VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 7, 2016) -
Not for distribution to United States newswire services or for dissemination in the United States
Aton Resources Inc. (TSX VENTURE:AAN) ("Aton" or the "Corporation") is pleased to announce that it has signed a term sheet with Sprott Private Wealth LP and one of its affiliates (collectively, "Sprott"), as finders, as part of a $3.0 million non-brokered private placement (the "Offering"). The net proceeds from the Offering will be used to fund continued exploration and development activities at Aton's 100% owned Abu Marawat concession, located in Egypt.
Terms of the Offering:
"We are extremely pleased to have attracted the attention of Sprott," said Mark Campbell, CEO of Aton. "Sprott Private Wealth LP, and one of its affiliates, are some of world's preeminent resource-focused firms and I believe that their involvement in this offering speaks to the quality of our team and the Abu Marawat concession. The funds raised by this offering will enable us to advance and unlock the potential of the Abu Marawat concession. Right now, we are planning a ground magnetic, ground EM (electromagnetic) and downhole EM geophysical surveys to identify massive sulphide targets at the Hamama project, which will be the focus of the next drilling campaign."
Activity update:
About the Hamama project
The Hamama project ("Hamama") is located at the western end of the 40km long gold trend at the Abu Marawat concession and is comprised of three zones, Hamama West, Hamama Central and Hamama East. The mineralized horizon at Hamama has a strike length of approximately 3km and remains open to the west and the east. Mapping indicates that the horizon may extend another 3.2kms to the east, which would more than double Hamama's current strike length. Further exploration work will be conducted to confirm this. Aton's most recent exploration activities have been focused at Hamama West, where it recently completed 38 diamond drill holes in 3,428 metres. Hamama West has been deeply weathered into a soft, friable oxidized gossan blanket, referred to as a gold-oxide cap, which is over 900 metres long, up to 110 metres wide and has an average vertical depth of 35 metres. Importantly, sulphide mineralization has been traced up to 180 metres in depth at Hamama West and remains open. Aton plans to announce a NI 43-101 compliant resource for Hamama West by year end.
About Aton Resources Inc.
Aton Resources Inc. (TSX VENTURE:AAN) is focused on its 100% owned Abu Marawat concession, located in Egypt's Arabian-Nubian Shield, approximately 400km north of Centamin's Sukari gold mine. Aton has identified a 40km long gold trend at Abu Marawat, anchored by the Hamama project in the west and the Abu Marawat gold deposit in the east. In addition to the Hamama project and the Abu Marawat gold deposit, the trend contains numerous gold exploration targets, including two historic gold mines. Abu Marawat is over 738 sq. km in size and is located in an area of excellent infrastructure, a four-lane highway, railway line, a 220kV power line and a water pipeline are in close proximity.
For further information regarding Aton Resources Inc., please visit us at www.atonresources.com.
Note Regarding Forward-Looking Statements
Some of the statements contained in this release are forward-looking statements. Since forward- looking statements address future events and conditions; by their very nature they involve inherent risks and uncertainties. Actual results in each case could differ materially from those currently anticipated in such statements.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of any of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful, including any of the securities in the United States of America. The securities have not been and will not be registered under the United States Securities Act of 1933 (the "1933 Act") or any state securities laws and may not be offered or sold within the United States or to, or for account or benefit of, U.S. Persons (as defined in Regulation S under the 1933 Act) unless registered under the 1933 Act and applicable state securities laws, or an exemption from such registration requirements is available.
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