Category Archives: News

Press releases from Komet Ressources

Gold Discovery South to the Guiro Mine

Quebec City, March 29, 2017 Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce the first sampling results from a new mineralized zone discovered 488 meters south to the Guiro mine.

A first sampling was done by Komet’s geologists in gold panner’s bags from fresh pit material. Those are selected samples and are not necessary representative of the mineralization of this structure. A second sampling, by right angle channels over the full width of the mineralized vein structure, was done by Komet geologists directly in the pits, at depths between 15 and 18 meters.

Five active gold panner’s pits are identified along an estimated vein network covering 30 meters in width and a minimum of 130 meters in length, parallel to the Guiro vein. Komet is planning an exploration program on this zone at the beginning of April with a diamond drill rig that was mobilized for Guiro last week.

For André Gagné, president and chief executive officer, “This new discovery is a clear indication of the high gold potential of the Guiro permit while we are just beginning its systematic exploration by modern methods.”

Summary of results from selected samples from gold panner’s bags:

Samples

Au g/t

201709011

10.87

201709012

9.74

201709119

23.61

201709120

24.35

201709121

36.42

201709122

22.88

Summary of results from perpendicular channel sampling:

Samples

Geological unit

Au g/t

Channel
length (
cm)

201709155

Quartz vein

11.11

31

201709156

Wall

0.74

10

201709157

Quartz vein

11.13

29

201709158

Quartz vein

4.88

30

201709159

Quartz vein

8.13

30

201709160

 Wall and Quartz vein

3.37

30

201709151

Quartz vein

23.8

68

201709152

Quartz vein

11.1

73

201709153

Quartz vein

17.2

69

201709154

Quartz vein

11.4

70

201709148

Quartz vein

2.21

45

201709149

Quartz vein

10.58

45

201709150

Wall

0.99

45

All assays reported were obtained by standard 30 grams fire-assaying-AA finish or gravimetric finish at the Company’s mine site laboratory. Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43–101 and industry best practices, including the introduction of standards or blanks with every batch of 3 samples analyzed.

Stock Options
600,000 stock options were granted at a price of $0.40. Of those, 200,000 went to directors of the company.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Jacques Marchand, P.Eng. P.Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information presented herein.

Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated resources, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Komet Announces First Drilling Results From Dabia South in Mali

Quebec City, March 27, 2017 Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce the first drilling results on its Dabia South permit (formerly known as Moussala) located in Mali. The first shallow six holes were drilled on the south portion of the Kabaya gold zone. The RC drilling sections are located within a north-south oriented corridor and cover a 50 meters width, drill hole true width is not determined. Among results, hole 06 reported 12.23 g/t over 3 meters. These new results complement the preceding historical intersections announced in the June 21, 2016, press release.

Table of the results:

Drill hole

From (m)

To (m)

Length (m)

Au (g/t)

Km2016rc01

33

44

11

1.65

including

37

39

2

5.56

Km2016rc01

70

80

10

0.73

Km2016rc02

23

27

4

0.49

Km2016rc03

48

56

8

2.29

including

51

53

2

6.74

Km2016rc03

66

81

14

0.59

Km2016rc04

5

9

4

0.60

Km2016rc05

40

48

8

0.39

Km2016rc06

39

47

8

1.61

Km2016rc06

51

62

11

3.72

including

53

56

3

12.23

Samples were analyzed by merger fusion on a grip of 50g pulp and ppm finish for the gold at the independent SGS Laboratory, Bamako, Mali. Sampling on site is done by professional geologists and Quality Assurance/Quality Control and interpretation of results is performed by qualified persons employing a QA/QC program consistent with NI 43–101 and industry best practices, including the introduction of standards, blanks and duplicates with every batch of 20 samples analyzed.

Concerning these new results, Mr. André Gagné, president and chief executive officer, made this comment: “These results were above our expectations in a new sector where gold vein mineralization was poorly known and not at all documented.”

Consequently, the company plans 500 metres of additional drilling to investigate this new zone.

