VANCOUVER, BC / ACCESSWIRE / July 27, 2020 / Rockhaven Resources Ltd. (TSXV:RK) ("Rockhaven") is pleased to announce the completion and filing of a Technical Report, prepared in accordance with National Instrument 43-101, for its previously announced updated Preliminary Economic Assessment ("PEA") for its 100%-owned and road-accessible Klaza Deposit, located in the Dawson Range Gold Belt of southern Yukon.

A summary of the results from the PEA was announced on July 13, 2020. The report titled "Technical Report and Preliminary Economic Assessment Update for the Klaza Property, Yukon, Canada" is filed on SEDAR and can be viewed at www.sedar.com under the Rockhaven profile. A copy of the Technical Report is also available on Rockhaven's website at www.rockhavenresources.com.

About Rockhaven

Rockhaven Resources Ltd. is a mineral exploration company focused on growth through the advancement of its Klaza project. For additional information concerning Rockhaven or its Klaza project please visit Rockhaven's website at www.rockhavenresources.com.

Matthew Turner
President, CEO and Director
Rockhaven Resources Ltd.
T:604-687-2522
mturner@rockhavenresources.com

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.

SOURCE: Rockhaven Resources Ltd.

ReleaseID: 599059

Silver's upside rally has been sterling

ADDISON, TX / ACCESSWIRE / July 27, 2020 / Spot gold surged to an all-time record above $1,900 an ounce early Monday on Comex, and silver hit a seven-year high, as the dollar tumbled. The yellow metal touched $1,946.90 an ounce, taking out the record $1,921.17 for spot bullion set in 2011. The dollar fell to near a two-year low. A weaker dollar is typically bullish for precious metals.

The front-month gold futures contract, which rolled to December on Friday, gained 6.4% last week to settle at $1,925.20 an ounce on Comex. The December contract increased 0.4% Friday. Through last week, the front-month contract was up 6.9% in July.

Silver futures climbed to $24.36 an ounce early Monday, shooting through the September 2013 high. September futures rose 16% last week to settle at $22.85 an ounce Friday on Comex. Silver slipped 0.6% Friday but was up 23% so far in July.

Spot palladium gained 11% last week to $2,284.90 an ounce after advancing 2.6% Friday. Spot platinum rallied 8.9% last week to $925.10 an ounce, even though it fell 0.6% Friday.

Precious metals have gotten a boost in recent months from investors turning to them as hedges against economic uncertainty amid the worsening coronavirus pandemic and rising tensions between the U.S. and China. Additionally, bullish for gold are expectations that central banks will continue economic stimulus measures. U.S. Federal Reserve policy makers are set to meet this week.

"With the current interest rates and negative yielding bonds, the upcoming election, our relationship with China and COVID-19, I do not see gold's momentum slowing down. How far can it go? That's difficult to say – but it will definitely continue. Needless to say, it's a great time to own the yellow metal and silver," said Terry Hanlon, president of Dillon Gage, the world leader in precious metals trading and technology.

U.S. coronavirus cases topped 4 million last week. For four days straight, the U.S. has reported more than 1,000 COVID-19 related deaths each day. The country is on track to lose more than 200,000 lives by Nov. 1, according to a letter signed by more than 150 U.S. medical experts, scientists, teachers, nurses and others and sent to the Trump administration, members of Congress and state governors. They urged the nation to shut down again to regain control over the novel coronavirus. Local leaders including the mayors of Houston and Los Angeles have said a second stay-at-home order may be possible.

COVID-19 has killed more than 648,000 people worldwide and sickened 16.2 million, about 26% of the cases — and 23% of the deaths — are in the U.S. The country has 4.23 million cases, more than any other nation.

The dispute between the U.S. and China ratcheted up last week after the U.S. ordered the Chinese consulate in Houston closed and Beijing responded by shuttering the U.S. consulate in the southwestern city of Chengdu.

In economic news, the latest Fed decision on monetary policy is due out Wednesday, with a press conference by Fed Chairman Jerome Powell. Initial jobless claims are scheduled for Thursday. The weekly jobless rate rose to 1.416 million in the week ending July 18, according to data released Thursday by the Labor Department. It was the 18th week that claims topped 1 million and the first time in 16 weeks that the number has risen.

"I've had several conversations with metals dealers, trust fund managers and others who handle precious metals in IRAs. I've been told that precious metals in huge volumes are being added to accounts more than at any other time in our history," said Hanlon. Precious metals tend to rise when other markets slide, making metals a needed insurance policy, he noted. Including gold and silver in any diversified investment portfolio or retirement portfolio provides protection during chaotic times. Hanlon continued, "From what I am hearing and seeing, I don't see demand for physical precious metals slowing down."

"Another indicator of precious metals demand is in our three precious metals depositories. All three depositories in Texas, Delaware and Canada have experienced a dramatic increase in storage accounts," Hanlon continued. "Vault storage is used by individual investors, institutional investors, IRA custodians and the like. When depository vaults are full, you can almost bet that the yellow metals supply is limited indicating a bullish market."

For more information on Dillon Gage Metals, visit www.dillongage.com/metals or call 800-375-4653. Follow Dillon Gage on Twitter @DillonGage and Facebook at www.facebook.com/dillongage.

About Dillon Gage Metals

Dillon Gage is the world leader in physical precious metals trading and technology serving dealers, financial institutions, banks and brokerage houses around the globe. Since 1976, Dillon Gage has led the way in innovation, advanced trading tools, technology and intellect. The firm is one of a handful of firms who are authorized purchasers of bullion (including coins, rounds and bars) for all major world mints and maintains inventory in over 20 countries. Dillon Gage's integrated products and services include numismatics, bullion and electronic trading of precious metals and fulfillment, API integration, refining and storage. The firm operates FizTrade Online Trading, IRAConnect, Dillon Gage Refining and International Depository Services Group, a privately owned subsidiary of Dillon Gage Metals, with locations in Delaware, Texas and Ontario. Dillon Gage's philanthropic arm,HELPS International, provides relief, development and educational opportunities to Guatemala. Learn more about Dillon Gage at https://DillonGage.com.

Media Contact for International Depository Services Group and Dillon Gage:

Jo Trizila, TrizCom Public Relations
972-247-1369 (Office)
214-232-0078 (Cell/Text)
Jo@TrizCom.com

SOURCE: Dillon Gage Metals

ReleaseID: 599060

NEW YORK, NY / ACCESSWIRE / July 27, 2020 / Tee the Barber is a barber and businessman who comes from a family of hair professionals. After being laid off from a local electric firm in his hometown in Florida, he made a big decision to pursue hair as a career in order to make ends meet.

"I came from a background in hair; my mother and father both were hair professionals almost my entire life. It only made sense for me to follow," says Tee.

