ELMGF - Element79 Gold Corp and Condor Resources Inc. Reschedule March 2024 Lucero Payment
(TheNewswire)
Vancouver, B.C., April 8,2024 – TheNewswire - Element79 Gold Corp - ("Element79" or the"Company") (CSE: ELEM, OTC: ELMGF, FSE: 7YS0) announces thatit has reached agreement with Condor Resources Inc. (TSXV:CN,“Condor”) to revise the payment terms on a payment due March 31,2024 of US$375,000 with respect to the Lucero project. Element79 arethe owner of Calipuy Resources Inc., (“Calipuy”), and assumedCalipuy’s obligations to acquire the shares of Condor’ssubsidiary, Minas Lucero del Sur S.A.C., the owner of the Luceroproject.
Element79 and Condor have agreed to restructure theU$375,000 payment as follows: US$100,000 was paid in cash on April 2,2024; US$85,000 (US $75,000 payment plus US$10,000 bonus) will besatisfied by the issuance of approximately 499,413 Units of Element79(per the Company’s current Private Placement each comprising of a0.23 share and a warrant convertible for one common share of theCompany at 0.35 for two years); and the balance of US$200,000 will bepaid in cash on the closing of Element79’s sale of their MaverickSprings project, which sale is expected to close before the end ofJune 2024. In consideration of the restructure, Element79 will pay anadditional US$20,000 with the US$200,000 payment.
Element79 CEO and Director James Tworek comments:“We're making solid headway with both the local community andproject development aspects at the Lucero project with a very busydevelopment and mining season gearing up. We genuinely appreciate thesolid support of Condor Resources through these efforts”.
About Condor Resources
Condor is an active explorer focused exclusively onPeru, supplemented by a project generator and royalty model designedto generate exploration capital whilst minimizing shareholderdilution. Our objective in advancing our portfolio of projects is thediscovery of a major new precious metals or base metals deposit inPeru. Project acquisition and exploration activities are managed bythe Company’s Lima based exploration team.
About Element79Gold Corp
Element79 GoldCorp is a gold and silver mining company committed to maximizingshareholder value through responsible mining practices and sustainabledevelopment of its projects. Element79 Gold's core focus is ondeveloping its past-producing, high-grade gold and silver mine, theLucero project located in Arequipa, Peru, with the intent to restartproduction in 2024.
The Company alsoholds a portfolio of 5 properties along the Battle Mountain trend inNevada, with the Clover and West Whistler projects believed to havesignificant potential for near-term resource development. Threeproperties in the Battle Mountain Portfolio are under contract forsale to Valdo Minerals Ltd., with an anticipated closing date in thefirst half of 2024. The Company has also signed an Option Agreementto sell the Maverick Springs project, an advanced-stage exploratoryproperty with an Inferred Resource of 3.71MMoz AuEq (1.37MMoz Au and175MMoz Ag) (see 43-101 technical report titled: Amended TechnicalReport on the Maverick Springs Project, Nevada, USA, by AllanArmitage, PhD., P.Geo, and Rohan Millar, B.Sc. P.Geo., dated October7, 2022, available on SEDAR) and anticipates completing this sale onor before July 21, 2024.
In BritishColumbia, Element79 Gold has executed a Letter of Intent and funded adrilling program to acquire a private company that holds the option to100% interest of the Snowbird High-Grade Gold Project, which consistsof 10 mineral claims located in Central British Columbia,approximately 20km west of Fort St. James.
The Company hasan option to acquire a 100% interest in the Dale Property, 90unpatented mining claims located approximately 100 km southwest ofTimmins, Ontario, and has recently announced that it has transferredthis project to its wholly-owned subsidiary, Synergy Metals Corp, andis advancing through the Plan of Arrangement spin-out process.
For moreinformation about the company please visit our official websitea t www.element79.gold
ContactInformation
For corporatematters, please contact:
James C. Tworek,Chief Executive Officer and Director
E-mail: jt@element79.gold
For investorrelations inquiries, please contact:
InvestorRelations Department
Phone:+1.403.850.8050
E-mail: investors@element79.gold
Forward-Looking Statements
This press releasemay contain forward-looking statements within the meaning ofapplicable securities law. Forward-looking statements are frequentlycharacterized by words such as “plan”, “expect”,“project”, “intend”, “believe”, “anticipate”,“estimate” and other similar words, or statements that certainevents or conditions “may” or “will” occur.
Although the Companybelieves that the expectations reflected in applicable forward-lookingstatements are reasonable, there can be no assurance that suchexpectations will prove to be correct. Such forward-looking statementsare subject to risks and uncertainties that may cause actual results,performance or developments to differ materially from those containedin such statements.
Neither the CanadianSecurities Exchange nor its Regulation Services Provider (as that termis defined in the policies of the TSX Venture Exchange) acceptsresponsibility for the adequacy or accuracy of this newsrelease.
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