August 13, 2015 – Toronto, Ontario: QMX GOLD CORPORATION (TSXV:QMX)(“QMX Gold” or the “Company”) is pleased to announce that it has made the final payment on the loan facility with Third Eye Capital (“TEC”). QMX Gold has requested the release and discharge of all security held in relation to the facility now that the terms of the debt facility have been satisfied in full (see press release dated May 21, 2015).
David Rigg, Chairman and interim CEO of QMX Gold commented: “I am very pleased that the Company has been able to discharge the loan facility. This is a significant achievement for QMX and the first step in our recovery program. QMX maintains an extensive group of contiguous properties covering 217.3 square kilometers of the Val d’Or Mining Camp and owns the operating Aurbel Gold Mill, 6 km. ENE of Val d’Or. Our current goal is to support continued gold production at the Aurbel Mill from a Resource base developed through exploration, acquisitions and/or joint ventures in the Val d’Or area. Positive cash flows will be used for further Resource growth and the retirement of remaining unsecured debt.
QMX has commenced exploration on six gold targets within easy trucking distance of the mill. Assay results are pending from a recent diamond drill program on the FL3 zone; a vein zone which lies adjacent to the portal of the Lac Herbin mine. In addition, diamond drilling will commence this week to confirm the grade and dimensions of a potential open pit target only 200m from the Aurbel Mill. The target represents the Shaft Zone within the crown pillar of the Ferdeber Mine. Proposed work on the QMX targets has been designed to identify short-term, medium-term and long-term potential.
Technical information included in this release have been supervised, compiled, reviewed and approved by David Rigg, P.Geo., the Chairman of the Company and a Qualified Person as defined under NI 43-101.
QMX Gold Corporation is a Canadian mining company traded on the TSX-V under the symbol “QMX”. The Company is focusing on mine development and exploration in Quebec and is actively looking for other mining projects for acquisition or option in the Val d’Or area. In addition, QMX operates its’ Aurbel gold mill as a toll milling facility servicing clients in the Abitibi Region.
President and CEO
|Tel: (416) 851-5889||Tel: (514) 667-2304||Tel: (416) 861-5899|
Cautionary Note Regarding Forward-Looking Information and Mineral Resources:
This press release contains or may be deemed to contain “forward-looking information” within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements (express or implied) relating to the ability of the Corporation to make scheduled payments, the future development of the assets of QMX Gold, and the future financial or operating performance of QMX Gold. Generally, forward- looking information can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved”. Forward looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company, its properties and/or its projects to be materially different from those expressed or implied by such forward-looking information, including but not limited to those risks described in the disclosure documents of the Company filed under the Company’s profile on SEDAR. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws. It should also be noted that mineral resources that are not mineral reserves do not have demonstrated economic viability.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.