GAINEY PROVIDES CORPORATE UPDATE
March 7, 2019
Vancouver, British Columbia - Gainey Capital Corp. (TSXV: GNC) (OTC: GNYPF) (“Gainey” or the “Company”) is pleased to provide the following corporate and exploration update:
Exploration
The Company’s exploration team has now completed initial sampling and detailed mapping at Las Margaritas with additional results expected in the near future. The technical team continues to be very excited about Las Margaritas and the possibility of it being the epicenter of the El Colomo project as well as its potential of connecting with the Golden Zone approximately 7-8 Km away, where Gainey drilled 70.85 meters of 0.65 g/t Au and 35.31 g/t Ag (see news release dated January 16, 2018).
CEO David Coburn stated, “2019 will be an exciting and transformational year for Gainey as we advance the newly acquired Las Margaritas mineral concessions in Durango, Mexico. The Company will announce a formal Exploration Plan in the very near future as we continue to understand the Las Margaritas mineralization - the new Plan is expected to include a Phase I drill program”.
Corporate
Financing - On February 28, 2019 the Company announced completion of its private placement financing for gross proceeds of $1,265,000, a large part of which will be targeted toward advancing exploration of the mineralized zone at Las Margaritas, including the Phase I drill program.
Option Grant - The board of directors has granted a total of 3.5 million incentive stock options to its directors, officers, employees and consultants. The options have an exercise price of C$0.12 each and are exercisable for up to five years from the date of grant. Of the 3.5 million options, 1.95 million were granted to insiders of the Company. The options were granted pursuant to the terms of the Company’s stock option plan and are subject to the policies of the TSX Venture Exchange.
About Gainey Capital Corp.
Gainey is a gold and silver exploration, development and ore processing company exploring an aggregate of 18,766 hectares strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The Company’s mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day. Additional information on Gainey, its current operations and its vision, is available on the Company’s website at www.gaineycapital.com or from info@gaineycapital.com.
ON BEHALF OF THE BOARD OF DIRECTORS
“David Coburn”
David Coburn, Chief Executive Officer
For information, please contact the Company:
Phone: 480-347-8904
E-mail: info@gaineycapital.com
Website: www.gaineycapital.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.
FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.