LONGUEUIL, CANADA--(Marketwired - Jul 28, 2015) - Reunion Gold Corporation (TSX VENTURE:RGD) (the "Company") announces that it has filed its audited consolidated financial statements and management's discussion and analysis (MD&A) for the year ended March 31, 2015 on SEDAR (www.sedar.com).
The Company's Matthews Ridge manganese project is currently on care and maintenance while the Company is evaluating different financing options, including the sale of certain assets, joint venture or other arrangement. Given the recent economic slowdown in Asia and other parts of the world, the demand for steel and related products including manganese has dropped significantly. This, and other economic factors, has had a direct impact on the market price of manganese and, combined with a depressed equity market for junior mining companies, makes it difficult to finance the development of manganese projects. The Company's priorities for the current financial year is to secure an extension of its Matthews Ridge prospecting licences, and complete a financing to settle its working capital deficit and fund ongoing obligations.
The Company also announces that it will hold its annual general and special meeting of shareholders (the "AGM") on September 30, 2015. The record date for shareholders entitled to vote at the AGM is August 14, 2015.
Forward looking statements
This press release contains statements that are 'forward-looking information' under Canadian securities laws. Forward looking information refers to statements about possible events, conditions or results of operations that are based on assumptions about future economic conditions and courses of action. Forward-looking information is subject to known and unknown risks and uncertainties that may result in actual events differing materially from those anticipated in the forward-looking information. Forward looking information in this news release includes statements about the Company's objectives for the current financial year. A variety of risks and uncertainties could have an impact on the achievement of these objectives. Under the current market conditions, there can be no assurance that the Company will be able to complete a joint venture or a financing or that funds will be available on terms acceptable to the Company. Also, there can be no assurance that the Company will be able to obtain an extension of the Matthews Ridge prospecting licences for additional years. The licences expire in September 2015 and renewal will be subject to the government approval.
The statements containing forward-looking information in this press release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking information, unless required to do so by applicable securities laws.
About Reunion Gold
Reunion Gold Corporation, an exploration stage company, has assembled a large, strategic land position to conduct exploration and development activities for manganese in the North West District of Guyana, South America. Manganese is the fourth largest metal consumed in the world, behind iron, aluminium and copper. It is a key component in steel and iron production with no viable substitute.
Additional information about the Company is available on SEDAR (www.sedar.com) and on the Company's website (www.reuniongold.com).
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 press release.