Follow up on the Guiro project

Concerning exploration work:

  • The airborne geophysical survey has been completed on 100% of the permit. Final results are expected before the end of April following data processing
  • The company completed a soil geochemical program and the samples are now being analyzed and compiled. A total of 2700 samples were taken at a one meter depth from a 100 x 100 meter grid.
  • A new mineralized gold zone has been discovered 488 meters to the south of the Guiro mine. The vein structure previously worked by local gold panners is oriented to the east and is followed over 130 meters. The samples collected are currently being analyzed and compiled.
  • A diamond drill has been mobilized at Guiro. With new information coming from the airborne survey, prospecting, geochemistry and the sampling program, the company is now positioned to drill the most promising targets.

Concerning the Guiro mine:

  • The commissioning of the intensive leach reactor (Concep Acacia CS250) and the new gravimetric concentrator as started in the last few days. The refurbishing of the Denver Ball Mill is 100% completed and the testing is planned for this week. Also, the recommendations from the third-party metallurgical firm to optimize the process with, among others, the addition of hydro cyclones, will be completed in the next following weeks.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Jacques Marchand, P.Eng. P.Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information presented herein.

Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated resources, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Constant Increase in Gold Production Throughout 2016 – Gold Sales Also Increased

Quebec City, January 23, 2017 Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce that its Guiro mine has maintained an increase in production and sales of gold in Q4 2016.

Raw gold (average of 91%) production at the Guiro mine for the quarter was recorded at 26.6 kilos. This is an increase of 13% compared to the previous quarter which was recorded at 23.5 kilos.

Gold sales from production also increased to a total of CA$1,239,914 in Q4 compared to CA$383,164 in Q1, CA$658,586 in Q2 and CA$1,163,938 in Q3. This is a 7% increase compared to the previous quarter, even with a decrease of 6 % on the average gold price.

Exploration Work
The geochemical soil sampling program on the Guiro property is still ongoing. The first 2,700 samples are almost completed and depending on the results, 1,300 additional samples could be taken to tighten the actual 100m x 100m grid on the anomalous zones that are going to be identified. The planned airborne geophysical survey will start in the next few weeks. In Mali, the drilling campaign is started with 6 holes drilled out of the 41 that are planned.

Interest on Debentures Paid in Shares.
A third payment of interests on the debentures issued on June 8, 2015, is planned in the form of shares, at a conversion price of $0.4587 per share, which is the average of the five days preceding the payment date of December 1st, 2016, for a total amount of CA$120,000. Part of the interest payment will be issued to insiders. The total number of shares issued will be 261,608, of which 78,482 will be issued to insiders of the Company.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet’s control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated resources, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Komet announces a $242,370 surplus in Q3 2016

Quebec City, December 6, 2016 Komet Resources Inc. (“Komet” or the “Company”) present highlights of third quarter of 2016, which have been a very important quarter for the future development of Komet from the financial, organizational and strategic perspectives, having reached several milestones.

Strong Growth in Results and Break-even Reached
During this period, Komet got is best gold production results to date, even though the plant is still not fully optimized. The quarterly income as of September 30, 2016, exceeded $1.16 million for the first time in the Company’s history and has been constantly growing at a significant pace over each quarter of 2016: $383,164 in the 1st quarter 2016, $658,589 in the 2nd quarter 2016 and $1,163,938 in the 3rd quarter 2016.

The mine is cost-effective for the quarter ended September 30, 2016. For the first time in the history of the Company, the gold sales largely exceeded the funds invested in the project during the same period. The gold sales totalized $1,163,938 during the quarter, from which royalties amounting $87,502 were paid or are payable resulting in net income from gold sales of $1,076,436. The costs incurred at the mine during the quarter amount to $834,066, resulting in a surplus of $242,370.

Most Important Financing of the Company’s History
In July 2016, the Company finalized a financing for a gross amount of $4,726,644, by the issuance of 13,129,567 shares at the price of $0.36 each. This issuance, with no warrants, provided the Company with a net amount of $4,463,089 in view of the fees related to the issuance.

