HY LAKE GOLD INC. (CNSX: HYL) (the “Company”) is pleased to announce that it has formally changed the Company’s name to West Red Lake Gold Mines Inc. The name change was approved by the shareholders at the Annual and Special Meeting of Shareholders on May 30, 2012.
The name West Red Lake Gold Mines Inc. better reflects the Company’s focus, the geographic location of its principal assets and the future of its business activities. The Company now owns or controls the three main past producing mines in West Red Lake. The 100%-owned Mount Jamie Mine, the 100%- owned Red Summit Mine and the 60%-owned Rowan Lake Mine, held in a Joint Venture with Goldcorp, all lie within a regionally defined major structural feature known as the Pipestone Bay – St. Paul Bay Deformation Corridor. Historically, these three mine properties have never been held under the ownership and control of one exploration company. The Company now has an unimpeded exploration horizon in excess of 13 kilometres along this structure. With the recent successful drilling programs at the Mount Jamie Mine, Golden Tree and Rowan Lake Mine properties (see news releases of October 19, 2011, November 3, 2011, May 3, 2012 and May 30, 2012) the Company is developing an advanced, regional- scale exploration model as it moves forward towards development of its highly prospective Red Lake property package.
The Company looks forward to introducing a new trading symbol, corporate identity and website in the near future, subject to exchange approval.
In addition, the company announces that a total of 970,000 stock options to purchase common shares in the corporation were granted to the directors, officers, and an employee of the company at an exercise price of $0.18 per share expiring on June 19, 2017.
About Hy Lake Gold Inc.
Hy Lake Gold Inc. is a Toronto-based exploration company focused on gold exploration and production development in the prolific Red Lake Mining District of Northwestern Ontario, Canada. Hy Lake Gold has assembled several significant property packages totalling approximately 3,500 hectares in the west end of the Red Lake Gold Camp. The properties cover a 13 kilometre distance along the West Red Lake Trend, containing three former producing gold mines, and the Company continues to explore these properties both along strike and at depth. To find out more about Hy Lake Gold Inc. (CNSX: HYL) visit our website at www.hylake.com.
Shares Issued: 43,819,148
On behalf of the board:
Mr. Robert B. Seitz, President & C.E.O.
This release contains forward-looking statements, including predictions, projections and forecasts. Forward-looking statements include, but are not limited to, statements with respect to exploration activities and results (including the timing of results), the timing and success of exploration activities generally, permitting timelines, government regulation of exploration and mining operations, environmental risks, title disputes or claims, limitations on insurance coverage, timing and possible outcomes of any pending litigation and timing and results of future resource estimates or future economic studies, and in particular include statements with respect to the timing of the reporting of drilling results at Rowan Lake and the other properties. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “planning”, “planned”, “expects”, or “looking forward”, “does not expect”, “continues”, “scheduled”, “estimates”, “forecasts”, “intends”, “potential”, anticipate”, “does not anticipate”, or “belief”, or describes a “goal” or variation of such phrases or state that certain actions, events or results “may”, “could”, “would”, or “will” be taken, occur or be achieved.
Forward-looking statements are based on a number of material factors and assumptions, including the result of drilling and exploration activities, the expected geological conditions or formations are not located, that contracted parties provide goods and/or services on the agreed timeframes, that the equipment necessary for the exploration is available as scheduled and does not incur unforeseen break downs, that no labour shortages or delays are incurred, that plant and equipment function as specified, that no unusual geological or technical problems occur, and that laboratory and other related services are available and perform as contracted.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or achievements to be materially different from any future results, prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements. Such factors include, among others, the interpretation and actual results of current exploration activities; changes in project parameters as plans continue to be refined; future prices of gold; possible variations in grade or recovery rates; failure of equipment or processes to operate as anticipated; the failure of contracted parties to perform; labour disputes and other risks of the mining industry; delays in obtaining governmental approvals or financing or in the completion of exploration. Although Hy Lake has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward- looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurances that forward-looking 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 s