VANCOUVER, May 21, 2013 /PRNewswire/ - Tigris Uranium Corp. (TSX.V: TU) ("Tigris"), and Wolfpack Gold Corp. ("Wolfpack") are pleased to announce the completion of the previously announced reverse takeover transaction (the "Transaction") pursuant to which Tigris acquired all of the issued and outstanding shares of Wolfpack through a three-cornered amalgamation (the "Amalgamation") whereby Wolfpack amalgamated with a wholly-owned subsidiary of Tigris.
Name Change and Stock Symbol In connection with closing of the Transaction, Tigris has changed its name from "Tigris Uranium Corp." to "Wolfpack Gold Corp." (the combined company, the "Company").
The Company will continue to be classified as a Tier 1 mineral exploration issuer on the TSX Venture Exchange ("TSXV"). The common shares of the Company are expected to commence trading on the TSXV when the market opens on May 21, 2013 under the new name (Wolfpack) and trading symbol "WFP".The Company's Assets Wolfpack's mandate is to advance low cost heap leach and high grade underground gold projects towards production in the western United States while maintaining an important asset base in uranium. The Company owns a significant portfolio of gold properties located in Nevada and surrounding states and has options to acquire certain properties, including the Castle Black Rock and Adelaide Properties located in Nevada. The Company's portfolio has seen little to no activity since gold prices were below USD$400/oz. Both Adelaide and Castle Black Rock have previous operating histories as open pit heap leach operations during the late 1980s, when they were closed due to low gold prices. The Company is committed to maximizing shareholder value and is well positioned with cash and marketable securities of approximately $8.2 million and a low annual expenditure rate. In addition, the Company owns 115,000+ acres (46,400 ha) of private mineral rights, with an indicated resource of 26.6 MM pounds U 3O 8 at an average grade of 0.105% e U 3O 8 and an inferred resource of 6.1 MM pounds U 3O 8 at an average grand of 0.110 e U 3O 8 (Beahm, 2012). The mining properties are located in New Mexico's Crownpoint Uranium District, a portion of which are under NRC license, and benefit from an increasingly progressive New Mexico regulatory and political environment. The newly combined company has a well-rounded portfolio of gold properties focused in and around central and northern Nevada. The Company's management, building on a track record of success in the uranium sector, will continue advancing its Crownpoint and Hosta Butte uranium assets in New Mexico, while studying ways to maximize the value of those assets in an improving uranium market. Management has also been structured to provide the best possible guidance in moving the Company's most advanced gold properties forward, while evaluating its other key precious metals properties in and around the most highly productive gold belts of Nevada. 2013 Nevada Precious Metals Program With the completion of the Transaction, Wolfpack's geologic staff is in the field evaluating its property portfolio for further work later in the season and for possible joint agreements with other explorers. Although many the Company's properties are concentrated near the prominent historic and modern mining town of Tonopah, Nevada, some of the better known properties in the portfolio are sediment and volcanic hosted precious metal targets on the most prominent and highly productive trends of north-central Nevada. The Adelaide property, located on the Battle Mountain - Eureka Trend and near the Getchell Trend, offers a variety of gold and gold-silver targets in possible high grade underground to moderate grade open pit configurations. The Company has permitted underground access to one of the high grade zones, although significant drilling and modeling are still required prior to any commitment to begin underground access work. In the near term, preparations are being made for a planned June-July reverse circulation drilling program. Initially, this program will test extensions of the high grade vein style mineralization in the vicinity of the open pits. A step out program is also planned for areas to the north, where historic drilling suggests sediment hosted gold may be related to extensively intruded fault zones. Mapping is expected to fine tune these existing targets and to possibly develop new ones related to the more productive structures, host rocks sediments and intrusive bodies. The Transaction Immediately prior to the Amalgamation, the Company completed the consolidation of its issued and outstanding common shares on the basis of three (3) "old" common shares for one (1) "new" common share (the "Consolidation"). Pursuant to the Amalgamation, each common share of Wolfpack has been exchanged for one post-Consolidation common share of the Company, and convertible securities of Wolfpack have been exchanged for convertible securities of the Company on a one-for-one basis, post-Consolidation.