He worked in his mother's salon for a few years, but making ends meet just wasn't enough. He knew he was capable of making a bigger impact. At the time, Instagram and Youtube influencer culture was booming, and Tee was able to take advantage of this movement for himself.

"My hunger to expand my barbering career forced myself to network and connect with as many industry professionals as I possibly could. I began flying from state to state with pennies to the dollar to my name in order to expand my network and make a comfortable living via barbering," Tee recalls.

In 2016, Tee the Barber was lucky to meet Dave Diggs, a barbershop owner working in San Jose. Dave's Instagram presence led to Tee sparking a conversation to learn more about achieving his level of success. Shortly afterward however, Tee was convinced to leave Florida, move out to California, and start a new life at The Barbers Inc barbershop alongside Dave Diggs.

"It was a very scary decision to leave what I had in Florida to pursue a new opportunity in a brand-new place, but it turned out to be one of the best decisions I ever made. I was able to quadruple my barbering income within 2 years, establish my own barbering product line, be hired as the CFP National Championship official barber, and earn the title of the official barber of local NFL organizations in the Bay area," Tee states.

Tee's leap into his business was spontaneous. He knows he is fortunate to be so skilled in and love working in the industry. Beyond his hair and business skill, Tee also knows the industry and his success is highly dependent on the relationships he builds with his clients, coworkers, and other industry leaders. These relationships inspire him to be more involved in the industry and keep the love alive.

"My natural ability to communicate and build genuine relationships with people has been a skill that has helped me propel my career further than I ever thought I could imagine. Having done this naturally, this has led many doors to be opened for me in addition to my barbering skill set. The most important skill to have is to be a great listener. To achieve your clients' request you have to be able to listen, comprehend and execute!" Tee says.

Tee also greatly understands the value of family. His parents, being the ones to introduce him to hair, are his biggest mentors.

"I've learned so much from them I don't know where to begin. From an early age I was taught how to manage a shop, and by shadowing them I was also able to learn multiple hair services before I was even old enough to execute them. Still to this day, I can find myself turning to them for answers about the industry," says Tee.

Working in his industry, Tee also understands the value of leadership. To him, a great leader should be able to translate what they speak into their own results, able to easily replicate those actions in those who they are leading. Tee also believes that a great leader needs to be a critical thinker and a problem solver in order to make things easier for the people around them. On the other hand, Tee also understands the hardship of failure, and his biggest failures are causing disappointment to his family, showing how important family is to both his personal and professional life.

Currently, Tee the Barber is working on expanding and creating new products for my organic hair product line called ‘Favored Essentials', which was released to the public last year. The product line aims to create affordable healthy hair products for all hair textures while honoring God.

"I'm building some steam with this business and have major plans to scale this operation throughout the country. I'm also working on maintaining a healthier lifestyle because without health none of this could be possible. The business will soon expand into merchandise for barbers and stylists as well, including shirts, capes, hats and more," shares Tee.

Check out Tee the Barber on Instagram or his website, and be sure to follow his product line at favoredessentials.com

CONTACT:
Paula Henderson
646-736-2071
phendersonnews@gmail.com

About VIP Media Group:
VIP Media Group is a hybrid PR agency. Their diverse client base includes top-class entrepreneurs, public figures, influencers, and celebrities.

SOURCE: VIP Media Group

ReleaseID: 599061

VANCOUVER, BC / ACCESSWIRE / July 27, 2020 / Victory Resources Corporation (CSE:VR)(FWB:VR61)(OTC:VRCFF) ("Victory" or the "Company") announced it is undertaking two non-brokered private placements. The Company will issue up to 26,666,667 units at a price of $0.075 per unit, for gross proceeds of $2,000,000. Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.10 for a period of two years from the date of closing, subject to the Company's right to accelerate the expiry date in the event that the Company's shares trade at $0.20 or higher for 10 trading days.

The Company is also offering up to 20,000,000 flow through units at $0.10 per unit for gross proceeds of $2,000,000. Each flow through unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one additional common share at $0.15 for a period of two years from the date of closing, subject to the Company's right to accelerate the expiry date in the event that the Company's shares trade at $0.20 or higher for 10 trading days.

The Company will pay finders' fees to qualified finders in the amount of 8% cash and 8% broker warrants. Net proceeds from the private placement will be used for general working capital, acquisitions and a work program on the Company's existing exploration B.C. property and any additional properties the Company may acquire.

For further information, please contact:

David Lane, President
Telephone: +1 (236) 317 2822
E-mail: IR@victoryresourcescorp.com

About Victory Resources Corporation

VICTORY RESOURCES CORPORATION (CSE: VR) is a publicly traded diversified investment corporation with mineral interests in North America. The company is also currently seeking other exploration opportunities, preferably in Canada.

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

Forward Looking Statements

Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. All statements other than statements of historical fact are forward-looking statements, including, without limitation, statements regarding future financial position, business strategy, use of proceeds, corporate vision, proposed acquisitions, partnerships, joint-ventures and strategic alliances and co-operations, budgets, cost and plans and objectives of or involving the Company. Such forward-looking information reflects management's current beliefs and is based on information currently available to management. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "predicts", "intends", "targets", "aims", "anticipates" or "believes" or variations (including negative variations) of such words and phrases or may be identified by statements to the effect that certain actions "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. A number of known and unknown risks, uncertainties and other factors may cause the actual results or performance to materially differ from any future results or performance expressed or implied by the forward-looking information. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of the Company including, but not limited to, the impact of general economic conditions, industry conditions and dependence upon regulatory approvals. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by securities laws.

SOURCE: Victory Resources Corporation

ReleaseID: 599053

BEVERLY HILLS, CA / ACCESSWIRE / July 27, 2020 / Today Madeline "Maddy" Cross Parkin announced the Auditions requirements for Grants for the Year 2020/21.

During the Season 2020/2021 the Foundation will distribute grants only to young promising classical piano players. The auditions requirements include J.S. Bach prelude and fugue d minor book 2; Chopin Nocturne Op 72 Nr1; 2 minutes of exercise playing for technique assessment; and a piece of self-selection.

"I am excited to preside over the process and I believe the program will allow each young artist to show its ability and technique. Along with Frederic, I am looking forward to being instrumental in supporting young artists in their musical journey" said Ms. Cross Parkin Director of Music Grants of the Foundation.

Ms. Madeline "Maddy" Cross-Parkin was recently appointed Director of Music Grants, for the Foundation. She was selected after an international search. She is a brilliant pianist currently following a cursus at the University of Queensland in Brisbane Australia. Maddy lead the Music Grants allocation of the Foundation, she is in charge of developing a strategic plan for the Foundation music initiatives.

