2014-01-31 14:37:03 -
Vancouver, British Columbia CANADA, January 31, 2014 /FSC/ - Banyan Gold Corp. (BYN - TSX Venture), ("Banyan Gold")is pleased to announce it will be submitting an application to the TSX Venture Exchange ("TSXV") for approval to extend the expiry date of certain issued and outstanding common share purchase warrants and has issued stock options to directors and officers of the Company.
In accordance with TSXV Policy 4.1, Banyan Gold reports that it will submit an application to the TSXV to extend the term of 3,500,000 warrants which were issued by the Corporation on February 14, 2013 and March 1, 2013 in connection with the Corporation's Qualifying Transaction and subsequent private placement. The warrants are presently exercisable at $0.15
per common share are set to expire between February 14, 2014 and March 1, 2014. The Corporation is applying to extend the expiry date of the 3,500,000 warrants to March 1, 2015. All other terms of the warrants, including the exercise price, will remain unchanged. The proposed warrant extensions have been approved by the Corporation's board of directors, subject to the receipt of TSXV approval.
Banyan Gold has issued stock options to buy 750,000 shares at $0.05 per share to directors and officers of the Company. They are exercisable for a period of 5 years.
About Banyan Gold
Banyan Gold is a gold exploration and development company whose flagship property, the Hyland Gold Project ("Hyland"), is approximately 70 km NE of Watson Lake, Yukon, along the southeast end of the Tintina Gold Belt. The Main Zone gold Inferred Resource, at a 0.6 g/t gold equivalent ("AuEq") cutoff, hosts a NI 43-101 compliant Resource of 12,503,994 tonnes containing 361,692 ounces gold at 0.9 g/t and 2,248,948 ounces silver at 5.59 g/t for a combined gold and silver 396,468 ounces gold equivalent. Based on the success of previous exploration and numerous untested drill ready targets Banyan Gold management foresees potential for a significant regional exploration at Hyland.
Banyan Gold trades on the TSX-Venture Exchange under the symbol "BYN". For more information please visit the corporate website at www.banyangold.com or contact Banyan Gold.
This News Release has been reviewed and approved by Paul D. Gray, B.Sc., P.Geo., Vice President Exploration for Banyan Gold, the Qualified Person as defined by NI 43-101.
ON BEHALF OF THE BANYAN GOLD BOARD OF DIRECTORS
(signed) "Richmond Graham"
President and Chief Executive Officer
For more information, please contact:
Tel: (604) 648-8450
The TSX Venture Exchange (the "Exchange) has neither approved nor disapproved the contents of this press release. Neither the 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.
Disclaimer for Forward-Looking Information
Statements in this news release regarding Banyan Gold which are not historical facts are "forward-looking statements" that involve risks and uncertainties. Such information can generally be identified by the use of forwarding-looking wording such as "may", "will", "expect", "estimate", "anticipate", "intend", "believe" and "continue" or the negative thereof or similar variations.
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Banyan Coast Capital Corp. (BYN: TSX-V)
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