Baie-Comeau, Quebec / January 9, 2015 / St-Georges Platinum and Base Metals Ltd. (CSE: SX) (FSE: 85G1) (US OTC: SXOOF) today announces its intention to terminate all efforts to acquire and develop projects in Zambia. The company had previously signed an agreement in February 2014 in order to acquire two sizeable Copper-Cobalt projects in Zambia. The difficulty to finalize a proper due diligence had forced the company to put these negotiations on hold in the summer of 2014. The Company had mentioned that it was entertaining the acquisition of another project in Zambia at that point without giving more details. The management of St-Georges has taken the strategic decision to focus all its attention to the new Nickel discovery at its wholly owned Julie Nickel Project.
FINANCIAL SITUATION & OTHER CORPORATE MATTERS
As of December 31, 2014 the Company had 34,504,463 shares issued and outstanding. It also had 1,182,692 outstanding options at a weighted average exercise price of $0.27 per share and, $230,000 of Convertible Debentures carrying an annual 6% cumulative interest rate expiring July 2, 2023. These Debentures are convertible at any time at a price related to average market prices subject to a minimum conversion rate of $0.10 per share. There are currently no outstanding warrants.
Internal, unaudited financial statements of the Company to December 31, 2014 show Net Assets of $1,512,249. Accounts payable and accrued liabilities in these unaudited financial statements at December 31, 2014 amounted to $557,340 and included an amount of $285,888 payable to Directors, Officers and Executives of St-Georges and $191,208.27 that are optional liabilities that the Company is currently reviewing.
JULIE NICKEL DISCOVERY
Results from Agat Laboratories are expected in the coming days from the latest surface campaign conducted on the Julie Nickel Project. Last week St-Georges published the initial results from the latest campaign. The table below constitute a recapitulation of these results already published in a press release on December 29, 2014:
A surface mineralized zone of 70 by 56 meters referred to as “T1” has been identified. All initial results below come from this zone. The ultramafic intrusive suite which hosts the new discovery can be traced in the geophysic data obtain by St-Georges in 2011 for approximately 13 kilometres on a WSW to NE trend. At this point it appears that the mineralized zone remains open in all directions.
The table below outline the initial and partial results from a 17.26 meters channel cut executed along the identified conductor on the T1 zone at a 45º angle:
|T1 Channel 1||0||8.49||8.49||1.71||0.271||0.0347|
* Reported channel cuts sections are not true widths. An apparent surface width of 15 meters can be calculated but at this time there is insufficient data with respect to the shape of the mineralization to calculate true orientations in space.
The starting point of the channel cut was located at N49° 57.463′ W69° 27.045′
Results from a man-held portable drill hole are also available. The hole was drilled from surface to the shallow depth of 0.52 meters at a 90º angle and was assay as a whole. The drill hole was located at N49° 57.467′ W69° 27.046′.
|T1 Hole #1||0||0.52||0.52||1.71||0.271||0.0347|
Finally, results from a representative 10.2 kg sample cut from a 81.42 kg blast sample block taken 18.6 meters away to the S-E of the T1-Channel-1’s starting location was also sent to the labs. The location of that sample was at N49° 57.454′ W69° 27.045′
|Blast Sample 8749||10.2||1.68||0.301||0.0345|
Additional Channel and portable drill core samples are expected to be received from Agat Laboratories by the end of January and will be released as they are available.
ON BEHALF OF THE BOARD OF DIRECTORS
Frank Dumas, President & CEO
St-Georges is a Platinum-Palladium & Nickel explorer with projects in the Province of Quebec, Canada. Headquartered in Montreal, the Company’s stock is listed on the CSE under the symbol SX and its shares trades in the United States under the Symbol SXOOF and on the Frankfurt Stock Exchange under the symbol 85G1. Its Flagship project is the Julie Nickel Project on Quebec’s North Shore near the deep-seaport town of Baie-Comeau. For additional information, please visit our website at www.stgeorgesplatinum.com.
This document contains certain forward-looking statements which involve known and unknown risks, delays, and uncertainties not under the corporation’s control which may cause actual results, performance or achievements of the corporation to be materially different from the results, performance or expectation implied by these forward-looking statements.
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release.