About the Scheer Foundation

The Frederic & Jocelyne Scheer Foundation ("Scheer Foundation") is a US Private Foundation (501-c 3) dedicated to fight malnutrition and children mortality in Africa in promoting local agricultural and industrial project to build up local and regional employment. The Foundation recently expanded its reach to Arts & Music.

Learn more at: www.scheerfoundation.org

Contact:

Madeline Cross Parkin
The Frederic & Jocelyne Scheer Foundation, Inc. (Scheer Foundation)
Maddy@scheerfoundation.org
info@scheerfoundation.org
Phone: +61-437-802-8055

SOURCE: Scheer Foundation

ReleaseID: 599046

VANCOUVER, BC / ACCESSWIRE / July 27, 2020 / If an article written within the last four months didn't begin with, "During these unprecedented times…" has it really been written within the past four months? Suffice to say, the COVID19 pandemic has been all-encompassing, impacting countless aspects of everyday life, from investment decisions to travel trends. Canadians bold enough to brave the stock market are in for what Bloomberg predicts to be a "wild ride," with "a ton of volatility" lying ahead. Even investors with a preference for real estate are looking at a terrain that is next to impossible to navigate. As for travel trends? In an industry forecasted to take a hit of nearly $274 billion by the end of 2020, many of us have opted to stow our carry-ons under our beds – not in overhead compartments, admitting defeat as the new regulations to travel internationally are far too cumbersome.

@thewattersedge

Fear not, my investment fiends and travel fanatics, humankind is a resilient bunch, and many are finding the solution to these two qualms along the scenic shores of Powell River, located in Canada's beautiful province of British Columbia. Powell River is home to expansive beaches, rich sunsets, and an intoxicating local culture that has managed to turn many visitors into residents, located less than 5hours outside of downtown Vancouver by ferry, and 25 minutes by plane. As more and more urbanites begin to look to coastal communities as both a lucrative investment choice and a local travel destination, the window of opportunity to affordably own in such areas will start to close; a trend we've historically seen occur in towns on Vancouver Island and in many communities along the Sunshine Coast. Now is the perfect time to consider Powell River as your next investment opportunity while the window's still open, and here are 8 reasons why we believe that to be the case:

Reason 1: Location

"On the Sunshine Coast of British Columbia, where endless green mountains meet sheltered Pacific Ocean waters, Powell River provides a stimulating blend of outdoor adventure and cultural amenities. Come for a visit – stay for a lifetime," temps the Sunshine Coast Tourism site. To further entice your imagination, the "Backcountry Disneyland," as described by a local resident, boasts over 32 lakes, many of which are shared on the tourism site. If the buoyant saltwater of Desolation Sound doesn't float your boat, a number of other shorelines are available at your fingertips.

The town with a population of just over 20,000 is tucked amongst 600 km of BC coastline and is a paradise for residents, cottage go-ers, and tourists alike. Despite being located on the mainland, Powell River is described by Kim Miller, manager of the Powell River Chamber of Commerce, as "… a community that is almost like an island – you can't get to it from the mainland." This is a result of being accessible only by air or ferry, adding to the town's remote exclusivity ensuring moderated tourism that charms as opposed to overwhelms.

Photo credit: Pierre Leclerc

Reason 2: The Destination – and the Journey

All travelers know that though the destination is the end goal, the journey can be just as significant. Those familiar with the journey to Powell River by ferry can attest to this, sharing that unlike long drives to the Kootenays that can all too often leave you crammed amongst aisles of vehicles along the Coquihalla, the Powell River pilgrimage is a ritual of enjoyment. Beginning with a short 40-minute ferry ride from Horseshoe Bay to Langdale, travelers then cruise down the Sunshine Coast on Highway 101, boarding a second ferry at Earls Cove to Saltery Bay.

The idea of having to catch two ferries may sound daunting, but in total, the trip takes less than 5hours, which is the same as going from Vancouver to Kelowna. Stunning views are made abundant when onboard the ferry between Earls Cove and Saltery Bay, something locals recognize as a welcome back tribute, and first-timers clamber to record on smartphones to gain traveling bragging rights. A journey that takes the legwork out of traveling, leaving passengers free to read from the open decks of ferry boats as they cruise along the coastline, is an addictive start to any great adventure.

Photo credit: Powell River Tourism

Reason 3: Lifestyle

"It's all about lifestyle," shared Scott Randolph, Director of Properties, Development, and Communications at the City of Powell River, "we've found a lot of people have migrated here in the past few years for the lifestyle, a constant theme is that they can grow their own food, own their home, and spend time with their kids." The lifestyle Randolph describes is a nostalgic one that has seldom been available to many families living in Canadian metropolises that are often accompanied by high costs of living. Young, university-educated double-income families in Vancouver have constantly been tasked with affording the basic requirements of homeownership, especially if searching for an inner-city home in a safe community with a short commute to work.

However, recent events are changing the requirements of where families need to live in order to access their jobs as remote work opportunities continue to surge. This lifts location barriers traditionally preventing many from moving in search of amenities difficult to find in large cities. Powell River, famous for its rich horticulture scene, is attractive to individuals and families alike that are searching for affordable homeownership in a community with ocean access.

@powellriver

Reason 4: Rural Connectivity

As one of the first BC locations to receive Telus fiber optic as announced in 2014, Powell River is reaping the rewards that accompany the expanse of wireless internet. The Powell River Peak shared the story of a resident who "… went from a 900-square-foot condo to a 12-acre property", claiming "That's my office now." With a six-year headstart, the Powell River area is a crusader in rural wireless internet connectivity, making remote employment accessible throughout. As remote employment becomes the "new normal" (did you really think I'd get through this article without dropping "new normal" at least once?), so will the re-location of individuals and families to areas that cater to their lifestyle choices, such as Powell River.

Even pre-COVID, Canada and the US saw a 159% increase in remote employment between 2005 to 2017. Powell River's Mayor, Dave Formosa, commented that the influx of remote workers moving to the area in 2014 "…happened almost instantaneously with the addition of fiber optics into the city, which sparked a group of folks that moved in and can work from home, but can also get back to Vancouver in 25 minutes by flight if necessary." Since March, roughly 40% of the Canadian workforce worked from home during the peak of the pandemic, and though offices are beginning to re-open, many predict traditional 9-5 in-office hours will become a thing of the past, and employers who hope to keep valued employees will have to get on board with changing trends. This forecast makes Powell River a lucrative hot-spot for the surge in remote employment that will see urbanites from surrounding cities heading for the ferry terminals, either to post up in a vacation rental with a laptop and a view, or to permanently relocate altogether.

Reason 5: Affordability

"You can buy a home for under $400,000" shared Scott Randolph, "and it's not hard to have a view in Powell River." Imagine buying a home in Vancouver for under $400,000 that has a view? If you're still imagining, that makes you and I both. Large cities are wonderful in their ability to provide 24/7 Chinese takeout and iridescent skylines lit by hundreds of high rises, but there are some things that they will never be able to provide, and that includes a family home under $400,000 with a view. Bump that budget up a touch and investors can obtain not only a view, but oceanfront access, two assets rarely available even to high-earners in large cities.

