GETT:CC - G.E.T.T Gold and Labyrinth Resources Revise Terms and Conditions of Property Acquisition

(TheNewswire)

Brossard (Quebec) – TheNewswire - May 17, 2023 - G.E.T.T Gold Inc.(“G.E.T.T Gold”) (TSXV:GETT), announces thatit has agreed revised terms and conditions for the sale of itsproperty formerly known as Rocmec1 to Labyrinth Resources.

The original terms and conditions of the ProjectAcquisition Agreement were defined and publicly announced by G.E.T.Tvia press releases dated September 1, 2021, November 9, 2022 and April11, 2023.

Key highlights of the revised terms are:

• Delivery of payable gold to G.E.T.T over a 48-monthperiod commencing November 8, 2021 will now be triggered uponcommencement of profitable production activities at the project in thefuture.

• Payment of the remaining Cdn$1 million acquisition costpreviously due March 31, 2023 is deferred and divided into two equalpayments of Cdn$500,000 (plus accrued interest at a simple rate of 7%per annum from November 30, 2023) on or before April 30, 2023 andSeptember 29, 2023.

• Labyrinth Resources shall pay G.E.T.T accrued intereston the cash equivalent of 450 gold ounces at a simple rate of 7% perannum from November 30, 2022 to April 30, 2023, with such amount beingdetermined pursuant to the prevailing 28-day moving average gold priceas of April 30,2023 published by the London Bullion Market Associationper ounce of gold, on or before April 30, 2023.

• Labyrinth Resources shall pay G.E.T.T accrued intereston the cash equivalent of 450 gold ounces at a simple rate of 7% perannum from May 1, 2023 to September 29, 2023, with such amount beingdetermined pursuant to the prevailing 28-day moving average gold priceas of September 29, 2023 published by the London Bullion MarketAssociation per ounce of payable gold, on or before September 29,2023, provided that the amount set forth may be paid, at the option ofLabyrinth Resources, in cash or in equivalent Labyrinth Resourcesfully paid ordinary shares.

• Labyrinth Resources shall deliver to G.E.T.T, on thedate that is the earlier of (i) December 31, 2023 and (ii) the date onwhich Labyrinth Resources publicly announces a mineral reserveestimate for the project in accordance with the 2012 Edition of theJoint Ore Reserves Committee Australasian Code for reporting ofexploration results, mineral resources and ore reserves, LabyrinthResources shall have delivered to G.E.T.T:

• • 450 ounces of payable Gold; or

  • The nearest whole number of fully paid ordinary sharesin Labyrinth Resources equivalent to the quotient of: (i) the cashequivalent of 450 ounces of payable gold using the prevailing 28-daymoving average gold price published by the London Bullion MarketAssociation per ounce of payable gold, divided by (ii) the fair marketvalue of one ordinary share in the capital of Labyrinth Resourcesbased on the fifteen (15) day Volume Weighted Average Price of theordinary shares of Labyrinth Resources.

  • The 450 gold ounces shall be deducted from the total of4,500 gold ounces.

‘It is my firm belief that considering the currentinternational situation in the metals markets, the general increase ininterest rates and other challenging situations facing the miningindustry, GETT and Labyrinth Resources have negotiated the bestpossible solution that will enable Labyrinth Resources to focus ongrowing the high-grade resource and unlock the full value of theproject for the benefit of both companies’, stated Mr. FabienMiller, president and CEO of G.E.T.T Gold.

About G.E.T.T Gold

G.E.T.T Gold is active in the exploration and thedevelopment of gold resources in Quebec. G.E.T.T Gold also has anexclusive license for the Thermal Fragmentation mining method.

The company’s growth strategy is based on:

• The commercialization and deployment of its thermalfragmentation technology.

• Increasing the value of its mining asset byprioritizing its exploration targets; and

• The development of its gold deposit with theobjective of producing revenue from its operations;

Follow the link to view G.E.T.T Gold’s new website www.gettgold.com

For additional information:
John Stella, Investor relations                        (514) 718-7976 jstella@gettgold.com
Fabien Miller, President & CEO                     (514) 892-1935 fmiller@gettgold.com

Neither TSX Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release. This press releaseincludes certain statements that may be deemed "forward-lookingstatements". All statements in this release, other thanstatements of historical facts, that address future explorationdrilling, exploration and production activities and events ordevelopments that the Corporation expects, are forward lookingstatements. Although the Corporation believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results or developments may differ materially from those inforward-looking statements. Factors that could cause actual results todiffer materially from those in forward looking statements includemarket prices, exploitation and exploration successes, continuedavailability of capital and financing, and general economic, market orbusiness conditions.

G.E.T.T Gold inc. 7055 TaschereauBlvd., suite 500, Brossard (Québec) J4Z 1A7

Tel: (450)510-4442 www.gettgold.com

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