Deep-South Resources appoints Ukwazi of South Africa to prepare a NI 43-101 technical report
Vancouver, B.C., Canada – October 30, 2018 – Deep-South Resources Inc. ("Deep-South" or “the Company") (TSX-V: DSM) announces that it has appointed Ukwazi Mining Studies (Pty) Ltd (“Ukwazi”) of South Africa with the mandate to prepare a technical qualification report compliant with NI 43-101 for the Kapili Tepe project in Turkey. The report will cover all the exploration programs and results previously carried out on the Licenses, will plan and recommend exploration work programs and budgets and will serve as a base for the future resource estimation in compliance with NI 43-101.
Ukwazi is a specialized mining and exploration services consultant group. They cover various sectors of the mining industry such as mining engineering, mine planning, project management as well as exploration planning and budgeting and independent resources and reserves estimations. Ukwazi covers all Africa as well as Asia, Europe and specifically Turkey. Since its creation in 2004, Ukwazi has worked for many major mining companies and exploration companies. For more information about Ukwazi, please visit: www.ukwazi.com.
Pierre Léveillé President & CEO of Deep-South as commented: “We are glad to have Ukwazi on board. Their vast diversified expertise and their knowledge of Turkey will be highly beneficial to Deep-South.”
The Company will proceed with a non-brokered private placement for gross proceeds of up to $600,000 (“the Offering”).
The non-brokered private placement will comprise up to 5,000,000 units (the “Units”) of Deep-South, at a subscription price of $0.12 per Unit. Each Unit will consist of one (1) common share and one half (1/2) of one common share purchase warrant (“Warrant”) of Deep-South. Each full Warrant will entitle the holder thereof to purchase one (1) Deep-South common share at an exercise price of $0.20 during a period of thirty-six (36) months from the date of closing of the placement. Each security issued pursuant to the placement has a mandatory four (4) months holding period from the date of closing of the placement.
The private placement is subject to the approval of the TSX Venture Exchange.
About Deep-South Resources Inc.
Deep-South Resources Inc. is a mineral exploration company largely held by Namibian shareholders and Teck Resources Ltd, which holds about 35% of Deep-South share capital. Deep-South is actively involved in the acquisition, exploration and development of major mineral properties. Deep-South currently holds 100% of the Haib Copper project in Namibia, one of the largest copper porphyry deposits in Africa. Deep-South is currently completing the acquisition of the Kapili Tepe project in Turkey, an important copper, nickel, cobalt and gold exploration target. Deep-South’s growth strategy is to focus on the exploration and development of quality assets, in significant mineralized zones, close to infrastructure, in stable countries.
This press release contains certain "forward-looking statements," as identified in Deep-South’s periodic filings with Canadian Securities Regulators that involve a number of risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. 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.
More information is available by contacting Pierre Léveillé, President & CEO at
+1-819-340-0140 or at: firstname.lastname@example.org or
Paradox Public Relations at +1-514-341-0408.