Rimrock Gold Corp. Announces Signing of Merger Agreement, Name Change, and
LAS VEGAS, Jan. 31, 2013 (GLOBE NEWSWIRE) -- Rimrock Gold Corp., formerly
known as Tucana Lithium Corp. (OTCQB:TUCA), is pleased to announce that it has
entered into a definitive merger agreement (the "Merger Agreement") to acquire
a 100% interest in three prospective gold exploration properties located in
the heart of one of the main gold belts of northeast Nevada. Pursuant to the
Merger Agreement, on closing of the acquisition, the Company will issue
17,800,000 shares of its common stock to the sellers of the properties.
In anticipation of the acquisition, the Company changed its name from Tucana
Lithium Corp. to Rimrock Gold Corp. (the "Name Change"). In addition, the
Company will effect a reverse split of its issued and outstanding common
shares on a 1-for-8 basis (the "Reverse Split"). Accordingly, the Company's
issued and outstanding number of common shares will decrease from 66,435,908
shares to 8,304,488 shares.
The transaction is subject to a number of closing conditions, including
approval by FINRA of the Name Change and Reverse Split. There can be no
assurance that all of the closing conditions shall be met and that the
contemplated transactions will be consummated.
On closing, the Company will appoint Mr. Richard Redfern, M.Sc., C.P.G., as a
director and Vice President of Exploration. Mr. Redfern is a Certified
Professional Geologist and Qualified Person under NI 43-101 and businessman
with 35 years of mineral exploration and mining industry experience throughout
the Americas, Europe, Africa, and Australasia. He has been involved with major
and junior mineral exploration and mining companies since 1975, and has made
mineral discoveries, such as in the Keystone, South Dakota gold district for
Homestake Mining. He has an extensive list of contacts with present and former
government officials and business people in many countries worldwide. Mr.
Redfern is currently the President of Mexivada Mining Corp., and worked for
Barrick Gold Exploration Inc. in Mexico. He is a Director of Pepper Rock
Resources, and has consulted for several publicly listed mining and
exploration companies. He is a Fellow of the Society of Economic Geologists,
is a Certified Professional Geologist with the American Institute of
Professional Geologists, and a Member of the Northwest Mining Association,
AIMMGM of Mexico, and the Prospector's and Developer's Association. Mr.
Redfern graduated from UCLA in 1977 with a Master's Degree in Geology.
The mining properties, known as Rimrock Property, West Silver Cloud and Pony
Spur, are comprised of almost 2,000 acres of land and are located on or in
close proximity to the Carlin Trend and Midas Trend. The Rimrock Property is a
Midas-style gold-silver property situated in the Midas ("Northern Nevada
Rifts") gold trend and also directly along a domed up portion of the Carlin
Gold Trend, 8 Km northwest of Great Basin Gold's Hollister gold-silver mine,
and 16 Km east southeast of Newmont's Midas Mine property. The Rimrock
property comprises 54 lode claims that cover approximately 1,080 acres. The
Hollister Mine has reserves of more than 1,000,000 ounces of high grade gold
grading in excess of 1 ounces per ton gold. The Midas Mine had initial
mineable reserves of more than 3M oz. of high-grade gold and 25M oz. of
silver. Rimrock has three old mercury mines in the area, with one situated
directly on top of the main gold ore target, which lies at a major fault
intersection. These gold-silver targets at Rimrock have never been drill
tested at depth for Midas-Hollister style gold-silver mineralization, nor for
Carlin-style gold mineralization. We believe that Rimrock offers good
potential to hold a large, high-grade, underground mineable
Midas-Hollister-type Low Sulfidation gold-silver deposit.
The West Silver Cloud property is a Midas-style gold-silver property situated
12 Km southwest of Great Basin Gold's Hollister gold-silver mine, and 22 Km
southeast of Newmont's Midas Mine property. The nearby Silver Cloud Mine is an
old, open-pit mercury mine situated on top of Placer Dome's main gold-silver
ore target, which carries high-grade, drill-indicated gold mineralization. The
West Silver Cloud property consists of approximately 760 acres of claims. West
Silver Cloud has never been tested by drilling, and we believe offers good
potential to hold a large, high-grade, underground-mineable
Midas-Hollister-type Low Sulfidation gold-silver deposit.
