TORONTO, ON / ACCESSWIRE / December 24, 2019 / AurCrest Gold Inc. (the "Company" or "AurCrest") (TSXV:AGO) is pleased to announce that the Company has signed an Option Agreement (the "Agreement") with Newrange Gold Inc. ("Newrange") to option a 100% interest in the Company's Western Fold property in the Birch-Uchi greenstone belt northeast of Red Lake, Ontario.
Under the terms of the Agreement, Newrange has the option to acquire a 100% interest in the AurCrest Western Fold property by paying AurCrest an aggregate of $200,000 and issuing an aggregate of 1 million common shares over two years with an initial payment of $30,000 and the issuance of 150,000 common shares on or before closing, the payment of a further $70,000 and the issuance of an additional 350,000 common shares on the first anniversary following closing, and the payment of a further $100,000 and the issuance of an additional 500,000 common shares on the second anniversary following closing. AurCrest retains a 2% Net Smelter Return royalty in the Western Fold property, half of which can be purchased for $1,000,000. The transaction is subject to TSX Venture Exchange approval by Newrange. The transaction is anticipated to close within the next week.
About AurCrest Gold Inc.
AurCrest is a mineral exploration company focused on the acquisition, exploration, and development of gold properties. AurCrest has a portfolio of properties in Ontario, which include the Richardson Lake and Bridget Lake gold properties.
FOR FURTHER INFORMATION PLEASE CONTACT:
AurCrest Gold Inc.
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Christopher Angeconeb |
Ian Brodie-Brown |
Forward Looking Statement:
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties. Without limitation, statements regarding potential mineralization and resources, exploration results, and future plans and objectives of the Company are forward looking statements that involve various risks. The following are important factors that could cause the Company's actual results to differ materially from those expressed or implied by such forward looking statements: changes in the world wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future profitability and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. AurCrest undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
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.
SOURCE: AurCrest Gold Inc.