April 28, 2016 – Vancouver, British Columbia – Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) (“Gainey” or the “Company”) is pleased to announce a record number of shareholders voting at the Company’s AGM on Wednesday, March 30, 2016 which includes a 99.98% vote in favour of the current Gainey management.
The Company’s management team is looking forward to a strong 2016 with numerous Mineral Processing agreements expected to commence within the year as well as a Phase 1 drill program projected to start in May, 2016, on the Company’s El Colomo project.
Final negotiations are currently being undertaken at the El Colomo project between the Company and several drilling companies who are evaluating proposed drill targets.
Gainey’s renowned geologists: Larry Segerstrom, Director and QP of Gainey, and Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V. (“Cascabel”), have signed-off on 21 priority drill targets totaling 5,800 meters, which could be divided into various tranches. These targets are within mineralized zones at El Colomo, which include:
- La Higuerita, with highlight assays of 33.30-gpt gold / 1,550.00-gpt silver and 20.00-gpt gold / 895.00-gpt silver;
- La Nueva Victoria, with highlight assays of 9.73-gpt gold / 155.00-gpt silver and 3.54-gpt gold / 261.70-gpt silver;
- El Arrayan, with highlight assays of 12.35-gpt gold / 938.00-gpt silver and 2.68-gpt gold / 248.10-gpt silver;
- La Peñita, with highlight assays of 24.50-gpt gold / 1,300.00-gpt silver and 2.36-gpt gold / 138.30-gpt silver
The Company also expects to commence several mineral processing agreements in the near future which have the potential for Gainey to operate its’ wholly owned, 300 TPD processing facility, in a cash flow positive environment. The 50/50 profit-sharing agreements between Gainey and local groups offer the potential for near-term revenues, which will be used to supplement the Company’s exploration and drilling programs on the El Colomo project.
David Coburn, CEO of Gainey, commented, “With the high voter turnout at the Company’s most recent AGM, I am excited about 2016 for Gainey shareholders as the Company is in the process of finalizing and moving forward with the proposed drilling program. Furthermore, the Company is in the process of executing agreements for mineral processing with multiple miners.”