This financing will allow the Company to improve its financial situation, to acquire additional equipment to optimize the plant as desired in order to perform targeted exploration works on the Guiro/Diouga and the Moussala properties.

Process equipment
This quarter also marked the acquisition of the last planned equipment at the Guiro mine, including the third concentrator (Knelson KC-CD12) and the purchase of the intensive leach reactor (Concep Acacia). These two main equipment to increase recovery performance will be delivered, installed and commissioned in the first quarter of 2017.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Update on the Guiro and Moussala Exploration Programs

Quebec City, November 25, 2016 Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce a series of exploration programs that will take place in Burkina Faso and Mali.

Firstly, a soil geochemical sampling program consisting of 2700 one-meter deep boreholes is currently taking place on the Guiro/Diouga permit. These samples are being collected on a 100m x 100m grid and an additional series of 1300 samples is planned on a tighter grid around gold anomalous zones that will be encountered. There could be up to a total of 4000 samples collected and analyzed. The program covers an area measuring 7.5 x 3.6 km that was the subject of previous geochemical surveys (1980s and 1990s) that revealed several gold anomalous areas where no follow-up was made.

Still on the Guiro/Diouga permit, an airborne geophysical survey will kick off in December 2016. A total of 5200 linear kilometers will be flown based on 150-meter line spacings using Geotech’s versatile time-domain electromagnetic (VTEM) and magnetic system (including total field and horizontal magnetic gradient). This data will be of great help in identifying geological structures with gold potential and the next priority targets.
Finally, over 2000 meters of core drilling is planned at levels 3 and 4 of the Guiro mine to identify mineralized areas striking east and west of the current mine workings, as well as deeper in the mine at level 5. The results of this drilling will support current operations and allow definition of additional resources.

Moussala Permit in Mali
A drill program starting in December 2016 on the Moussala permit will consist of reverse circulation (RC) drilling on a small 25m x 50m grid, concentrated in the Dabia south zone. A total of 3280 metres is planned, consisting in 41 boreholes that will average 80 meters depth. Added to the historical results in the same area, this program will allow for the estimation of near-surface gold resources.

“After seeing our last quarterly results progress dramatically, this series of exploration programs is giving a real significance to our motto: Discovering by producing!” says André Gagné, Komet’s President and Chief Executive Officer.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Gold Production Increases More Than 90% in Q3 2016

Quebec City, November 4, 2016 Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce a significant increase in production and sales of gold in Q3, especially in September.

Raw gold (average of 91%) production at the Guiro mine for the quarter was recorded at 23.5 kilos (828 ounces), with 10.6 kilos (374 ounces) throughout September. This is a 90% increase compared to the previous quarter.

Gold sales also increased to a total of CA$1,163,938 in Q3 compared to CA$383,164 in Q1 and CA$658,586 in Q2.

Work at the Guiro mine
The Consep Acacia CS250 Intensive Leach Reactor (ILR) which will process concentrates with high efficiency has been manufactured faster than expected and will be shipped overseas and via ground transportation in November and December 2016. During this period, civil works are going to be done in order to be ready for installation when the reactor and other equipment will arrive. The third Knelson concentrator is in transit and expected to be delivered to the project site by the end of November 2016.

A third-party firm with metallurgical expertise is currently working on validating the final process that will include 3 concentrators, 2 ball mills and the reactor. Commissioning is still planned for Q1 2017 and could be accelerated in the early weeks of January if all deliveries are on schedule. The installation is planned to minimize disruption to the current plant operations and minimize the possibilities of production delay with the new equipment.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Komet Signs Market Making Agreement With Questrade, Inc.

Quebec, July 22, 2016 – Komet Resources Inc. (“Komet” or the “Company”) announces that it has entered into an agreement with Questrade, Inc. to provide market making services in accordance with all applicable TSX Venture Exchange policies and securities laws and regulations. Questrade will be paid $5000 per month on a 12 month term contract, terminable upon either party giving at least 30 days notice. No shares or options are payable to Questrade under the contract.

