MONTREAL, QUEBEC--(Marketwire - Oct. 29, 2012) - Adventure Gold Inc. (TSX VENTURE:AGE) (the "Company") announces that following the exercise of stock options to purchase shares, Mr. Marco Gagnon, President and Chief Executive Officer and Mr. Marc L'Heureux, founder and member of the Board of Directors of the Company have increased their personal ownership of common shares in the capital stock of Adventure Gold. Mr. Gagnon has significantly increased its participation by more than 63% and now owns 1.56 million common shares. As for Mr. L'Heureux, he now owns 940 000 common shares representing a 12% increase. Following that the exercise of options, all stock options with maturity on November 7th, 2012 at a price of $0.265 have been exercised by the these individuals who are both members of the Board of Directors. The proceeds of the exercise of 700,000 stock options will provide additional funding of $185,500 to the Company.
Members of the Board of Directors, the management team and employees of the Company now own 9.4% of the capital stock of Adventure Gold and they have actively participated in the financing of the Company since its listing on the TSX Venture Exchange in October 2007. Despite the exercise of stock options-related tax impact, the two directors do not consider selling any securities owned at the moment.
Current activities and upcoming results
- Val-d'Or East project: The first Mineral Resource Estimate National Instrument (NI) 43-101 at the 100% owned Pascalis-Colombiere gold property is progressing well. The consultant (SGS Geostat) conducting the study reports that the results will be available in November 2012. Geological reconnaissance work is currently underway on the recently acquired Pascalis-Extension property (for more details on the Val-d'Or East project, see press releases dated 2012-09-13 and 2012-09-20 available on the Company's website).
- Detour Quebec project: Phase 1 exploration work aiming to define drill-targets on several areas of the project will be completed soon. The results of geological surveys, ground and airborne geophysical surveys and geological compilations will be published in November 2012 (for more details on the Detour Quebec project, see press release dated 2012-04-19 available on the Company's website).
Adventure Gold Inc. is a mineral exploration company focused on discovering and developing high-quality gold deposits in the Abitibi region located in eastern Canada - one of the richest gold mines areas in the world. Adventure Gold has become, in a few years, an important player in the mining exploration industry with one of the best portfolio of exploration properties along the main gold-bearing structures of the Abitibi Greenstone Belt. The Company is exploring mainly close to gold mines where the mining production infrastructures are already existent, which distinguishes it from several other exploration companies. Adventure Gold exploration team are mining professionals having worked previously for well-established producing companies and understand the industry challenges. The Company owns 100% of the rights on its three main projects namely: Val-d'Or East, Detour Quebec and Casa-Cameron. The Val-d'Or East flagship project encompasses the Pascalis-Colombiere property where Cambior Inc. (now IAMGOLD) was producing gold between 1989 and 1993 at the Beliveau Mine. Close to the former mine, Adventure Gold recently discovered a significant new gold system and works actively in its development. As disclosed in its latest financial statements, the Company is well financed to apply its business plan.
Jules Riopel, P.Geo., Vice-President Exploration and Acquisitions, acting as the Company's "Qualified Person" as defined by NI 43-101, has reviewed this press release.
Follow Adventure Gold on: www.adventure-gold.com
The foregoing information may contain forward-looking statements and events relating to the future performance of the Company. Forward-looking statements, specifically those concerning future performance, are subject to certain risks and uncertainties, and actual results may differ materially. These risks and uncertainties are detailed from time to time in the Company's filings with the appropriate regulatory authorities. We seek safe harbour.
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 release.