Vancouver, British Columbia, July 11, 2017 – Red Hut Metals Inc. (TSX-V: ROB) (“Red Hut”) announces that effective July 12, 2017, the name of the Company will change to “Providence Gold Mines Inc.” (“Providence Gold”), a name which appropriately reflects the Company’s new focus on its primary property, the Providence Gold Mines in Tuolumne County, California. (See press release of June 16, 2017.)
Effective at the opening on July 12, 2017, the common shares of the Company will commence trading on the TSX Venture Exchange under the new name “Providence Gold Mines Inc.” (CUSIP number 743754103; ISIN CA7437541039 ) with trading symbol “PHD”, and the common shares of Red Hut Metals Inc. will be delisted. Providence Gold is classified as a “Mineral Exploration/Development Company.”
The Company also announces that Ronald Allan Coombes has been appointed a director of the Company, and assumes the position of President & CEO. Robert Eadie will continue as Chairman and a director of Providence Gold.
About Ronald Coombes: Mr. Coombes is an experienced mining entrepreneur. He has been involved in mineral exploration and junior exploration company management for over 20 years, and has raised significant funding at home and internationally for various projects, including the Storie molybdenum deposit near Cassiar in northern British Columbia. Mr. Coombes has been responsible for the acquisition, exploration and development of several potentially significant VMS copper targets at the Marshall Lake and Norton Lake properties located in Ontario, Canada, and as well on numerous other exploration properties in Canada, USA and Mexico working closely with all levels of management and personnel. He is currently a director of Lincoln Mining Corp. which is currently developing the Ora Cruz and Pine Grove Gold bearing properties in California and Nevada.
About the Property
The Providence Group of Mines is located in the Summerville Mining District, Tuolumne County, California, upon the eastern belt of the “Mother Lode” District. A number of high grade, well known Motherlode gold mines are found within this belt. The Property has a rich history of gold mineralization. An NI 43-101 compliant report entitled Technical Report on the Providence Gold Mines Property, Tuolumne County, California” dated April 24, 2017 by John P. Kowalchuk, BSc., P. Geo. can be viewed on SEDAR and on the Company’s website at www.redhutmetals.com.
ON BEHALF OF THE BOARD
Signed “Robert Eadie”
Robert Eadie, Chairman and Director
FOR FURTHER INFORMATION PLEASE CONTACT:
Contact: Robert Eadie
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.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain “forward-looking statements” under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: the terms and conditions of the proposed Transaction; the terms and conditions of the proposed Financing; future work to be carried on the Property; use of funds; and the business and operations of Red Hut after the proposed transaction. Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with mineral exploration and development activities, lack of investor interest in the Financing; requirements for additional capital; future prices of gold and precious metals; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits; results of current exploration and testing; changes in laws, regulations and policies affecting mining operations; and title disputes. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Red Hut disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.