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Rico De Vega Joins Abitibi Royalties as Chief Financial Officer & Corporate Update

/EINPresswire.com/ -- VAL-D'OR, QUEBEC--(Marketwired - Sep 5, 2017) - Abitibi Royalties Inc. (TSX VENTURE:RZZ) ("Abitibi Royalties" or the "Company") is pleased to announce that Mr. Rico De Vega has agreed to join the Company as Chief Financial Officer, effective September 5, 2017. Mr. De Vega is a CPA, CA (Ontario), CPA (Illinois) with over 20 years of financial management and reporting experience. Mr. De Vega was most recently Senior Manager, Finance and Investor Relations with First Quantum Minerals Limited and previously held Controller roles at various gold mining companies listed on the TSX with producing mines, exploration and development projects in Central and South America.

The board wishes to thank Mr. Daniel Poisson, the Company's Chief Financial Officer, for all his dedication and hard work. Mr. Poisson has been the Company's CFO for the past 7 years and played a key role in the development of Abitibi Royalties since its inception. The Company is pleased that Mr. Poisson has agreed to remain as Corporate Secretary and will continue to work in a managerial role supporting Abitibi Royalties' financial and accounting activities.

Canadian Malartic Mine - 3% NSR (East Malartic) (Fig. 1)

Agnico Eagle Mines Limited stated in its Q2 2017 news release (July 26, 2017) that exploration was ongoing to evaluate the potential to mine portions of the East Malartic deposit, which is located adjacent to the Canadian Malartic Mine. The Company's 3% net smelter royalty ("NSR") covers portions of the historic East Malartic Mine. Abitibi Royalties believes that the areas at East Malartic covered by its NSR include the deep portions of the respective Main/East Zones and the Porphyry Swarm, East Porphyry and Chert/Wedge Zone (Fig. 1). The latter three zones may straddle the southern property boundary of the Company's NSR at depth and the Chert/Wedge Zone along strike to the east. These zones are in addition to the Norrie Zone (for more information on Norrie please see news release - August 19, 2014).

Shareholders who are interested in learning about the historic East Malartic Mine, including previous production, an overview of the geology, different gold zones, exploration and historic estimates can access this information here (Report: Metallogeny of the East Malartic Gold Deposits, Quebec - Michael Issigonis, Travelling Professor, BUNTEP, Brandon University, Manitoba - 2006) and here (Report: Porphyry Swarm: The high grade gold - Michael Issigonis - 2017). Abitibi Royalties has not independently verified, and takes no responsibility for the contents contained within the report and the Company is supplying this for informational purposes only. Abitibi Royalties believes that in addition to the exploration success at Odyssey North, the portions of East Malartic contained within its 3% NSR could potentially become an important asset for the Company. Abitibi Royalties believes that East Malartic has both lower grade bulk tonnage and high-grade gold potential. The Company has no knowledge or information pertaining to whether the current drilling at East Malartic will include the areas covered by the Company's NSR. There can be no assurance that all or any of the zones contained in the reports lie within the portions covered by the Company's NSR as they have not been independently verified by Abitibi Royalties.

Normal Course Issuer Bid and Investments Update

Under the current Normal Course Issuer Bid ("NCIB"), Abitibi Royalties has acquired through the TSX-Venture Exchange, an additional 4,700 shares (since last reported on July 31, 2017) for a total of 65,200 shares at an average cost of approximately CDN$9.24 per share in 2017. The Company now has approximately 11,396,000 shares outstanding.

As of the date of this news release, the Company's income from dividends, interest, covered calls and puts in 2017 totals approximately CDN$1.3 million. The proceeds have been used to purchase additional royalties under the Abitibi Royalty Search, share repurchases under its NCIB and for general corporate purposes. The board of directors also amended its previously announced call option policy. The amended policy removes the maximum number of covered calls that can be written during a quarter. This was done to provide the Company with greater financial flexibility. The Company's policy remains unchanged in that any calls must be covered by the Company's ownership in the underlying shares.

For more information on the Company's investments, dividends, interest, individual covered call and put contracts and NCIB, please see the Company's Q2-2017 MD&A (prepared as of August 18, 2017) and Q2-2017 Financial Statements, which can be found on Sedar or the Company's website www.abitibiroyalties.com.

QUALIFIED PERSON

Glenn Mullan, Chairman, is the Qualified Person (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who has reviewed this news release. A Qualified Person has not done sufficient work to classify the historical estimate as current mineral resources or mineral reserves at East Malartic and that Abitibi Royalties is not treating the historical estimate as current mineral resources or reserves and as such the information cannot be relied upon.

About Abitibi Royalties

Abitibi Royalties holds a 3% NSR on the Odyssey North and other portions of the Odyssey Project, Jeffrey Zone, eastern portion of the Barnat Extension and parts of the historic East Malartic Mine, where the mineralization is located inside the Malartic CHL property and a 2% NSR on portions of the Gouldie and Charlie zones, all at the Canadian Malartic Mine near Val-d'Or, Qu├ębec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company owns common shares in Agnico Eagle Mines and Yamana Gold (Market value CDN$34.2 million - September 1, 2017), plus cash (Cash balance $7.3 million - Q2 June 30, 2017) of approximately CDN$41.5 million. The Company is debt free.

Golden Valley Mines Ltd. and Rob McEwen hold approximately 49.2% and 12.2% interest in Abitibi Royalties, respectively.

Forward Looking Statements:

This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

Neither the 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 news release.

To view Fig. 1 Schematic Longitudinal Section of Malartic CHL Property, please follow this link: http://abitibiroyalties.com/maps/rzz-longitudinal-nr-09052017.png

Abitibi Royalties Inc.
Shanda Kilborn
Director, Corporate Development
1-888-392-3857
info@abitibiroyalties.com

Distribution channels: Mining Industry