The town of Powell River is combining new development with a stable yet growing real estate market in attracting investors. Mayor Dave Formosa commented that there are "Lots of subdivisions and new homes being built of all varieties." Scott Randolph recently approved $42 million in building permits, vastly increasing the area's appeal to potential residents. The real estate market in Powell River has been historically stable, yet is seeing growth even from last year to now. The Powell River Peak recently shared that, "Total real estate sales during the month of June 2020 for the Powell River area amounted to $14,259,400, considerably more than June 2019's total of $10,133,400." Despite real-estate market volatility, some areas are experiencing growth in the corona-economy, and these numbers indicate Powell River is one of them.

@DestinationBC

Reason 6: Entrepreneurial Haven

"No matter what entrepreneur comes in, I will help them. Sometimes it is all about that entrepreneur, and their ability to succeed in a venture that a different person could not" shared Kim Miller, manager of the Powell River Chamber of Commerce, regarding the town's willingness to promote entrepreneurship. The support of community members like Miller has turned the area into a burgeoning entrepreneurial hub, full of innovation and positive outcomes. Many entrepreneurs from surrounding areas are flocking to Powell River to further pursue their venture.

With ample access to commercial space, land, and Powell Rivers' exceptional fiber optic connectivity, entrepreneurs in a variety of industries can find what's needed to allow them to successfully realize their venture. Be it woodworking or web-development, Powell River is establishing itself as a community that supports developing entrepreneurs, and has seen great innovation come from this, which will only grow as times continue to change.

Reason 7: Local Culture

Powell River offers a local culture that can quite easily rival the urban temptations of city life. The area features world-class art galleries as well as amazing dining opportunities, serving to both attract visitors and fulfill the souls of residences.

Did you know that the Sunshine Coast is home to more artists per capita than any other Canadian region? A fact easily proven by the breathtaking work showcased in the 100+ art galleries sprawled along the Sunshine Coast. As for dining, the horticulture hub caters to dozens of local restaurants that use fresh, local ingredients in their dishes, including locally caught seafood. Powell River will wine and dine its way into the hearts of visitors, many of whom agree that one visit is never enough, opting to return many times over, and in some cases stay for a lifetime.

@seasidebistro

Reason 8: Climate

Those who spend their winters in Canada know its a country hard-pressed to find a climate above 0 degrees Celsius during the months of November through February, regardless of which coast you find yourself on. Many opt to participate in mid-winter getaways to help break up the chill, but this upcoming winter may provide some challenges to travelers hoping to do so. If we can't terminate the chill, the second-best choice is to remediate it, through local "hot spots."

Powell River traditionally sits between 2-6 degrees during the coldest month of January, and can hit highs above 30 degrees in summer months, a temperature range favorable in comparison to many parts of Canada where winters can be far more grueling. Its high mountain ranges create a sheltered microclimate, perfect for preserving warmth throughout the summer months and into the winter. The surrounding waters are notoriously swimmable as a result of the area's slow currents, making it a great place to enjoy the ocean for many months of the year.

As we step into a time that will continue to be shaped by great change, humankind is taking a moment to reflect on what they value in life and what they want to prioritize amongst a societal re-build. For many, this is taking into account lifestyle choices, and people are looking to relocate to areas that can meet their desired lifestyle. Investors will benefit from considering Powell River as a future home for this relocation given the 8 reasons highlighted above, showcasing its ability to be a stable investment choice, while bringing the luxuries of travel to a local destination.

Media Contact

Company Name: Mindful Media PR
City: West Vancouver
State: BC
Country: Canada
Website: www.mindfulmediapr.com
Email: info@mindfulmediapr.com
Phone: 672-999-8882

SOURCE: Mindful Media PR

ReleaseID: 598235

MIDDLETOWN, NY / ACCESSWIRE / July 27, 2020 / Orange County Bancorp, Inc. (the "Company") (OTCQX:OCBI), parent of Orange Bank & Trust Co. (the "Bank") and Hudson Valley Investment Advisors, Inc. (HVIA), today announced net income of $2.7 million, or $0.61 per share, and $5.2 million, or $1.15 per share, for the three and six months ended June 30, 2020, respectively. This compares with net income of $2.8 million, or $0.63 per share, and $5.0 million, or $1.12 per share, for the three and six months ended June 30, 2019, respectively.

Net Interest Income for the first half of 2020 was $23.3 million, up 12.4% over last year and for the second quarter of 2020 was $11.8 million, up 12.1% over the same period last year
Average loans for the second quarter of 2020 was $1.01 billion, up 26% over same quarter last year, including PPP loans
Average Non-Interest Bearing Deposits for the first half of 2020 were $401.0 million, up 20.4%, including undrawn PPP loan balances.
Provisions for loan losses for the first half of 2020 were $2.5 million, up $1.5 million from $1.0 million last year
Total Assets increased 28.8% from December 31, 2019 to $1.58 billion
Tangible Book Value per Share of $27.02 increased 6.8% from December 31, 2019

"I am very pleased with the Bank's performance in the second quarter given the enormous challenges the state-mandated shut down placed on the regional economy and every facet of our business," said Michael Gilfeather, President and Chief Executive Officer. "Earnings were strong, and loans, and demand deposits all grew quarter-over-quarter, with our success helping business clients access more than $100 million through over 800 loans under the Federal Payroll Protection Program playing a significant role. More important than the numbers, however, was the performance of our employees and the advantages exhibited by our community-based, customer-centric business model, which enabled us to deliver tailored service and value to our clients throughout this turbulent period. We also remain on the lookout for new locations to leverage our unique offering, and I am happy to report the recent approval of two new branches in the Bronx and Nanuet, which are scheduled to open in the next 6 to 9 months.

In addition to helping grow loans and deposits, relationship banking also provides us better insight into management of our loan portfolio, which we are also applying to deferrals resulting from the COVID-19 health crisis. Though we have very limited exposure to higher risk industries like leisure, entertainment and retail, our business clients have certainly not been immune to the economic slowdown. Our response has been to approach them directly to understand their needs and constraints, provide short-term deferment from loan obligations, where appropriate or necessary, and monitor their recovery as the region works through its phased reopening. Given the risk some of these businesses may never recover fully, we, like banks across the US, have also prudently increased our provision for loan losses.

I am proud of the bank's results through the first half of 2020 and believe the systems and strategies we have in place will help us manage the unprecedented uncertainties caused by the economic shutdown," Gilfeather continued. "Though local economies are just seeing benefits from re-opening, we are keenly aware this could change quickly and adversely impact the recovery. I am confident we can meet such difficulties with our employees' dedication to and knowledge of our customers, the breadth of services we provide, and high lending standards we employ. By maintaining a focus on these strengths, we will continue to deliver the superior results our customers and shareholders expect."

