AurCrest Gold subsidiary signs Letter of Intent with Mobismart Mobile Off-Grid Power & Storage
September 24, 2018
Toronto, Ontario September 24, 2018 - AurCrest Gold Inc. (the “Company” or “AurCrest”) (TSX-V: AGO) (FRANKFURT: TM8A, WKN: A0YG1K) is pleased to announce the signing of a Letter of Intent by Wiigwaasaatig Energy Inc. (“Wiigwaasaatig”), a subsidiary of the Company, with Mobismart Mobile Off-Grid Power & Storage Inc. (“Mobismart”), to acquire two mobile renewable energy generation units for deployment at First Nations proximal to the Company’s Richardson Lake property in Northwestern Ontario.
“I am very pleased to announce that the signing of this Letter of Intent with Mobismart is a significant milestone for the Company and its Wiigwaasaatig subsidiary, further advancing our renewable energy infrastructure development efforts in partnership with our local First Nations,” said President & CEO Christopher Angeconeb. “The strategic alliance between Wiigwaasaatig and Mobismart will work to deploy the renewables technology on reserve at Cat Lake First Nation and at Lac Seul First Nation, in partnership with those communities, to reduce their grid-sourced electrical consumption and to foster an environment of socioeconomic growth and wealth generation, while growing Company shareholder value. These same renewables units are also capable of being deployed to remote mineral exploration and development sites to offset the need for diesel generation, ideally through strong future partnerships with local First Nations.”
This is the first step in the strategic partnership with Mobismart announced on April 19, 2018 to use Mobismart’s already-proven vertical axis wind turbine systems and solar panel systems, coupled with integral battery storage and system controls, to produce a ready-to-connect renewable energy generation package.
Wiigwaasaatig focuses on remote Ontario and Nunavut communities and sites, and principally in areas to which the parent Company bears a corporate social responsibility. AurCrest’s Richardson Lake property in Northwestern Ontario lies approximately 30km southwest of the Cat Lake First Nation, a remote community with approximately 500 residents.
The AurCrest Executive has developed a business model for renewable energy deployment through Wiigwaasaatig that incorporates the active participation of First Nations, respects the current landscape of electrical utility being developed by First Nations and government in Northwestern Ontario, and is capable of providing benefit to remote mine development sites. This model is the foundation for development and operation of Wiigwaasaatig, which is itself an Aboriginally-driven corporation.
Wiigwaasaatig and Mobismart will enter into discussions for the terms of the purchase of the two mobile renewable energy generation units and the establishment of a longer-term manufacturing and distribution relationship. The Letter of Intent is non-binding save and except that Wiigwaasaatig and Mobismart have agreed to a 30 business day exclusivity period to negotiate the terms of final agreements.
Maple Energy and Mining Fund, Inc. acts as technical consultant to the Company and Wiigwaasaatig. In addition to evaluating technical and economic viability of power generation projects, Maple Energy is able to vet the technical and economic merits of mining projects, which are the basis for long-term Power Purchase Agreements. The Maple Energy team also provides project management, construction and operational management capabilities.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
President and C.E.O
Director of Business Development
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company’s actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management’s estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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