First Mining Finance Corp. ("First Mining" or the "Company") is pleased to announce that, further to First Mining's news release dated January 9, 2017, the Company has filed on SEDAR an independent NI 43-101 technical report outlining the updated resource estimate for its Goldlund Gold Project located in the Patricia and Kenora Mining Division of Ontario. The report, which is titled "Technical Report and Resource Estimation Update on the Goldlund Project" and dated January 23, 2017, can be found under the Company's SEDAR profile at www.sedar.com, and on the Company's website.
In addition, further to the Company's January 24, 2017 news release, First Mining has completed the acquisitions of certain claims in Ontario and Québec.
First Mining has acquired five unpatented mining claims from GoldON Resources Ltd. that are located near Pickle Lake, Ontario in exchange for 200,000 First Mining shares (the "GoldON Transaction"). In addition, First Mining has acquired eighteen mining claims located in the Township of Duparquet, Québec from a private individual (the "Duparquet Vendor") in exchange for $250,000 and 2,500,000 First Mining shares (the "Central Duparquet Transaction").
Pricing for each transaction was based on the 5-day VWAP of First Mining's shares as of January 24, 2017, being $0.84. The deemed value of the GoldON Transaction is approximately $168,000, and the deemed value of the Central Duparquet Transaction is approximately $2,350,000.
The shares issued in connection with the two transactions are subject to a statutory resale restriction in Canada for a four-month period from the closing date. In addition, the Duparquet Vendor has agreed to further provisions limiting the number of shares he may sell per month after the statutory resale restriction period has passed, unless the sale is in a single block to a purchaser acceptable to First Mining.
Keith Neumeyer, Chairman of First Mining, stated "We are very pleased to have acquired the additional Pickle Lake and Central Duparquet claims, as it furthers our efforts in consolidating the land packages in the regions we are active in, which should ultimately benefit each of our projects."
Lastly, First Mining has granted 10,630,000 stock options to Directors, officers, employees and consultants of the Company under the terms of its Stock Option Plan. The stock options have an exercise price of $0.85 per share and are exercisable for a period of five years, with certain options subject to vesting provisions in accordance with the rules and policies of the TSX Venture Exchange.