Income Statement Summary
Net interest income for the three months ended June 30, 2020 increased $1.3 million, or 12.1%, to $11.8 million, compared with the three months ended June 30, 2019. The increase is primarily due to a $322.4 million, or 29.7%, increase in average interest earning assets. The growth in average earning assets includes $67.9 million in low rate PPP loans and $94 million in low rate deposits with banks, contributing to a 64 basis point decline in average earning rates. Despite the decline in earning rates, interest revenue increased during the period. Net interest income for the six months ended June 30, 2020 increased $2.6 million, or 12.4%, to $23.3 million, compared with the six months ended June 30, 2019. Average earnings assets grew $254 million, or 23.9%, for the period. The increase in average interest earning assets was driven primarily by a $181.3 million, or 23.3%, increase in average loans outstanding.

Net interest margin of 3.38% for the three months ended June 30, 2020 represents a 56 basis point, or 15.3%, decline versus 3.94% for the same period last year. The average cost of interest-bearing deposits for the three months ended June 30, 2020 dropped 15 basis points to 0.52%, from 0.67% for the three months ended June 30, 2019, a 22.4% decrease. This drop in funding costs was insufficient to offset the impact of the drop in earnings rates. As explained above, the average asset earning rate was materially influenced by the impact of $67.9 million of new PPP loans with a 1% coupon, combined with a precautionary increase in available funds during this uncertain period. The interest rate picture has changed dramatically over the past 4 months following the Federal Reserve's move to significantly reduce overnight rates and, through direct bond purchases, lower market rates to unprecedented levels. The feds funds rate is currently between 0% and 0.25% and the 10 year treasury yield is close to 0.65%. The Bank responded by reducing its deposit costs, as evidenced by a 15bp decline in cost of funds compared to the second quarter last year. Cost of funds also benefited from continued strong growth in non-interest bearing demand accounts, with a $191.1 million, or 71.9%, increase to an average of $456.9 million versus the three months ended June 30, 2019.

The outlook for margin includes the benefits of the fees recognized at the time PPP loans are forgiven. The unamortized portion of such fees totaled $3.0 million at June 30, 2020. In addition, as opportunities arise, the Bank plans to prudently build loan balances to redeploy the excess liquidity in order to increase average earning rates.

The Bank's provision for loan losses was $1.3 million for the three months ended June 30, 2020, an increase of $880 thousand, or 209.5%, versus $420 thousand for the three months ended June 30, 2019. For the six months ended June 30, the provision was $2.5 million for 2020 compared to $1.0 million for 2019. The increases were made in response to uncertainty surrounding loan performance due to the COVID-19 related shutdown of various business sectors. While the asset quality of the Bank's loan portfolio has been improving, these statistics do not reflect the potential stresses facing loans that have been placed on deferred status. Details of deferred loans are shown in the table below. Management believes it is prudent to increase reserves due to this uncertainty. Non-accrual loans, as a percent of total loans, was 0.11% as of June 30, 2020, a 0.08% decrease from the period ended June 30, 2019. See the asset quality section below for additional information.

Non-interest income increased $600 thousand to $2.7 million for the three months ended June 30, 2020, compared to the three months ended June 30, 2019. Non-interest income increased $844 thousand to $5.8 million for the six months ended June 30, 2020 compared to the six months ended June 30, 2019. The improvement is primarily driven by $586 thousand in securities gains realized during the most recent quarter and by improved trust revenue, as detailed in the income statement comparison below.

Non-interest expense increased $1.1 million to $10.3 million, for the three months ended June 30, 2020, compared to the three months ended June 30, 2019. Non-interest expense increased $1.8 million to $20.1 million, for the six months ended June 30, 2020, compared to the six months ended June 30, 2019. The increase versus last year was due primarily to increases in salaries and employee benefits of $830 thousand in the most recent quarter and $1.1 million year-to-date due to growth-related staffing.

The Company's effective income tax rate for the three and six months ended June 30, 2020 was 19.4% and 19.8%, respectively. For the same periods last year the effective tax rates were 20.4% and 20.0%, respectively.

Balance Sheet Summary
Total assets increased $353.6 million, or 28.8%, to $1.58 billion at June 30, 2020 from $1.23 billion at December 31, 2019. This was primarily comprised of increases of $156.7 million in loans, $162.8 million in cash and cash equivalents, and $32.4 million in investment securities, which includes a $5.5 million increase in unrealized gains. The increases in cash and cash equivalents and investment securities was primarily due to increases in deposits, while the increase in loans was the result of $208.5 million of new loan originations and $29.5 million in purchases, partially offset by $78.0 million of net amortization and repayments on our existing portfolio. Draws on credit lines were immaterial during the period.

Total liabilities increased $346.1 million, to $1.45 billion, at June 30, 2020 from $1.11 billion at December 31, 2019. This was due to a $351.7 million, or 28.8%, increase in total deposits partially offset by a $5 million reduction in FHLB advances.

Deposit growth continues to increase from non-interest-bearing commercial demand deposits ("DDA") and NOW accounts. Growth in these deposits was $164.5 million, or 49.0%, from December 31, 2019, consistent with the Bank's strategy to grow value added business deposits with the support of advanced cash management services. It also includes remaining PPP loan balances. Commercial deposits represented 53.4% of total deposits at June 30, 2020, compared to 46.7% at December 31, 2019. This increase reflects strong response to our company-wide focus on business relationships. Total DDA and NOW balances were 48.6% of total deposits at June 30, 2020.

Total shareholders' equity increased $7.5 million, or 6.2%, to $128.5 million at June 30, 2020, from $120.9 million at December 31, 2019. This increase was due to a $3.1 million increase in retained earnings and a $4.4 million improvement in the market value of securities available for sale.

At June 30, 2020, the Company's book value per common share and tangible book value per common share were $28.69 and $27.02, respectively, compared to $26.99 and $25.29, respectively, at December 31, 2019. This represents increases of 6.3% and 6.8%, respectively. At June 30, 2020, the Bank exceeded the "well capitalized" thresholds under applicable regulatory guidelines.

Asset Quality Summary

Non-performing loans decreased $364 thousand, or 22.9%, to $1.2 million at June 30, 2020 from $1.6 million at March 31, 2020, and decreased $322 thousand from $1.5 million at December 31, 2019. Non- performing loans to total loans was 0.12%, 0.18% and 0.19% at June 30, 2020, March 31, 2020 and December 31, 2019, respectively.

