Bullion Gold Announces Option Agreement to Sell Up to 100% of the Turgeon Lake Property
MONTREAL, April 16, 2021 (GLOBE NEWSWIRE) — Bullion Gold Resources Corp. (TSX-V: BGD) (“Bullion Gold” or the “Corporation”) is pleased to announce that it has entered into an Option Agreement (the “Agreement”) with Xcite Resources Inc. (“Xcite”) to sell up to 100% of the Turgeon Lake Property (the “Property”) located on the Chicobi Group (Abitibi). The Property consists of 39 claims covering 2,203 ha and is located in the Chazel and Lavergne Townships, NTS 32D15 and 32E02, 95 kilometers north of the Rouyn-Noranda mining district and 36 kilometers north of Macamic in the Abitibi-Temiscamingue region in Northwestern Quebec, Canada.
Terms of Agreement
Bullion Gold grants the option to Xcite to acquire, over a period of 3 years, 100% of The Property in return for a cash payment of $150,000, the issue in favor of Bullion Gold of 1.5M Xcite common shares and $500,000 in exploration expenditures. In addition, Bullion Gold will retain a 2% NSR royalty if Xcite completes its entire option. Finally, Bulllion Gold will be the manager and supervisor of the exploration work throughout the option.
Grant of Stock Options
The management of Bullion Gold Resources Corp. also announces that incentive stock options have been granted to directors to purchase up to 500,000 common shares at a price of $0.12 per share for five years, pursuant to its Stock Option Plan.
The Company currently has 34,262,563 shares issued and outstanding, along with 2,950,000 options (including the options described above) at a strike price between 0.105$ and 0.39$ and 3,526,441 warrants ($0.15 expiring 12/21).
Mr. Gilles Laverdière. P.Geo, director and qualified person under NI 43-101 has read and approved this press release.
About Bullion Gold
Bullion Gold is involved in the identification, exploration and development of viable mineral properties in the Province Quebec and British Columbia. For more information on the Corporation, visit www.bulliongold.ca
For further information, please contact:
President and CEO
The TSX Venture Exchange and its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts no responsibility for the veracity or accuracy of its content.
Forward-Looking Statements: This press release contains forward-looking statements. Forward-looking statements are frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate”, “may”, “will”, “would”, “potential”, “proposed” and other similar words, or statements that certain events or conditions “may” or “will” occur. The forward-looking statements are based on certain key expectations and assumptions made by the Corporation. Although Bullion Gold believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Bullion Gold can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. In addition to other risks that may affect the forward-looking statements in this press release are those set out in the Corporation’s management discussion and analysis of the financial condition and results of operations for the year ended December 31, 2019 and the third quarter ended September 30, 2020, which are available on the Corporation’s profile at www.sedar.com. The forward-looking statements contained in this press release are made as of the date hereof and Warrior Gold undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN.