|October 21, 2014|
Parkside Announces Financing and Commences Exploration on Two Recently Optioned Gold Properties
TORONTO, ONTARIO, October 21, 2014 -- Parkside Resources Corporation (TSX-V: PKS) ("Parkside", or the "Company") is pleased to announce that it has commenced prospecting, mapping, and sampling programs on its two recently optioned properties near Savant Lake, in northwestern Ontario. Please refer to the Company's news release dated August 20, 2014, for further details of the Savant Lake and the Wiggle Creek Purchase Option Agreement, which has been accepted by the TSX Venture Exchange (the "Exchange"). These properties are subject to a 2% NSR retained by the Optionors, and the Company has the option to purchase 1% of the NSR for the sum of $1,000,000. The properties are also subject to a 1.0% NSR to the Ontario Exploration Corporation for funding provided for exploration work on the properties.
Previous work by other companies on the Wiggle Creek Gold Property has returned significant high-grade gold assays in surface sampling and diamond drilling, including historical grab samples of 78 grams per tonne ("gpt") of gold ("Au"), and 15.5 gpt Au over an interval of 0.4 metres (true width unknown). The current prospecting program will focus on locating historic diamond drill holes and associated trenches, as well as locating and sampling other outcrops and trenches in the area. An additional focus will be on identifying and mapping the thickness and mineralization of iron formation packages on the Wiggle Creek Property. With regard to the Savant Lake Gold Property, the Company's focus will be on the Snowbird Lake Vein, where it has been previously reported that assays of up to 24.88 gpt Au, including significant visible gold, have been located and traced along a strike length of 1,200 metres. Note, the consistency and continuity of these assays, as well the true thickess of the drill intercept, is not known. The proposed work program will provide a better range of assays which will be reported by the Company once received.
The Company also announces a non-brokered private placement comprised of 15,000,000 Non-Flow-Through Units ("Unit") at a price of $0.02 per Unit; and 12,000,000 Flow-Through Units ("FT Unit") at a price of $0.025 per FT Unit for gross proceeds of up to $600,000 (the "Offering"). Each Unit will consist of one common share and one share purchase warrant (a "Warrant"), entitling the holder to purchase one common share at $0.05 per share at any time until the close of business on the day which is 36 months from the date of issue of the Warrant. Each FT Unit will consist of one flow-through common share and one Warrant. The Company intends to use the gross proceeds from the sale of the Units and FT Units to fund a planned 1,000 metre winter 2015 drill program on the Company's Forester Lake Property and for general working capital purposes. Closing of the Offering is anticipated to occur on or before November 8, 2014 and is subject to receipt of applicable regulatory approvals including the acceptance of the Exchange. Finder's fees may be payable in connection with the Offering, in accordance with the policies of the Exchange. The securities to be issued in connection with the Offering will be subject to resale restrictions prescribed by applicable securities laws.
The Company further announces that it has received Exchange acceptance to settle financial obligations (the "Settlements") owed to certain of its directors, officers, and arm's-length consultants, in the aggregate amount of $139,036.00, by issuing an aggregate of 2,780,730 common shares to such persons at a deemed value of $0.05 per share. The Settlements primarily represent payments for consulting fees, but will also settle various other liabilities, including legal fees.
The geological information reported has been reviewed and approved by Steve Siemieniuk, P.Geo., of Clark Exploration Consulting, consulting geologist for Parkside Resources Corporation, who is a qualified person under the definitions established by National Instrument 43-101.
About Parkside Resources Corporation
Parkside Resources Corporation is a Canadian-based mineral exploration company dedicated to building shareholder value through focused exploration, discovery, and development of high-quality precious and base metal projects. Parkside is presently advancing three highly prospective gold-in-iron-formation properties in northwestern Ontario, all with significant assay results, and all with potential for the discovery of economic iron-formation-hosted gold mineralization. The three properties include the Forester Lake Gold Property, located approximately 100 kms north of Pickle Lake, Ontario and roughly 35 kms southeast of Goldcorp's Musselwhite gold mine, and the Wiggle Creek and Savant gold properties, which are located approximately 140 kms south of Pickle Lake. Incorporated in 2005, Parkside Resources Corporation is a reporting issuer in the provinces of British Columbia and Alberta, and its common shares are listed on the TSX Venture Exchange under the symbol TSX-V: PKS.
For further information, contact:
Richard Goldman, President
Tel: 416-862-1500: Fax: 416-862-1501
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.
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