MED:CC - Medgold Completes its Re-Acquisition of Full Ownership of Tlamino Project Serbia
(TheNewswire)
Vancouver, BC - TheNewswire - February 7, 2023 - Medgold Resources Corp. (TSX-V:MED ) ( FRA:1XD) (“ Medgold ” or the “ Company ”) is pleased to announce that it hasclosed its re-acquisition of 100% ownership of the Tlamino Projectlocated in Serbia, pursuant to its previously announced two agreementswith Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (“ Fortuna ”).
The first such agreement terminates the OptionAgreement (the “ Option ”) entered into between the parties onDecember 15, 2020 that provided for Medgold to acquire Fortuna’s 51%beneficial interest (the “ Interest ”) in the Project for a cashconsideration of US$3.468 million, and the second converts theInterest to a 1% net smelter return royalty (the “ Royalty ”) in favourof Fortuna. All obligations under the terms of the Option have beenextinguished. The Royalty may be purchased by Medgold at any timefor a cash consideration of C$3 million.
Management of Medgold is pleased to complete the returnto the Company of 100% ownership of the Tlamino Project. This stepis one of the conditions required to complete Medgold’s proposedacquisition of Balkan Metals Corp. which holds aportfolio of exploration licenses in Serbia, some of which arecontiguous to the Tlamino Project. With mineral rights coveringclose to 1,000 square kilometers, the resulting company will be thelargest holder of highly prospective exploration ground in theRepublic of Serbia.
About Medgold Resources Corp.
Additional information on Medgold can be found on theCompany’s website at www.medgoldresources.com and byreviewing the Company’s page on SEDAR at www.sedar.com .
ON BEHALF OF THE BOARD
Jeremy Crozier, President and CEO
For Further Information,Contact:
Jeremy Crozier (Vancouver), +1 604 801 5432, info@medgoldresources.com
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this release.
Forward-looking Information
Certain statements contained in thisnews release constitute forward-looking information within the meaningof Canadian securities legislation. All statements included herein,other than statements of historical fact, are forward-lookinginformation and include, without limitation, statements regarding theCompany’s proposed acquisition of Balkan Metals Corp. Often, but notalways, this forward-looking information can be identified by the useof words such as “estimate”, “estimates”, “estimated”,“potential”, “open”, “future”, “assumed”,“projected”, “used”, “detailed”, “has been”, “gain”, “upgraded”,“offset”, “limited”, “contained”, “reflecting”, “containing”,“remaining”, “to be”, “periodically”, or statements thatevents, “could” or “should” occur or be achieved and similarexpressions, including negative variations.
Forward-looking information involvesknown and unknown risks, uncertainties and other factors which maycause the actual results, performance or achievements of Medgold to bematerially different from any results, performance or achievementsexpressed or implied by forward-looking information. Suchuncertainties and factors include, among others, whether theCompany’s proposed acquisition of Balkan Metals Corp. will becompleted as planned; changes in general economic conditions andfinancial markets; risks associated with the results of explorationand development activities, and the geology, grade and continuity ofmineral deposits; unanticipated costs and expenses; and such otherrisks detailed from time to time in Medgold’s quarterly and annualfilings with securities regulators and available under Medgold’sprofile on SEDAR at www.sedar.com . AlthoughMedgold has attempted to identify important factors that could causeactual actions, events or results to differ materially from thosedescribed in forward-looking information, there may be other factorsthat cause actions, events or results to differ from thoseanticipated, estimated or intended.
Forward-looking informationcontained herein are based on the assumptions, beliefs, expectationsand opinions of management, including but not limited to: that theCompany’s proposed acquisition of Balkan Metals Corp. will becompleted as planned; that there will be no material adverse changeaffecting the Company or its properties; and such other assumptions asset out herein. Forward-looking information has been made as of thedate hereof and the Company disclaims any obligation to update anyforward-looking information, whether as a result of new information,future events or results or otherwise, except as required by law.There can be no assurance that forward-looking information will proveto be accurate, as actual results and future events could differmaterially from those anticipated in such information. Accordingly,investors should not place undue reliance on forward-lookinginformation.
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