Komet Resources Inc. and Questrade, Inc. are unrelated and unaffiliated entities but Questrade, Inc. or its clients have or may have a direct interest in the securities of Komet Resources Inc.

Komet is a junior mining company with gold properties in West Africa.

Questrade, Inc., provides Canadians with high-speed, direct access trading in the U.S. and Canadian stock and options markets through its IQ trading platforms. Questrade offers market making services on behalf of TSX and TSX Venture Exchange listed companies, providing liquidity on the stock exchange for shareholders.

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.

Questrade Contact: Eitan Spiro
espiro@questrade.com
Direct: 416.227.7602

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Komet completes a $4.7M Financing

Quebec, July 18, 2016 – Komet Resources Inc. (“Komet” or the “Corporation”) is pleased to announce that it has closed a non-brokered private placement by issuing a total of 13,129,567 common shares of the Corporation at a price of $0.36 per Common Share, for gross aggregate proceeds to Komet of $4,726,644.12 (the “Offering”). Two subscribers have participated in the Offering: Top Premier SA purchased 6,564,784 Common Shares and Dynamics Management SA purchased 6,564,783 Common Shares.

Under their respective subscription agreement, the subscribers have certain pre-emptive rights to participate in future equity and equity-linked financings to maintain their respective share interests and may elect in certain circumstances to nominate a suitable qualified person for appointment or election to the board of directors of the Corporation (although no such nomination is currently contemplated).

Komet will use the proceeds of the Offering to fund the acquisition of production main equipment and exploration work on its properties.

In connection to this Offering, Komet paid a finder’s fee equal to 5% of the gross aggregate proceeds of the Offering to an arm’s length party.

Securities issued under the Offering will be subject to a four month hold period from the closing date.
The Offering was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

As a result of the private placement, 67,469,009 common shares of Komet are issued and outstanding.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.

Komet Acquires the Moussala Gold Permit located in Mali.

Quebec, June 21, 2016—Komet Resources Inc. (“Komet” or the “Company”) is pleased to announce the acquisition of the Moussala exploration permit located in the Kenieba gold mining camp in the Republic of Mali, West Africa. The permit title covering 67 km2 issued by the Ministry of Mines, is valid for a period of 7 years and is entirely held (100%) by Komet Mali Sarl, a subsidiary fully owned by Komet Resources Inc.  All eventual commercial gold production from the permit will be subjected to a 2% net smelter royalty (NSR) payable to the previous owner. Located about 300 km to the west of Bamako, the country’s capital, the permit is easily accessible via the recently rebuilt international highway that links Bamako to Dakar on the Atlantic coast in Senegal and passes through the Village of Dabia, a few kilometres to the northeast of the permit (see link for location map). Keniaba, the prefectural city is 25 km to the north of Dabia along the same road.

The Moussala permit covers meta-sedimentary and meta-volcanic rocks part of the Birimian Kenieba greenstone belt of Lower Proterozoic age of West Africa well known for its large historical and recent gold production.

In the past, the permit area has been prospected by other mining exploration companies that have outlined significant geochemical, geological and structural settings which could lead to the discovery of significant gold rich orebodies.

In the northern part of the permit the Walia (or M1) anomaly has been outlined by a geochemical soil sampling survey completed by Ashanti Mali SA in 1997 and is the locus of a major artisanal mining site.  The anomalous area covers an area of 1,600 m by 1,000 m, with gold values as high as 4,919 ppb.

Because of their relative proximity the M3, M5 and M7 anomalies have been regrouped under the Kabaya zone.  These targets located in the south-east portion of the permit have been uncovered during the same soil survey program by Ashanti Mali SA, in 1997. They have been prospected in some details along the southern boundary of the permit.  The geology of this geochemical target consists of strongly altered metasedimentary units cut by quartz stockworks and veins structurally related to a north-east to north-north-east trending shear zone. The eastern part of the zone has been prospected with trenches and two reverse circulation (RC) drilling campaigns by Robex Resources Inc., in 2013 and 2014. It covers an area of 500 m x 200 m drilled with 62 holes totaling 3,768 m. The best results are reported by Robex in a press release dated May 28, 2014 and are presented in the following tables:

Trench Number

Interval

Length (m)

Au (g/t)

Fm (m)

To (m)

Ms2013tr001

0.0

50.0

50.0

1.81

Ms2013tr002

0.0

105.0

105.0

0.71

Ms2013tr003

0.0

60.0

60.0

3.92

 

Hole Number

Interval

Length (m)

Au (g/t)

Fm (m)

 To(m)

Ms2013ac02b

0.0

31.0

31.0

2.80

Ms2013ac13

3.0

31.0

28.0

1.26

Ms2013ac16

27.0

41.0

14.0

18.56

Ms2013tr001

0.0

50.0

50.0

1.81

Ms2013tr003

1.0

60.0

60.0

3.92

Ms2014ac001

52.0

69.0

17.0

1.18

Ms2014ac008

5.0

18.0

13.0

1.85

Ms2014ac009

11.0

26.0

15.0

1.47

Ms2014ac011

11.0

22.0

11.0

2.14

Ms2014ac011b

7.0

19.0

12.0

1.14

Ms2014ac008

5.0

18.0

13.0

1.85

Ms2014ac009

11.0

26.0

15.0

1.47

Ms2014ac011

11.0

22.0

11.0

2.14

Ms2014ac011b

7.0

19.0

12.0

1.14

Ms2014ac035

9.0

23.0

14.0

1.27

Ms2014ac035

50.0

62.0

12.0

1.59

Ms2014ac037

14.0

22.0

8.0

1.22

Ms2014ac037

32.0

50.0

18.0

1.01

Ms2014ac058

0.0

36.0

36.0

1.33

Samples were analyzed by merger fusion on a grip of 50g pulp and ppm finish for the gold at the ALS Laboratory, Bamako, Mali.

The Diesse (or M2) anomaly is located 700 m to the South of the Walia zone.  It covers 1.68 km2.  Ashanti Mali SA noted a granitic intrusion cutting through the metasediments of the area.  Quartz fragments from local veins and veinlets are numerous on surface. The geochemical soil survey revealed gold values as high as 378 ppb Au centered along a NE trending structure in the western half of the anomaly.  The Walia and Diesse anomalies are yet to be tested by drilling.

André Gagné President and CEO of Komet Resources Inc. commented the acquisition of the Moussala permit with the following: ‘‘We believe that this property will develop into a first class asset for the company. The positive results generated from the exploration work completed to date by previous stakeholders are opening-up a promising gold potential for the Moussala permit.’’

Located in the southern half of the Senegalo-Malian deformation zone with its numerous world class gold deposits, this region has witnessed sustained activities since the production start-up of the Tabakoto mine in 2010 and the Gounkoto mines part of RandGold’s Loulo-Gounkoto mining complex (2011-2012) and the Yanfolila mine of Hummingbird with a forecasted production start-up in early 2017.

Take note that less than 10 km south of the Moussala permit, the Merrex Gold Inc.-Iamgold Corp. joint venture is developing the Siribaya and Diakha gold deposits and across the border in Senegal, Iamgold is now completing the necessary technical studies to support the economic evaluation of its Boto deposit along the same mineralized corridors projecting to the north towards Komet’s permit. Immediately to the west of the permit, Vancouver based mine developer B2Gold Corp. is now in the construction phase of a large mining facility at its Fekola project with a rated annual production of 350,000 oz Au for a period of at least 12.5 years starting in 2017.

