VANCOUVER, BC – February 25, 2020 – Gambier Gold Corp. (TSX-V: GGAU) (the “Company”) is pleased to announce it has entered into a property option/acquisition agreement and amending agreement (the “Agreement”) with Rudolf Wahl (the “Optionor”), pursuant to which the Company has been granted the right to earn a 100% interest in 125 cell claim units located in the Cote, Pic, and Lecours Townships, near Thunder Bay, Ontario (the “Property”).
The Property encompasses an area of approximately 2,661 hectares, and directly adjoins Barrick’s Hemlo gold mine property, with the mine located approximately 14 kilometres to the east of the Property’s eastern boundary.
Pursuant to the terms of the Agreement, the Company can earn a 100% interest in the Property by making the following cash and share payments to the Optionor: $20,000 cash on the execution of the Agreement;
- 200,000 common shares of the Company within 30 days of regulatory approval;
- $25,000 cash and 200,000 common shares on or before January 24, 2021;
- $25,000 cash and 200,000 common shares on or before January 24, 2022;
- $25,000 cash and 200,000 commons shares on or before January 24, 2023;
- $25,000 cash and 200,000 common shares on or before January 24, 2024.
Additionally, a minimum of $200,000 in exploration work must be completed on the Property on or before January 24, 2022.
The Property is subject to a 3% Gross Overriding Royalty (“GOR”) in respect of diamonds extracted from the Property, 2% of which may be repurchased by the Company for $2,000,000. The Property is also subject to a 3% net smelter royalty (“NSR”), 2% of which may be repurchased by the Company for $2,000,000
The transaction remains subject to approval of the TSX Venture Exchange and the Common Shares issuable thereunder will be subject to a statutory hold period of four months and one day from the date of issuance.
ON BEHALF OF THE BOARD
Michael E. Schuss
President & CEO
For further information, please contact:
Gambier Gold Corp.
Neither 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 release.