DG:CC - Dixie Gold Inc. Resolves $120 Million Statement of Claim Over 70% Earn-In Option at Red Lake Gold Project
(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 18, 2023 – Dixie Gold Inc. (TSXV:DG) (“ Dixie Gold ” or the“ Corporation” ) is pleased to report that it has successfully resolved alllegal matters relating to the statement of claim filed by Barrick GoldInc. (“Barrick”) in the Toronto Superior Court of Justice on June30, 2022 (Court File No: CV-22-00683409-0000)(the "Claim")and further resolved Barrick’s assertions to an interest in the RedLake Gold Project (the “Red Lake Project”)(see the Corporation’snews release dated July 5, 2022).
Under a termination and mutual release agreement datedApril 17, 2023 (the “Agreement”), Dixie Gold can now confirm itsfull original project ownership, inclusive of operatorship, and thatBarrick holds no interest in the Red Lake Project. No provision of theoriginal earn-in option agreement dated November 1, 2021 between DixieGold and Barrick survives. Among other terms, neither party made anycash payments towards the other under the Agreement and neither partyassumed legal expenses related to the other.
Formal procedural dismissal of the Claim will be filedin the coming weeks, at Barrick’s expense.
As Dixie Gold now considers the Claim to be resolvedwith positive outcome for shareholders, the Corporation does notintend to make any further public statements on the settledmatter.
Dixie Gold is excited about the exploration potential for gold andother commodities at its Red Lake Project andlooks forward to updating its shareholders regarding futureplans.
About Dixie GoldInc.
Dixie Gold Inc. (TSXV: DG) is a publicly tradedexploration company holding a portfolio of exploration projects inCanada.
The Company has 25,737,188 common shares issued, withno warrants outstanding.
For more information, please visit www.dixiegold.ca
Signed,
Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.
Forward-Looking Statements
This news release contains forward-looking statements. Forward-looking statements address future eventsand conditions, including but not limited to matters and outcomesrelated to the Claim, and therefore involve inherent risks anduncertainties. Actual results may differmaterially from those currently expected or forecast in suchstatements.
Neither the TSXVenture Exchange nor its Regulation Services Provider (as that term isdefined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of thisrelease.
Contact Info:
Ryan Kalt
Chief Executive Officer
Dixie Gold Inc.
E. info@dixiegold.ca
Copyright (c) 2023 TheNewswire - All rights reserved.