Further to the north, Iamgold Corp. and AngloGold Ashanti Corp. are jointly mining since 1997 the Sadiola Gold Mine along the same mineralized structure. Details on the reserves and resources status of the mines and projects discussed in the above paragraphs are presented in the following table:

 

Categories

  Proven Reserves Probable Reserves Measured Resources Indicated Resources Inferred Resources
Mine/Project (owner/operator) Tonnage (Mt) Grade (Au g/t) Content (Au koz) Tonnage  (Mt) Grade (Au g/t) Content (Au koz) Tonnage  (Mt) Grade (Au g/t) Content (Au koz)  Tonnage  (Mt) Grade (Au g/t) Content (Au koz)  Tonnage  (Mt) Grade (Au g/t) Content (Au koz)
Tabakoto (Endeavour)

2.3

3.19

235

4.200

3.68

491

6.300

2.86

575

12.300

3.22

1 270

9.000

3.55

1,023

Goungoto (Randgold

4.1

3.00

400

24.700

6.60

1,000

5.100

2.90

400

17.000

3.90

2 100

8.300

3.06

900

Siribaya/Diakha (Merrex Gold  / Iamgold)

2.100

1.90

129

19.800

1.70

1,100

Boto (Iamgold)

27.670

1.80

125

2.920

1.30

1,092

Yanfolila (Hummingbird Resources)

7.039

3.14

710

22.165

2.54

1,540

Fékola (B2Gold)

49.170

2.35

3,720

61.574

2.16

4 281

9.055

1.68

490

Sadiola (Iamgold / Anglogold Ashanti)

1.462

1.70

79

118.880

1.80

6 908

15.524

1.80

911

Benoit Violette, P Geo., is the Qualified Person who has reviewed this news release and is responsible for the technical information and data verification presented herein. Jacques Marchand, P.Eng., is the qualified person responsible for the data verification disclosed in Robex Resources Inc. press release dated May 28, 2016.

More information about the Company is available at: http://kometgold.com

Investor relations and information: André Gagné. President and CEO / Cell +1-581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accept any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ co

Closing of a second tranche of a Private Placement

Quebec, June 14, 2016 – Komet Resources Inc. (“Komet” or the “Corporation”) is pleased to announce that it has closed a second tranche of a non-brokered private placement with accredited investors by issuing 2,432,940 units at a price of CA$0.33 per Unit, for total gross proceeds to Komet of CA$802,870. Each Unit consists of one common share and one common share purchase warrant. Each Warrant entitles the holder to purchase one additional Common Share of the Corporation at a price of CA$0.45 for 12 months from the closing date of the private placement. The Company paid a finder’s fee amounting USD$30,000.

Securities issued under the private placement will be subject to a four month hold period from the Closing Date.

Komet will use the private placement proceeds to fund the acquisition of production main equipment and exploration work on its properties.

The private placement was carried out pursuant to prospectus exemptions of applicable securities laws and is subject to final acceptance by the TSX Venture Exchange.

As a result of the private placement, 52,518,596 common shares of Komet are issued and outstanding.

More information about the corporation is available at: http://kometgold.com.

Investors relations and information: André Gagné, President and CEO 581-300-1666 / a.gagne@kometgold.com / Skype: andregagne11

Forward-Looking Statements
Neither TSX Venture Exchange nor the regulatory service provider (as the term is defined in TSX Venture Exchange’s policies) accepts any liability of any kind as to the authenticity or accuracy of this release. This press release contains statements that may constitute “forward-looking information” or “forward-looking statements” as set out within the context of security law. This forward-looking information is subject to many risks and uncertainties, some of which are beyond Komet Inc.’s (“Komet”) control. The actual results or conclusions may differ considerably from those that have been set out, or intimated, in this forward-looking information. There are many factors which may cause such disparity, especially the instability of metal market prices, the results of fluctuations in foreign currency exchange rates or in interest rates, poorly estimated reserves, environmental risks (stricter regulations), unforeseen geological situations, unfavorable extraction conditions, political risks brought on by mining in developing countries, regulatory and governmental policy changes (laws and policies), failure to obtain the requisite permits and approvals from government bodies, or any other risk relating to mining and development. There is no guarantee that the circumstances anticipated in this forward-looking information will occur, or if they do occur, how they will benefit Komet. The forward-looking information is based on the estimates and opinions of Komet’s management at the time of the publication of the information and Komet does not assume any obligation to make public updates or modifications to any of the forward-looking statements, whether as a result of new information, future events, or any other cause, except if it is required by securities laws.