January 3, 2017 / Vancouver, BC / NRG Metals Inc. (“NGZ“ or the “Company”) (TSX-V: NGZ)(OTC Pink GPOFF), (Frankfurt OGPN), announces results of its Annual General and Special Meeting held December 30th, 2016. At the meeting, members were asked to approve several special motions, which included an Arrangement Agreement as announced October 21, 2016, the adoption of a 20% stock option plan, and issuance of bonus shares to key Argentina based lithium project management. All motions were approved with at least 96.61% of the shares voted. Re-elected to the board of directors were Adrian F.C.Hobkirk as President and Chief Executive Officer, Christopher P. Cherry as Chief Financial Officer, and as directors, Allen V.Ambrose and Dr. A. Drummond.
As previously announced, all shareholders of NRG as of the record date of November 25th, 2016, will receive one share in the new company, Gold Port Resources Ltd., (“GPRL”) for every four shares they presently hold in NGZ, subject to obtaining the final court order from the Supreme Court of British Columbia on January 5, 2017. This transaction does not affect any current shareholdings of NGZ. The Company recommends all shareholders register at nrgmetalsinc.com to receive timely updates. It is expected that the new shares of GPRL will be issued to qualifying NRG shareholders immediately thereafter.
GOLD PORT RESOURCES LTD.
GPRL will focus on the further exploration and development of the Groete Gold and Copper Project, located in Cuyuni Mining District 4, Guyana. Work by the Company during 2012 to 2013 resulted in the completion of an independent resource estimate, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ( NI 43-101 ), by P and E Mining Consultants of Brampton, Ontario, Canada ( “ P and E ” ). A Pit Constrained Inferred Resource of 1.59 million Gold ( “ Au “ ) Equivalent ounces at 0.66 grams per tonne Au Equivalent including 0.12% Cu contained in 74.8 million tonnes, was calculated by P and E. A data base comprised of 8 diamond drill holes ( 1,426 meters ) completed by the Company, and the historical results of 18 diamond core holes ( 3,477 meters ) completed by a previous owner, were used in the resource calculation. Four holes drilled by the Company were twins of historical holes. The project is located very close to infrastructure and deep water access, and offers the potential for further resource expansion. In addition, the Company owns the L.A.B. Graphite Project, located in Quebec, Canada. The L.A.B. Project is located immediately adjacent to the Emery’s Graphite and Carbon Mine, one of only two graphite producers in North America. Recent work completed by the Company has identified several targets, and the project is drill ready.
On Behalf of the Board of Directors
President, CEO and Director
Dr. Arthur Darryl Drummond, P.Eng. who is a member of the Association of Professional Engineers of British Columbia (Lic. # 5778), and a Qualified Person as defined in NI 43-101 has prepared, and supervised the preparation of this press release and approves the technical and scientific disclosure of the press release.
The TSX Venture Exchange has not reviewed the content of this news release and therefore does not accept responsibility or liability for the adequacy or accuracy of the contents of this news release.
This news release contains certain “forward- looking statements” within the meaning of Section 21E of the United States Securities and Exchange Act of 1934, as amended. Except for statements of historical fact relating to the Company, certain information contained herein constitutes forward- looking statements. Forward-looking statements are based upon opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors which could cause actual results to differ materially from those projected in the forward looking statements. The reader is cautioned not to place undue reliance on forward looking statements. The transaction described in this news release is subject to a variety of conditions and risks which include but are not limited to: regulatory approval, shareholder approval, market conditions, legal due diligence for claim validity, financing, political risk, security risks at the property locations and other risks. As such, the reader is cautioned that there can be no guarantee that this transaction will complete as described in this news release. We seek safe harbor.