The Pony Spur property is a dual, Carlin-style sediment-hosted and Low
Sulfidation Breccia Pipe Style gold prospect in the southern part of the
prolific, +100,000,000 oz. Carlin-Rain Gold Trend, and is situated 2.25 Km
northwest of the adjoining 1,500,000 oz. Pony Creek gold deposit controlled by
Allied Nevada Gold, owners of the Hycroft gold mine in northwestern Nevada.
The Pony Spur project is along Jerritt and Carlin Trends, near the Rain gold
deposit cluster, which includes the Rain, Tess, and Emigrant mines (Newmont /
Premier Gold), the 2,000,000 oz. high-grade Saddle gold deposit (presently
being drilled by Premier Gold Mines), Railroad-Bullion (presently being
drilled by Gold Standard Ventures), and other peripheral gold deposits. The
Rain deposit cluster has a combined drill-indicated resources in excess of 4
million ounces of gold in open pit gold mining operations and former producer
mines and in underground gold deposits such as Saddle. Sage Gold Inc. drilled
one core hole on the Pony Spur property in 2007, discovering gold
mineralization. The property comprises 7 lode mining claims of approximately
140 acres, which have been filed with the BLM. The Pony Spur property area
sits along a WNW trending, Rain Fault-parallel fault system of undetermined
width that intersects the Pony Creek gold deposit area just east of our
property boundary. Two types of strong surface gold mineralization and
alteration are present at the Pony Spur gold property. A low-sulfidation
silica-rich, breccia pipe with gold mineralization crops out at the surface of
Pony Spur, similar to mineralization present in Allied Nevada's 1.5M oz. Pony
Creek gold deposit, and the drill hole by Sage Gold intersected gold
mineralization in this pipe. Carlin style, thallium-gold rich geochemical rock
anomalies also are present at the surface at Pony Spur, possibly indicative of
Rain-Meikle type fault-controlled Carlin-style sediment-hosted gold
mineralization at depth.
"We are eager to advance Rimrock through continued exploration and drilling.
The addition of Richard Redfern to our board of directors will bring
leadership, extensive mining experience, and vast knowledge of the Nevada
region, all critical to our success," stated President and CEO, Jordan
Starkman. "We are looking forward to closing this acquisition as soon as
possible and remain committed to creating substantial shareholder value for
our shareholders in the future."
Currently, the Company's main exploration asset is the Abigail Lithium
Property located in the James Bay, Quebec region of Canada. The property
consists of 177 map-designated cells totaling 9,400 hectares within and
adjacent to Nemaska Lithium's Whabouchi Lithium discovery. In addition, the
Company holds 12 map-designated cells just north of the Abigail property named
Lac Kame and 25 map-designated cells named EM-1.Combined, the Lac Kame
property and EM-1 total approximately 1,960 hectares.
Certain statements in this document that are not historical facts are
"forward-looking statements" within the meaning of the Private Securities
Litigation Reform Act of 1995.Such statements may be identified by the use of
words such as "anticipate, "believe," "expect," "future," "may," "will,"
"would," "should," "plan," "projected," "intend," and similar
expressions.Such forward-looking statements, involve known and unknown risks,
uncertainties and other factors that may cause the actual results, performance
or achievements of Rimrock Gold Corp. to be materially different from those
expressed or implied by such forward-looking statements.The Company's future
operating results are dependent upon many factors, including but not limited
to: (i) the Company's ability to obtain sufficient capital or a strategic
business arrangement to fund its current operational or expansion plans; (ii)
the Company's ability to build and maintain the management and human resources
and infrastructure necessary to support the anticipated growth of its
business; (iii) competitive factors and developments beyond the Company's
control;and (iv) other risk factors discussed in the Company's periodic
filings with the Securities and Exchange Commission, which are available for
review at www.sec.gov under "Search for Company Filings".
CONTACT: Rimrock Gold Corp.
Jordan Starkman, CEO
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