Loans classified as substandard or doubtful decreased $2.9 million, or 20.0%, to $11.6 million at June 30, 2020 from $14.5 million at March 31, 2020, and decreased $2.4 million, or 17.1%, from $14.0 million at December 31, 2019. Watch rated loans increased $9.1 million, or 90.0%, to $19.3 million at June 30, 2020 from $10.1 million at March 31, 2020. Delinquencies (inclusive of loans on non-accrual) decreased to $3.2 million, or 0.31%, of total loans at June 30, 2020, from $13.4 million, or 1.42%, of total loans at March 31, 2020, and decreased 5.0 million from $8.2 million, or 0.27%, of total loans at December 31, 2019. The decrease in delinquencies for the most recent quarter, relative to the quarter ended March 31, 2020, was most pronounced in accounts 30-59 days past due, representing a small number of lending relationships that were brought current subsequent to the first quarter through scheduled payments or approved short-term deferments of principal and interest payments. Strong collection efforts thoughout the quarter resulted in a 74.0% decrease in loans on accrual status that were more than 90-days past due, relative to the quarter ended March 31, 2020. Loans on non-accrual decreased $362 thousand on a net basis in the most recent quarter as a result of charge-offs processed for two small lending realtionships, partially offset by one lending relationship that moved to non-accrual status. The Bank continues to work proactively with customers to manage COVID-19 related forbearance requests, where necessary, with a renewed focus on current and prospective business performance and available liquidity to be utilized for the resumption of loan payments over the near-term.

Management continues to actively evaluate performance trends and industry dynamics across asset classes to assess underlying business and liquidity risks stemming from the economic impact of COVID-19. While the Bank is taking active steps to provide payment relief from debt service through forbearance agreements, the focus has shifted toward the resumption of loan payments as management believes borrowers in need of payment deferrals have largely been accommodated at this time. This relief has been structured as 90-day deferments of principal and interest and effected broadly across the portfolio based on our analysis and direct feedback from customers. Given this deferment window, we are beginning to see many borrowers that requested payment deferrals earlier in the cycle commencing scheduled repayments of their loan obligations. Through July 24, 2020, there were 147 loans with a total principal balance of $157 million that reached the end of their initial 90-day deferment period. About one third of those loans (46 loans with a principal balance of $59.7 million representing 31.3% of loans by number and 38.1% of balances), requested and received approval for an additional 90-day deferment. The other 68.7% of the deferred loans are with borrowers that have the financial wherewithal and business continuity to resume the required debt service obligations at this time. As such, management believes deferments processed through June 30, 2020, as indicated below, represent peak levels across the portfolio:

The Company's allowance for loan losses increased $591 thousand, or 4.38%, to $14.1 million at June 30, 2020 from $13.5 million at March 31, 2020. At June 30, 2020, the allowance was 1.34% of total loans outstanding, a decrease from 1.43% at March 31, 2020, and down from 1.43% at June 30, 2019. Notwithstanding continued uncertainties about the credit environment, which prompted a $912 thousand increase in the allowance for unimpaired credits in the most recent quarter, the allowance, as a percentage of the overall portfolio, decreased quarter-over-quarter due to the meaningful increase in PPP loans, which are characterized as a zero risk-weighted asset class with muted underlying risk characteristics. The ratio of allowance to loans, net of the PPP loans, is 1.48%. After charge-offs taken for impaired credits, the allowance for impaired loans in the aggregate declined to $1.4 million in the most recent quarter relative to $1.6 million for the quarter ended March 31, 2020. The Bank has historically maintained a high ratio of loan loss allowances relative to its peers, and will continue to prudently manage reserves through close monitoring of business conditions and higher risk loans and thorough analysis of the profitability and cash flow of loan customers.

Trust and Advisory Summary

Trust and Asset Management performed well during the quarter, increasing fee related revenue by $72 thousand, or 3.6%, compared to the same period last year. Year-to-date, these businesses showed a $197 thousand, or 5%, increase in fee revenue compared to the first six months of 2019, despite volatile market performance since the beginning of the year. Close relationships and continuous outreach to our Trust and Asset Management customers provided valued support during this time of uncertainty.

About Orange County Bancorp, Inc.

Orange County Bancorp, Inc. is the parent company of Orange Bank & Trust Company and Hudson Valley Investment Advisors, Inc. Orange Bank & Trust Company is an independent bank that began with the vision of 14 founders over 125 years ago. It has grown through conservative banking practices, ongoing innovation and an unwavering commitment to its community and business clientele to more than $1.5 billion in Total Assets. In recent years, Orange Bank & Trust Company has added branches in Rockland and Westchester Counties, and is in the process of opening a new branch in Nanuet and the Bronx. Hudson Valley Investment Advisors, Inc. is a Registered Investment Advisor in Goshen, NY. It was founded in 1996 and was acquired by the Company in 2012. For more information, visit orangebanktrust.com or hviaonline.com

For further information:

Robert L. Peacock
EVP Chief Financial Officer
rpeacock@orangebanktrust.com
Phone: (845) 341-5005

SOURCE: Orange County Bancorp, Inc.

ReleaseID: 599039

TORONTO, ON / ACCESSWIRE / July 27, 2020 / Avidian Gold Corp. ("Avidian" or the "Company") (TSX-V:AVG) is pleased to announce that it has contracted Ruen Drilling Inc. to complete 2,000 to 3,000 metres of oriented NQ core drilling at the Amanita Property located 5 kilometres south and contiguous to Kinross Gold's (TSX:K) Fort Knox mine and proximal to Freegold Ventures Limited (TSX:FVL) Golden Summit project both in the Fairbanks Mining District, Alaska.

The drilling program is designed to a) test the strike and depth extent of the significant, 2019 trench results and b) further define the extent and continuity of the mineralization encountered in the historical RC drilling which lies to the SE of the mineralized trend delineated in 2019.

Steve Roebuck, President of Avidian states: "The shallow, historical, RC drilling clearly demonstrates that we have a widespread gold-rich system and ultimately the 2020 program will provide insight into the resource potential in the immediate area of the known mineralization. It will also provide insight into structural controls on gold mineralization through the use of oriented core technology. At least one historical hole will be twinned to determine if the RC holes failed to recover the coarse-grained gold as suggested by blaster analysis results completed in the late 90's. The drill program will start by testing the significant trench results obtained in 2019 which are to the NW of the historical mineralization. A second objective of the drill program will be to test the on-strike extension of the zone defined in the 2019 trenching program. The interpreted extension to the SW of the 2019 trench results intersects both an interpreted intrusive (from magnetics) and a bismuth geochemical anomaly. Bismuth is commonly found in association with gold in this area."

