MAS Gold Announces Private Placement to Fund the Work Activities Directed Towards Establishing a Resource Base for the “Hub and Spoke” Mining Model at Preview-North and Greywacke Properties


Vancouver, December 8, 2020 – ​MAS Gold Corp. ​(“MAS Gold” – TSX-V:MAS​) announces a non-brokered private placement (the “Private Placement”) composed of Flow-Through units and Common Share units for aggregate gross proceeds of up to $2,000,000.

Financing Terms – Common Share Units:

The Common share portion is offered at the price of $0.06 per Common Share unit.

Each Common Share Unit consists of one common share and one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional MAS Gold common share at a warrant exercise price of $0.10 per common share for a period of 24 months from the date of issue.

Financing Terms – Flow Through Units:

The Flow-Through portion is offered at the price of $0.07 per Flow-Through unit.

Each Flow-Through Unit consists of one common share and half of one common share purchase warrant. Each full warrant will entitle the holder to purchase one additional MAS Gold common share at a warrant exercise price of $0.10 per common share for a period of 24 months from the date of issue.

Intended Use of Proceeds:

The initial target of the company is to establish over a million ounces, economically viable resource by combining ounces from the portfolio properties located in the highly prospective area of La Ronge Gold Belt.

MAS Gold is currently entering a more intensive phase of work directed towards establishing the resource base for its “hub and spoke” mining model for its Preview-North and Greywacke projects that will include:

1. Drilling on the North Lake property

Upgrading the resource classification and testing resource extension to depth and to north

The current inferred resource:

  • Inferred: 417,000 oz/Au

2. Drilling on the Greywacke property

Upgrading the resource classifications and extending the resource to depth at Greywacke North, and exploration on the Lyons and Greywacke south zones

The current resource model:

  • Indicated: 81,500 oz/Au
  • Inferred: 14.100 oz/Au

3. Point Deposit and Joe Prospect drilling and exploration work

Further definition drilling and surface geological mapping on the Point deposit and Joe prospect on the Preview North Property

4. Comprehensive investor awareness building programs

The purpose of the programs is to establish fair market valuation and increase stock liquidity

5. Corporate development purposes, including new property expansion opportunities

6. General Administrative purposes

MAS Gold may pay finder’s fees on a portion of the Private Placement in accordance with applicable securities laws and the policies of the TSX Venture Exchange (the “Exchange”).

The Private Placement may be completed in multiple closings, subject to the receipt of all regulatory approvals including the approval of the Exchange.

The Private Placement securities have not been, and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.

MAS advises that the insiders of the Company may participate in the Private Placement, which will be completed pursuant to available related-party exemptions under Multilateral Instrument 61-101

About MAS Gold Corp. 

MAS Gold Corp. is a Canadian mineral exploration company focused on road-accessible exploration projects located in the La Ronge Gold Belt of Saskatchewan. MAS Gold’s Greywacke and Preview North Gold Projects are located within 10 km of Highway 102, approximately 60 km west of the producing Seabee and Santoy gold mines operated by SSR Mining Inc.

The Greywacke North gold deposit for which a Mineral Resource of 255,500 t at 9.92 g Au/t has been estimated in the Indicated category, plus an Inferred Mineral Resource of 59,130 t at 7.42 g Au/t, at a cut-off grade of 5 g Au/t (see MAS Gold’s NI 43-101 Technical Report of June 1, 2016) is one of several known stratabound, high-grade gold-bearing zones on the Greywacke Lake Property.

The North Lake gold deposit, located on the Preview North property, has an Inferred Mineral Resource estimated at 417,000 ounces of gold contained in 14,110,000 t grading 0.92 g Au/t; see MAS Gold’s News Release dated March 25, 2020 and the NI 43-101 Technical Report dated April 10, 2020.

Qualified Person (QP)

The scientific and technical information contained in this news release has been prepared, reviewed, verified and approved by David Tupper, P.Geo. (British Columbia), Southern Empire’s VP Exploration and a Qualified Person within the context of Canadian Securities Administrators’ National Instrument 43-101; Standards of Disclosure for Mineral Projects.

On behalf of the Board of Directors of MAS Gold Corp.,
Ronald K. Netolitzky, CEO and Director

MAS Gold Corp.

Suite 420 – 789 West Pender Street
Vancouver, British Columbia
Canada, V6C 1H2

For more information, please contact:

Lubica Keighery, VP Corporate Development

Cautionary Notice on Forward-Looking Information

Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management’s current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. MAS Gold cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond their respective control. Such factors include, among other things: risks and uncertainties relating to MAS Gold’s limited operating history, the need to comply with environmental and governmental regulations, results of exploration programs on their projects and those risks and uncertainties identified in each of their annual and interim financial statements and management discussion and analysis. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, MAS Gold undertakes no obligation to publicly update or revise forward-looking information.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.