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Ressources Appalaches Acquires 100% of East Dufferin Property

Ressources Appalaches (APP.V) has completed the final payment of $75,000 in order to acquire 100% of the East Dufferin property adjacent to the Dufferin Mine in Nova Scotia. This strategic acquisition is related to the future development of the mine, located contiguous and directly to the east of Dufferin Mine.

Ressources Appalaches is currently finalising its review of the draft loan agreement for the funding of the US$10 million two tranches gold prepayment agreement. Proceeds from the loan would be used to resume gold production at the Dufferin Mine project in Nova Scotia. At present, preliminary rehabilitation works are continuing with the refurbishment of existing buildings.

Concurrently, in order to continue with works at Dufferin Mine, Ressources Appalaches has completed private placements of $316,000 and $198,300. The proceeds of the placements will be used by Ressources Appalaches for working capital and for exploration work of the Dufferin Mine.

APP shares fell half-a-cent to $0.07 on volume of 104,000.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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