Vancouver, British Columbia--(Newsfile Corp. - June 9, 2021) - Telson Mining Corporation (TSXV: TSN) (OTC Pink: SOHFF) (FSE: TSGN) ("Telson" or the "Company") is pleased to announce that it will complete its name change to "Altaley Mining Corporation" on June 11, 2021, as previously announced in a news release dated May 10, 2021. The Company has received final acceptance from the TSX Venture Exchange (the "Exchange") for the name change. Effective June 11, 2021, the Company's common shares will continue trading on the Exchange under the new symbol "ATLY".
The Company's management believes that the name change complements the recent board restructuring and accelerated pace of development.
About Telson Mining Corporation
Telson Mining Corporation is a Canadian based mining company with two 100% owned Mexican gold, silver, and base metal mining projects.
Campo Morado is an operating polymetallic base metal mine with mining and milling equipment currently producing at an average of 2,100 tonnes per day and is currently estimated to be Mexico's 6th largest zinc producer.
Telson's Tahuehueto mining project located in north-western Durango State, Mexico is a gold mine currently under construction and advanced to an estimated 60% of completion. The Company recently announced a US$25 million syndicated funding package, and subsequently closed a US$ 8 million equity private placement and executed a silver streaming funding agreement with Empress Royalty to receive an initial US$2million 1st tranche funding advance resulting in US $10 million of the syndicated funding package being available to immediately fund construction efforts at Tahuehueto and provide working capital. Upon closing of the last US $12 million portion of the funding package triggering the 2nd tranche US$3 million from Empress Royalty, Telson will have full funding available to finish construction of its 1,000 tonne per day processing facility and related mine infrastructure to initiate production of gold, silver, lead, and zinc in concentrates at Tahuehueto. The Company is targeting to start pre-production by the end of 2021 and ramping up to full production capacity during Q1 2022.
On Behalf of the Board of Directors
(signed) "Ralph Shearing"
Ralph Shearing, P. Geol, President and Director
Cautionary Note Regarding Production Decisions and Forward-Looking Statements
Statements contained in this news release that are not historical facts are "forward-looking information" or "forward-looking statements" (collectively, "Forward-Looking Information") within the meaning of applicable Canadian securities laws. Forward Looking Information includes, but is not limited to, disclosure regarding the planned recommencement of mining operations at Campo Morado; and other possible events, conditions or financial performance that are based on assumptions about future economic conditions and courses of action; the timing and costs of future activities on the Company's properties, such as production rates and increases; success of exploration, development and bulk sample processing activities, and timing for processing at its own mineral processing facility on the Tahuehueto project site. In certain cases, Forward-Looking Information can be identified using words and phrases such as "plans," "expects," "scheduled," "estimates," "forecasts," "intends," "anticipates" or variations of such words and phrases. In preparing the Forward-Looking Information in this news release, the Company has applied several material assumptions, including, but not limited to, that the current exploration, development, environmental and other objectives concerning the Campo Morado Mine and the Tahuehueto Project can be achieved; that recommencement of operations at Campo Morado will proceed as planned; the continuity of the price of gold and other metals, economic and political conditions, and operations. Forward-Looking Information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the Forward-Looking Information. There can be no assurance that Forward-Looking Information 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 Information. Except as required by law, the Company does not assume any obligation to release publicly any revisions to Forward-Looking Information contained in this news release to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information about Telson Mining Corporation, please contact:
Corporate Communications Manager
Tel: +1 (604) 684-8071
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/87012