Firebird Reports Completion of Property Disposition
Vancouver, BC, August 18, 2016 - Firebird Resources Inc. (FIX: TSXV) (the "Company" or "Firebird") reports that further to its press release of May 2, 2016, it has now completed the disposition of its Jefferson Gold Property ("JGP") in South Carolina.
The acquisition was completed pursuant to a purchase agreement between Pancontinental Gold Corporation ("Pancon"), Firebird, Pageland Minerals Ltd. ("Pageland") and Appalachian Resources LLC ("Appalachian") dated May 20, 2016. The purchase agreement provided for Pancon to acquire a 100% interest in the JGP.
As consideration for acquiring the 100% ownership in the JGP, Pancon agreed to pay and issue:
- to Firebird and Pageland, in aggregate, cash totalling $100,000 ($30,000 was paid on May 25 and a further $70,000 paid on closing), and 1,000,000 common shares (issued); and,
- to Appalachian, 1,000,000 common shares (issued).
In addition, Pancon agreed to settle Firebird's and Pageland's lease arrears with the private landowners of approximately USD $183,000.
The common shares of Pancon issued pursuant to the JGP acquisition are subject to a resale restriction until December 18, 2016.
About the Firebird
Firebird is focused on acquiring, exploring and developing gold resources. The Company has maintained its Buzzard Project in South Carolina, and now intends to focus its resources in developing this property. The Company is also maintaining its Mountain of Gold Project in Ontario, in good standing.
Firebird has 81,010,417 shares issued and outstanding and trades on the TSX Venture Exchange under symbol: FIX.
ON BEHALF OF THE BOARD
(signed) "John Cook"
President & CEO
THE TSX VENTURE EXCHANGE DOES NOT ACCEPT RESPONSIBILITY FOR THE ACCURACY OR ADEQUACY OF THIS RELEASE.
This news release may contain forward-looking statements that are based on Firebird Resources Inc.'s expectations, estimates and projections regarding its business and the economic environment in which it operates. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to control or predict. Therefore, actual outcomes and results may differ materially from those expressed in these forward-looking statements and readers should not place undue reliance on such statements. Statements speak only as of the date on which they are made, and Firebird Resources Inc. undertakes no obligation to update them publicly to reflect new information or the occurrence of future events or circumstances, unless otherwise required to do so by law.
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 and has in no way passed upon the merits of the qualifying transaction and has neither approved nor disapproved of the contents of this press release.