Levon Resources Ltd. ("Levon" or "the Company") (TSX Symbol: LVN; OTCQX: LVNVF) would like to thank all of our supporters who have stayed the course with us through this challenging market. 2016 has been a difficult year for the mining sector globally, with falling metal prices and punitive governmental actions that range from taxation, to permitting decrees against operations; exploration companies have been hit the hardest, depressing share prices to ridiculously low levels.
On a brighter note, the price of zinc has been skyrocketing and we are working with our engineers to see how this will impact the project economics. We have an indicated resource of approximately 9 billion pounds of zinc, currently trading in the $1.20 range.
Through the acquisition of the Aida claim as well as exercising the option to purchase the privately held claims over the Cordero resource, your Company has been able to strategically capitalize on the current market conditions by consolidating 100% of the claim ownership covering the Cordero district.
Our earlier exploration illustrated that the Aida claim was at the center of the expanding Cordero resource, and that with additional drilling to focus on the higher grade mineralization that is evident in the dome, and potentially expand the resource, we could optimize the modeled open pit and improve our economic modeling for a mining operation. Our exploration team has just returned from Cordero and has spotted 28 holes for higher grade mineralization potential. The Company intends to pursue this exploration next year, once we see the price of silver move up in a sustained and positive way.
We've been able to advance Cordero in the face of the degraded market because we strategically funded the Company at a key time and set aside funds to complete Cordero discovery exploration. We continue to take a technically oriented, conservative, exploration driven approach to advance Cordero as Levon's key asset; we believe the project has a robust long term future as a world class mine when metal prices cycle back up.
We continue to assess strategic opportunities outside Cordero to strengthen Levon, grow your Company, and prepare for the market rebound and resulting prosperity we see ahead.
About Levon Resources Ltd.
Levon is a well-funded gold and precious metals exploration Company, exploring the company's 100% owned flagship Cordero bulk tonnage silver, gold, zinc, and lead project near Hidalgo Del Parral, Chihuahua, Mexico.
For further information, contact the Company IR Direct at 604-682-2991, or main office number 778-379-0040.
ON BEHALF OF THE BOARD
President and Chief Executive Officer
Neither the Toronto Stock Exchange ("TSX") nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
Safe Harbour Statement - This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of various studies including the PEA, and exploration results, the potential tonnage, grades and content of deposits, timing and establishment and extent of resources estimates. These forward-looking statements are made as of the date of this news release and the dates of technical reports, as applicable. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements.