TomaGold closes transaction with Quinto and announces the resumption of trading in its shares
MONTREAL, Aug. 27, 2020 (GLOBE NEWSWIRE) — TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the “Corporation”) is pleased to announce that its shares will resume trading on the TSX Venture Exchange on August 31, 2020.
On August 26, 2020, the Corporation closed the acquisition of the 2.5% interest held by Quinto Resources Inc. (TSXV: QIT) in the Monster Lake property. In consideration, the Corporation paid an amount of $250,000 to Quinto and returned 750,000 shares of Quinto held by TomaGold. TomaGold now holds a 25% interest in the Monster Lake property and IAMGOLD Corporation, 75%.“Now that our shares will be trading again, our ultimate goal will be to create value for our shareholders in a very favourable climate for gold mining companies,” said David Grondin, President and Chief Executive Officer of TomaGold. “Over the next few weeks, we will begin a new phase of development of our mining assets with a view to initiating exploration programs as early as this fall. One of the great advantages of TomaGold is the location of its mining properties in close proximity to major discoveries.”TomaGold owns the following mining assets:Chibougamau Mining CampDominant presence in the Monster Lake area25% interest in the Monster Lake project (IAMGOLD Corporation 75%), which includes the Monster Lake, Winchester and Lac à l’eau Jaune properties. The Monster Lake Project contains 1,109,700 tonnes of inferred resources averaging 12.14 g/t Au representing 433,300 ounces of contained gold based on an underground mining scenario (see press release dated March 28, 2018).100% interest in the Monster Lake West and Monster Lake East properties, which are adjacent to the Monster Lake project.70% interest in the Hazeur property (Visible Gold 30%), located south of the Monster Lake project.100% interest in the Lac Doda property, located 20 km southwest of the Monster Lake project. The property is subject to an option agreement allowing Goliath Resources to acquire up to an 80% interest.Former gold and copper mine: ObalskiOption to acquire a 100% interest in the Obalski property, a former high-grade gold and copper mine located 3 km south of Chibougamau.
Red Lake Mining Camp24.5% interest in the Baird gold property (New Gold 24.5%, Evolution Mining 51%), located 6 km north of the Madsen Mine and 14 km southwest of Evolution Mining’s Red Lake Mine.In addition, as a result of the sale of interests in its Sidace Lake and Lac Doda properties, the Corporation now holds 950,000 shares of Pacton Gold (TSXV: PAC), as well as 625,000 shares and 625,000 warrants of Goliath Resources (TSXV: GOT).About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. It currently has joint venture agreements with IAMGOLD Corporation for the Monster Lake project and with Evolution Mining Ltd and New Gold Inc. for the Baird property. TomaGold has interests in seven gold properties near the Chibougamau mining camp in northern Quebec: Monster Lake, Winchester, Lac à l’eau jaune, Monster Lake East, Monster Lake West, Obalski and Lac Doda. It also holds a 24.5% interest in the Baird property near the Red Lake mining camp in Ontario, and has a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.Contact:
President and Chief Executive Officer
www.tomagoldcorp.comNeither the 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 news release. The statements in this news release that are not historical facts are “forward-looking statements”. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in such “forward-looking” statements.