Gold mineralization identified on the Amanita property generally falls within the Tonsina Trend which is a fault bounded, 800-metre-wide, northeast trending structural corridor that can be traced along a strike length of approximately 4 km on the property (see Figure 1). This corridor trends directly into Kinross's Fort Knox open-pit mine which is also associated with this northeast striking, structural corridor. The 2019 trenching program tested a small portion of the mineralization within the Tonsina Trend. The trench program encountered oxide gold mineralization including: 94.5 m of 3.04 g/t Au, including 22.5 m of 11.51 g/t Au; and 27 m of 4.22 g/t Au, including 6 m of 4.70 g/t Au and 6 m of 13.85 g/t Au (see Jan. 7, 2020 Press Release and Figures 2 and 3 below).

The Tonsina Trend has been sparsely drilled with 39 historical reverse circulation holes, of which 30 intersected oxide mineralization, including 6 holes containing visible gold, with grades > 1.0 g/t Au such as: 13.72 m of 3.02 g/t Au, 10.67 m of 1.08 g/t Au, 12.19 m of 2.28 g/t Au, 4.57 m of 11.49 g/t Au, and 3.05 m of 14.04 g/t Au. Gold mineralization intersected in the drill holes was hosted in steeply dipping oxidized bodies contained within metamorphosed sediments proximal to intrusive Cretaceous age rocks (see press release Jan. 7, 2020). The historical drilling was designed to test a prominent gold geochemical anomaly that extends throughout the majority of the property. The drilling tested only a small portion of the geochemical anomaly with average vertical drill hole depth being less than 100 m. The 2020 drilling program will utilize oriented core technology in order to assist in tying together the mineralized zones and structures on the property.

Figure 1: Amanita Property – Trench Locations and Selected Historical Drill Hole Results

Figure 2: 2020 Drill Follow up Area

Figure 3: Plan View of Significant Trench Results and Mineralized Zones

About Avidian Gold Corp.

Avidian brings a disciplined and veteran team of project managers together with a regional scale advanced stage gold-copper exploration portfolio in Alaska. Avidian's Golden Zone project also hosts a NI 43-101 Indicated gold resource of 267,400 ounces (4,187,000 tonnes at 1.99 g/t Au) plus an Inferred gold resource of 35,900 ounces (1,353,000 tonnes at 0.83 g/t Au). Additional projects include the Amanita gold property which is adjacent to Kinross Gold's Fort Knox gold mine in Alaska and the Jungo gold/copper property in Nevada.

The information in respect of the Golden Zone project is adopted from the Technical Report on the Golden Zone Property, August 17, 2017, L. McGarry P.Geo & I. Trinder P.Geo, A.C.A Howe International Ltd (the "Technical Report").

Avidian is the majority owner of High Tide Resources, a private company with an option on the Labrador West iron ore property and owns the base metal Strickland Property and the Black Raven gold property, all located in Newfoundland and Labrador, Canada.

Avidian is focused on and committed to the development of advanced stage mineral projects throughout first world mining friendly jurisdictions using industry best practices combined with a strong social license from local communities. Further details on the Corporation and the individual projects, including the NI 43-101 Technical report on the Golden Zone property, can be found on the Corporation's website at www.avidiangold.com.

The technical information in this news release has been approved by Dr. Tom Setterfield, P.Geo and Vice-President of Avidian Gold, who is a Qualified Person as defined in National Instrument 43-101 – Standards of Disclosure for Mineral Projects.

For further information, please contact:

Steve Roebuck, President
E: sroebuck@avidiangold.com or +1(905) 741-5458
E: info@avidiangold.com

Neither 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 news release.

Forward-looking information

This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the Offering, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities law.

SOURCE: Avidian Gold Corp.

ReleaseID: 599036

LAGOS, NIGERIA / ACCESSWIRE / July 27, 2020 / United Bank for Africa Plc (UBA), the leading pan-African financial services institution, announced the appointments of Rokia Hacko, Chioma Mang, Chinedu Obeta, Bode Aregbesola, Kingsley Ulinfun and Usman Isiaka as chief executive officers of six of its 20 subsidiaries across Africa, subject to regulatory approvals. The new CEOs will drive the Group's strategy and activities in Mali, Uganda, Zambia, Senegal, Tanzania and Sierra Leone respectively.

Download Image: https://bit.ly/3jLrW8Q.

In addition, Ogechi Altraide has become the new Head, Retail Banking; Amadao Konate, Head, Treasury & International Payments for UBA America. These international appointments compliment the prior appointments of Sola Yomi-Ajayi as the CEO of UBA America, and Patrick Gutmann as the CEO of UBA UK. UBA provides a full suite of corporate banking products and services to businesses, multilateral institutions and governments transacting from and with Africa.

Earlier this month, UBA announced the appointment of Ayoku Liadi and Oliver Alawuba respectively, as Deputy Managing Directors in charge of the Group's Nigeria and Africa businesses, attesting to the importance of UBA's African business and its strategic positioning as "Africa's Global Bank".

UBA Group Chairman, Tony O. Elumelu, stated "The appointments further reflect the strong growth of the Group's pan-African businesses, currently responsible for over 40% of total Group revenue and the increasing importance of our international businesses in London, Paris and New York, offering superior treasury, trading and corporate banking solutions to clients globally. We are committed to catalysing growth on the African continent and the new CEOs are taking up roles at a very exciting period, as the Group executes its innovative digital play across the African continent''.

Also announced were the appointment of three new country Executive Directors – Haoua Cisse as the Executive Director, Wholesale, UBA Mali and Julien Kouassi as Executive Director Wholesale, UBA Côte D'Ivoire.

United Bank for Africa is one of the largest employers in the financial sector on the African continent, with over 20,000 employees group wide and serving over 20 million customers, across its approximately 1000 branches and over 30,000 ATMs, PoS, and agencies in Africa. Operating in 20 African countries and globally in the United Kingdom, the United States and France, UBA provides retail, commercial and institutional banking services, leading financial inclusion and implementing cutting edge products, including the first ever banking chat bot in Africa, LEO.

Media Contact:

Omede Odekina
Head External Relations
United Bank for Africa Plc
UBA House, 57 Marina, Lagos Island, Lagos, Nigeria
Mobile: +234-8162807921
E mail: omede.odekina@ubagroup.com
Website: www.UBAgroup.com

SOURCE: United Bank for Africa Plc via EQS Newswire

ReleaseID: 599041

CRANBROOK, BC / ACCESSWIRE / July 27, 2020 / Eagle Plains Resources Ltd. (TSXV:EPL) ("EPL" or "Eagle Plains") has completed the first phase of the 2020 exploration program on the Olson property (the "Property") located 100 km east of La Ronge, northern Saskatchewan. SKRR Exploration Inc. (formerly Canex Energy) may earn a 75% interest in the 5038ha property with details of the option agreement outlined below.

Phase One fieldwork was designed to define targets for a follow-up diamond drilling program planned for the Fall 2020 season. The program consisted of a ground DC resistivity / IP geophysical survey in conjunction with geological fieldwork that included detailed prospecting and mapping, infill soil geochemical sampling and channel sampling of trenches (see news release June 02, 2020).

Phase One Work Summary

Phase One fieldwork was designed to define targets for an upcoming diamond drilling program planned for Fall, 2020. Between June 01 to 11th, Discovery International Geophysics completed 13 lines (8.6 line kilometers total) of a combined IP/ DC resistivity geophysical survey over the Point, Tuscan and Juba areas. This was followed by a 13 day geological field program carried out by Terralogic Exploration Inc. Soil sampling, prospecting, field mapping, and channel sampling were undertaken to delineate new areas of gold mineralization as well as advance known showings to identify and prioritize drill targets.

In total, 484 gridded soil samples were collected at the Point, Tuscan, Ackbar, Jena and Juba showing areas. Mapping and prospecting work was conducted to confirm gold mineralization at both known showings and in underexplored areas of the Property. The Juba, Jena, Point, Ackbar, Tuscan, Olson, and Dosko-Siskin were sampled, with channel sampling completed at the Point and Juba showings.

All 2020 analytical and geochemical results are pending and results will be released as they are received, compiled and interpreted.

Permitting is underway with the Saskatchewan Ministry of Environment for the upcoming diamond drilling program.

Olson Project Summary

The Olson project is host to regionally-sheared, highly-strained meta-volcanic rocks which are considered to be prospective for orogenic gold mineralization. The Olson project area is located within the Trans Hudson Orogeny, a prolific belt of rocks stretching from the Dakotas to James Bay, hosting gold deposits such as the historic Homestake Mine (43.9 M oz) and nearby Seabee and Santoy gold deposits, owned by SSR Mining. Olson is host to 29 mineral occurrences defined by historical geological mapping, prospecting, trenching and 4700 m of diamond drilling. Historical drilling at Olson Lake has intersected 7.5 m grading 2.07 g/t Au including 13.00 g/t Au over 0.65 m and grab samples of up to 105.52 g/t Au have been collected at the Kalix occurrence. The project is considered to be significantly underexplored, with known gold occurrences open at depth and along strike. Results are historical in nature and have not been confirmed by Eagle Plains/SKRR but are considered to be reliable and will form a basis for ongoing work. Management cautions that past results or discoveries on proximate land are not necessarily indicative of the results that may be achieved on the Olson property.

In 2018, Eagle Plains completed a detailed compilation of existing data, followed by a 2-Phase, $150,000 field program which consisted of geological mapping and prospecting and the collection of a total of 862 soil samples and 126 rock samples. This program verified the results of historical work and identified additional targets in areas that were previously unexplored. Grid soil geochemistry at the Jena and Point areas returned extensive gold in soil anomalies. Soil geochemical values ranged from below detection to a maximum of 2704.6 ppb Au, with 6 samples returning greater than 1000 ppb Au. In the Jena area, soil geochemistry delineated a 1.4 km strike length of anomalous soil results greater than 80 ppb Au with a maximum of 1346 ppb Au. The Ackbar-Tuscan-Point area also returned promising results, with a 300m by 100m zone returning values greater than 80 ppb Au and a maximum of 2704.6 ppb Au. Soil geochemistry at the Olson and Juba showing areas returned lower values, likely related to thick clay and soil cover in these areas.

Fieldwork in the areas of anomalous soil geochemistry identified gold mineralization associated with shear-hosted quartz veins. Analytical results from outcrop ranged from below detection to a maximum of 45.1 g/t Au, with 20 grab samples returning greater than 1000 ppb Au. The Olson area had a maximum assay of 41.0 g/t Au from an outcrop grab sample of sheeted veins. The Jena area had 20 samples in excess of 1000 ppb Au with a maximum assay of 15.7 g/t Au from quartz-arsenopyrite veins. At the Juba occurrence, a grab sample returned 13.1 g/t Au. Mineralization at the Point and Tuscan area returned maximum values of 9.8 g/t Au at the Point and 45.1 g/t Au at Tuscan.

See the Olson project map here

Olson Option Agreement Details

The Olson Property is owned 100% by Eagle Plains and has no underlying royalties or encumbrances. SKRR may earn-in up to a 51% interest by making certain staged cash payments, share payments of common shares in the capital of SKRR to Eagle Plains and exploration expenditures over a three year period as follows: (i) $10,000 in cash upon execution of a letter of intent in respect of the Transaction (paid); (ii) $20,000 in cash and 200,000 common shares upon TSXV approval of the Transaction (received); (iii) $40,000 in cash, 200,000 common shares and $200,000 in exploration expenditures on or before December 31, 2020; (iv) $80,000 in cash, 200,000 common shares and $500,000 in exploration expenditures on or before December 31, 2021; and (v) $100,000 in cash, 200,000 common shares and $800,000 in exploration expenditures on or before December 31, 2022.

SKRR may earn-in up to a an additional 24% (75% total) interest in the Property by making additional exploration expenditures of $1,500,000 and issuing 200,000 common shares of SKRR to Eagle Plains on or before December 31, 2023.

Charles C. Downie, P.Geo., a "qualified person" for the purposes of National Instrument 43-101 – Standards of Disclosure for Mineral Projects and a director of Eagle Plains, has prepared, reviewed, and approved the scientific and technical disclosure in the news release.

About Eagle Plains Resources

Based in Cranbrook, B.C., Eagle Plains continues to conduct research, acquire and explore mineral projects throughout western Canada. The Company is committed to steadily enhancing shareholder value by advancing our diverse portfolio of projects toward discovery through collaborative partnerships and development of a highly experienced technical team. Managements' current focus is to preserve its treasury while advancing its most promising exploration projects. In addition, Eagle Plains continues to seek out and secure high-quality, unencumbered projects through research, staking and strategic acquisitions. Since 2012, Eagle Plains has added to its portfolio a number of new projects exceeding 130,000 ha targeting mainly gold, uranium and base-metals in Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as one of the top 3 jurisdictions in the world in terms of Investment Attractiveness. Throughout the exploration process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.

Expenditures from 2011-2019 on Eagle Plains-related projects exceed $20M, most of which was funded by third-party partners. This exploration work resulted in approximately 30,000 m of diamond-drilling and extensive ground-based exploration work facilitating the advancement of numerous projects at various stages of development.

On behalf of the Board of Directors

"Tim J. Termuende"
President and CEO

For further information on EPL, please contact Mike Labach at
1 866 HUNT ORE (486 8673)
Email: mgl@eagleplains.com or visit our website at http://www.eagleplains.com

Cautionary Note Regarding Forward-Looking Statements

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. This news release may contain forward-looking statements including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

SOURCE: Eagle Plains Resources Ltd.

ReleaseID: 599038