(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA – TheNewswire - July 24, 2024 - ESGold Corp. (“ESGold” or the“Company”) (CSE: ESAU, Frankfurt: N2W, OTC: SEKZF), is pleased to announce a shift in theoperating focus of the Company.
ESGold’s operating focus is to get the MontaubanPlant into production in the near future. The Company is in a positionto begin the final phase of construction on the mill. Further, thePreliminary Economic Assessment (“PEA”) prepared last year isbeing updated with current market conditions and the preliminaryresults have demonstrated significant escalation of the Net PresentValue and Internal Rate of Return of the entire Montauban Project
“ ESGold musttake advantage of current market conditions and the rapid constructionpath to put the Montauban Plant into production ,” stated Brad Kitchen, President of ESGold Corp. “ The Company has done agood job in the last couple of years to expand the future potential ofan increased near-surface and under-ground resource but must now pivotto focus on capturing revenue.”
At the Montauban Plant, the Company currentlyhas:
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Infrastructure in place includes steel structurebuilding (16,000 ft ), Quebec Hydro power lineand all access roads to mill building and tailings piles;
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60% of the required milling equipment required tooperate which is on-site;
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Finalized engineering and construction plans;
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Construction and operating permits in place or are inprocess of being finalized; and
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Confirmation that construction of the processingcircuit will take 9 to 12 months.
The Company estimates that it will cost approximatelyC$8.0 million to complete construction on the Montauban Plant. Management hopes to secure this financing through non-dilutivemeans, including a C$2.0 million credit facility already in place (the“ Loan Facility ”).
In addition to the Loan Facility, the Company ispleased to announce a non-brokered private placement (the“ Offering ”) of up to 5,000,000 free trading common shares (the“ Shares ”) at a price of $0.10 per Share, for aggregate grossproceeds of up to $500,000 (the “ Proceeds ”).
The Company intends to use the Proceeds from theOffering for exploration activities and general working capital. TheOffering is expected to close on or before August 15, 2024. TheOffering is subject to certain conditions including, but not limitedto, receipt of all necessary approvals including the approval of theCanadian Securities Commission (the“ CSE ”).
The Company may pay eligible finders a fee (the“ Finder’s Fees ”) on the Offering within the amount permitted by thepolicies of the CSE. The Company may pay certainfinders a commission of 8% cash and/or 8% non-transferable sharepurchase warrants (the “ Finder’s Warrants ”) at an exercise price$0.15 per Finder’s Warrant Share for a period of 12 months from thedate of issuance .
The Offering is being completed pursuant to the listedissuer financing exemption under Part 5A of National Instrument 45-106Prospectus Exemptions and therefore the securities issued in theOffering will not be subject to a hold period in accordance withapplicable Canadian securities laws. There will be an offering document related to the Offering that will be availableunder the Company's profile at www.sedarplus.ca and on theCompany’s website at www.esgold.com . Prospectiveinvestors should read this offering document before making an investment decision.
The securities issued pursuant to the Offering havenot, nor will they be registered under the United States SecuritiesAct of 1933, as amended, and may not be offered or sold within theUnited States or to, or for the account or benefit of, U.S. persons inthe absence of U.S. registration or an applicable exemption from theU.S. registration requirements. This news release shall not constitutean offer to sell or the solicitation of an offer to buy nor shallthere be any sale of the securities in the United States or in anyother jurisdiction in which such offer, solicitation or sale would beunlawful.
Pour unetraduction française de ce communiqué de presse, veuillez visiternotre site Web à www.esgold.com .
About the Company
ESGold Corp. is a Canadian environmentally awareresource exploration and processing company. Management hasdemonstrated expertise in advancing gold exploration projects intoacquisition targets, most notably in the province of Quebec.ESGold’s principal restoration and recovery project is the Montaubanproperty situated in Quebec, just 80 kilometers west of Quebec City.
For more information on ESGold Corp. please contact theCompany (+1 514-712-1532) or visit the website www.esgold.com for theFrench version of this press release, for past news releases, 3D modelof the Montauban processing plant, media interviews andopinion-editorial pieces. To keep up with what's going on with ESGoldplease join our shareholders chat room on telegram : https://t.me/+SQeyLoDRjIAwMDVh
On behalf of the Board of Directors,
ESGold Corp.
“Paul Mastantuono”
Chief Executive Officer
“John Stella”
Investor contact
Tel: +1 514-712-1532
Email: info@esgold.com
Neither theCanadian Securities Exchange nor its Regulation Services Provideraccept responsibility for the adequacy or accuracy of thisrelease.
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