralization. The Simon property lies within the region that hosts the prolific Tonopah district, the Round Mountain gold mine and numerous other successful mining projects.
For further information:
George S. Young
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