Brigus Gold Corp. (NYSE MKT: BRD; TSX: BRD) (“Brigus” or the “Company”) has received the final payment of USD $4.5 million from New West Capital to complete the sale of the Calais Notes (“Notes”) as announced on May 7, 2012 for total proceeds of USD $6 million.
Brigus acquired the Notes as consideration when the Company sold a non-core asset in 2010 and were originally valued and recorded at $3.4 million. When combining the $1.2 million that was repaid in 2011 from Calais Resources Inc. with the proceeds from this sale, the Company received a total of $7.2 million in cash for the Notes.
About Brigus Gold
Brigus is a growing gold producer committed to maximizing shareholder value through a strategy of efficient production, targeted exploration and select acquisitions. The Company operates the wholly owned Black Fox Mine and Mill in the Timmins Gold District of Ontario, Canada. The Black Fox Complex encompasses the Black Fox Mine and adjoining properties in the Township of Black River‐Matheson, Ontario, Canada. Brigus is also advancing the Goldfields Project located near Uranium City, Saskatchewan, Canada, which hosts the Box and Athona gold deposits. In Mexico, Brigus has granted Cangold Limited the option to acquire a 75% interest in the Company’s Ixhuatan Project located in the state of Chiapas. In the Dominican Republic, Brigus has signed an agreement to sell its remaining interests in three mineral exploration projects.Cautionary and Forward‐Looking Statements Statements contained in this news release, which are not historical facts, are forward‐looking statements that involve risk, uncertainties and other factors that could cause actual results to differ materially from those expressed or implied by such forward‐looking statements. All statements regarding the ability of the Company to achieve its production, total cash costs, steady state annual production and mining rate estimates; estimated average gold grades for the open pit and underground operations; increase in gold production; increase in profitability; exploration drill results and resource additions, are forward‐looking statements and estimates that involve various risks and uncertainties. This forward‐ looking statements include, or may be based upon, estimates, forecasts, and statements as to management's expectations with respect to, among other things, the outcome of legal proceedings, the issue of permits, the size and quality of the Company's mineral resources, progress in development of mineral properties, future production and sales volumes, capital and mine production costs, demand and market outlook for metals, future metal prices and treatment and refining charges, and the financial results of the Company. Important factors that could cause actual results to differ materially from these forward‐looking statements include environmental risks and other factors disclosed under the heading “Risk Factors” in Brigus’ most recent Annual Information Form and Management Discussion and Analysis filed under the Company’s name at www.sedar.com and annual report on Form 40F filed with the United States Securities and Exchange Commission at www.sec.gov as well as elsewhere in Brigus’ documents filed from time to time with the Toronto Stock Exchange, the NYSE Amex Equities, the United States Securities and Exchange Commission and other regulatory authorities. All forward‐looking statements included in this news release are based on information available to the Company on the date hereof. The Company assumes no obligation to update any forward‐looking statements, except as required by applicable securities laws.
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