(TheNewswire)
Vancouver, B.C. -- TheNewswire -- January 18, 2024 – Element79 Gold Corp(CSE:ELEM ) ( OTC:ELMGF ) ( FSE:7YS ) “Element79” or “The Company” announcesthat it has reached agreement with Condor Resources Inc. -("Condor") (TSXV:CN) to revise the payment terms on apayment due December 21, 2023 of US$500,000 with respect to the Luceroproject. Element79 are the owner of Calipuy Resources Inc.,(“Calipuy”), and assumed Calipuy’s obligations to acquire theshares of Condor’s subsidiary, Minas Lucero del Sur S.A.C., theowner of the Lucero project.
Element79 and Condor have agreed to reschedule theU$500,000 payment into two tranches. Twenty five percent of thepayment (US$125,000) will be satisfied now by the issuance of commonshares of Element79. The balance of US$375,000 is due on or beforeMarch 31, 2023. As consideration for the rescheduled payments,Element79 will issue a bonus of US$12,500 to Condor, payable inElement79 shares. All other terms of the sale of Minas Lucero del SurS.A.C. remain unchanged.
About Condor Resources Inc.
Condor is an active explorer focused exclusively onPeru, supplemented by a project generator and royalty model designedto generate exploration capital whilst minimizing shareholderdilution. Condor’s objective in advancing its portfolio of projectsis the discovery of a major new precious metals or base metals depositin Peru. Project acquisition and exploration activities are managed bytheir Lima based exploration team.
About Element79 Gold Corp
Element79 Gold is a mining company focused on gold andsilver committed to maximizing shareholder value through responsiblemining practices and sustainable development of its projects. Element79 Gold's focus is on developing its past-producing,high-grade gold and silver mine, the Lucero project located inArequipa, Peru, with the intent to restart production in the nearterm.
The Company also holds a portfolio of 5 propertiesalong the Battle Mountain trend in Nevada, with the Clover and WestWhistler projects believed to have significant potential for near-termresource development. Three properties in the Battle MountainPortfolio are under contract for sale to Valdo Minerals Ltd., with ananticipated closing date around the end of 2023. The Company hasalso signed an Option Agreement to sell the Maverick Springs project,an advanced-stage exploratory property with an Inferred Resource of3.71MMoz AuEq (1.37MMoz Au and 175MMoz Ag) and anticipates completingthis sale on or before March 28, 2024.
In British Columbia, Element79 Gold has executed aLetter of Intent and funded a drilling program to acquire a privatecompany that holds the option to 100% interest of the SnowbirdHigh-Grade Gold Project, which consists of 10 mineral claims locatedin Central British Columbia, approximately 20km west of Fort St.James.
The Company has an option to acquire a 100% interest inthe Dale Property, 90 unpatented mining claims located approximately100 km southwest of Timmins, Ontario, and has recently announced thatit has transferred this project to its wholly-owned subsidiary,Synergy Metals Corp, and is advancing through the Plan of Arrangementspin-out process.
The Company’s 2023 review and Corporate Update can bereviewed HERE
For more information about Element 79 Gold Corp.,please visi t www.element79.gold .
Contact Information
For corporate matters, pleasecontact:
James C. Tworek, Chief Executive Officer
E-mail: jt@element79gold.com
For investor relations inquiries,please contact:
Investor Relations Department
Phone: +1.613.879.9387
E-mail: investors@element79.gold
ON BEHALF OF THE BOARD
James C. Tworek, CEO and Director
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 Canadian Securities Exchange)accepts responsibility for the adequacy or accuracy of this newsrelease.
Copyright (c) 2024 TheNewswire - All rights reserved.