#Mining #Stock News: Aurcana Silver (TSXV: $AUN.V)
(OTC: $AUNFF) Project Update, Filing of 1st Quarter Financials and Award of
Options; @AurcanaC
VANCOUVER, British Columbia - May 28, 2021 (Investorideas.com Newswire) AURCANA SILVER CORPORATION ("Aurcana" or the "Company") (TSXV: AUN, OTCQX: AUNFF) is pleased to announce another strong month of pre-production activities at the Company's wholly owned Revenue-Virginius Mine in Ouray, Colorado. The Company remains on track with the guidance provided in its May 4, 2021 press release for production to ramp up during July 2021 and its target of reaching full production levels in September 2021. During the month of May, key underground activities included continued steady advance rates in the vertical development of the alimak raises. The #1 Alimak Raise development is nearly complete and ready for installation of the timber and hoist. The #3 Alimak Raise has reached the 1800 level. Crosscut development to intersect the main Virginius vein on the 1800 level is on schedule and process plant upgrades remain on track. Operations are fully staffed.
Read this news,
featuring AUN in full at https://www.investorideas.com/CO/AUN/news/2021/05281Project-Update.asp
The
Company also announces its filing on SEDAR of its Unaudited Financial Statement
and Management Discussion and Analysis for the 1st quarter 2021.
Lastly,
the Company's Board of Directors has approved the issuance of incentive stock
options to purchase an aggregate of 6,120,000 common shares to management,
employees, directors, and consultants to the Company. The options have a term
of five years, with an exercise price per share of C$1.10, which represents
approximately a 25% premium over the 30 day VWAP of Aurcana's common shares on
the TSX Venture Exchange. The options will vest over a period of three years.
In line with the Company's objective to incentivize its operating team and to
create a culture where workers adopt an owner mindset, the options were awarded
to all levels of employees at the Company's wholly owned Ouray Silver Mines,
Inc. (100% holder of the Revenue-Virginius Mine).
Qualified Person Statement
The
scientific and technical content of this news release was reviewed and approved
by Michael Gross, P. Geo, a "qualified person" within the meaning of
NI 43-101
ABOUT AURCANA SILVER CORPORATION
Aurcana
Corporation owns the Revenue-Virginius Mine, in Colorado, and the
Shafter-Presidio Silver Project in Texas, US. The primary resource at Shafter
and Revenue-Virginius is silver. Both are fully permitted for production.
ON
BEHALF OF THE BOARD OF DIRECTORS OF AURCANA SILVER CORPORATION
"Kevin Drover"
President & CEO
For
further information, visit the website at www.aurcana.com or contact:
Aurcana
Corporation
850 - 789 West Pender Street
Vancouver, BC V6C 1H2
Phone: (604) 331-9333
Gary
Lindsey, Corporate Communications
Phone: (720)-273-6224
Email: gary@strata-star.com
CAUTIONARY
NOTES
This
press release contains forward looking statements within the meaning of
applicable securities laws. The use of any of the words "anticipate",
"plan", "continue", "expect",
"estimate", "objective", "may", "will",
"project", "should", "predict",
"potential" and similar expressions are intended to identify forward
looking statements. In particular, this press release contains forward looking
statements concerning, without limitation, statements relating to the Private
Placement (including with respect to the timing of closing of the Private
Placement). Although the Company believes that the expectations and assumptions
on which the forward looking statements are based are reasonable, undue
reliance should not be placed on the forward looking statements because the
Company cannot give any assurance that they will prove correct. Since forward
looking statements address future events and conditions, they involve inherent
assumptions, risks and uncertainties. Actual results could differ materially
from those currently anticipated due to a number of assumptions, factors and
risks. These assumptions and risks include, but are not limited to, assumptions
and risks associated with the receipt of regulatory or shareholder approvals,
and risks related to the state of financial markets or future metals prices.
Management
has provided the above summary of risks and assumptions related to forward looking
statements in this press release in order to provide readers with a more
comprehensive perspective on the Company's future operations. The Company's
actual results, performance or achievement could differ materially from those
expressed in, or implied by, these forward looking statements and, accordingly,
no assurance can be given that any of the events anticipated by the forward
looking statements will transpire or occur, or if any of them do so, what
benefits the Company will derive from them. These forward looking statements
are made as of the date of this press release, and, other than as required by
applicable securities laws, the Company disclaims any intent or obligation to
update publicly any forward looking statements, whether as a result of new
information, future events or results or otherwise.
Neither the 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.
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