(TheNewswire)
NOT FORDISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THEUNITED STATES
Vancouver, British Columbia / TheNewswire / February 22, 2024 ? Harvest GoldCorporation (TSXV:HVG) (“ Harvest Gold ” or the“ Company ”) is pleased to announce that, further to its newsreleases of December 18, 2023 and January 23, 2024, it has receivedfinal approval from the TSX Venture Exchange (the “ Exchange ”) to theOption Agreement (the “ Agreement ”) entered into with Vior Inc.(“ Vior ”) for the Mosseau Gold Project and has made the initialpayment and share issuance under the Agreement.
Harvest Gold President and CEO, Rick Mark, states:“We are very excited to now begin to create value for ourshareholders in Quebec. The Harvest Gold team spent over a yearfinding a gold bearing preoprty with a compelling value proposition inthe right jurisdiction. Our technical team was unanimous in theirsupport for moving forward with Mosseau. Further, I believe the factthat Osisko and Goldfields have partnered to be active exploders inthe Urban Barry belt will help bring attention to our work at Mosseau.And Osisko owns 14% of our new partner Vior. 2024 will be a busy yearand we look forward to keeping the market abreast of our plans andaccomplishments.”
As set out in our December 18, 2023 news release,pursuant to the Agreement, Harvest Gold can earn up to a 100%*interest in the Mosseau Gold Project by completing the following:
Deadline | Payment | Work Commitment (2)(3) | Harvest Interest Earned (1) (4) | |
Cash (1) | Common Shares | |||
Within three (3) business days of regulatoryapproval | $50,000 | 2,000,000 | Nil | Nil |
Earlier of (i) the completion of a minimum $500,000financing; or (ii) February 28, 2024* | $50,000 | 2,000,000 | Nil | Nil |
On or before December 31, 2024 | $100,000 | 2,000,000 | $250,000 | Nil |
On or before December 31, 2025 | $100,000 | 2,000,000 | $1,250,000 | Nil |
On or before December 31, 2026 | $100,000 | 2,000,000 | Nil | Nil |
On or before December 31, 2027 | $100,000 | 2,000,000 | $1,500,000 | 80% (5) |
If Harvest determines to acquire a 100% interest, on orbefore June 30, 2028 | $1,500,000 | Nil | Nil | 100% |
Total: | 2000000 | 12000000 | 3000000 | 100% |
Notes:
(1)* Subject to varying 0.5 to 2.0% net smelterreturns royalties (the “ NSR ”) due to underlying vendors of claimlocated over the historic Morono resource and Soquem claims located inthe northwest corner of the Mousseau Project.
(2) All dollar amounts referred to are stated inCanadian Dollars.
(3) All work in excess of the yearly minimum amountwill be applied to the following year’s Work Commitment.
(4)* Subject to a 1% NSR royalty to Vior of which0.5% maybe purchased by Harvest Gold for $1,000,000 at anytime afterthe publication of a 43-101 compliant mineral resource.
(5) If Harvest Gold does not elect to earn a 100%interest, either by failing to complete therequired $1,000,000 payment on or before June 30, 2028 or by notifyingVior in writing of its intent prior to such deadline, Harvest Gold andVior will form a joint venture pursuant to which Harvest Gold and Viorwill respectively hold an undivided 80% and 20% interest (the“ Joint Venture ”). Thereafter, Harvest Gold and Vior will each fund allwork expenditures on Mosseau in proportion to their respectiveinterests in the Mosseau Project and, if either party fails to pay itsshare of funding, a standard dilution calculation will apply.
* Vior and Harvest Gold have agreed to defer the cashpayment of $50,000 to April 30, 2024.
The Company has issued the initial 2,000,000 commonshares (the “ Shares ”) at a deemed price of $0.02 perShare (being the current market price of Shares on the Exchange),representing a total deemed value of $40,000, to Vior and has made theinitial $50,000 cash payment.
The Shares are subject to a statutory hold period offour months plus a day from the date of issuance in accordance withapplicable securities legislation and the Exchange Hold Period.
About Harvest Gold Corporation
Harvest Gold is focused on exploring for near surfacegold deposits and copper-gold porphyry deposits in politically stablemining jurisdictions. Harvest Gold’s board of directors, managementteam and technical advisors have collective geological and financingexperience exceeding 400 years.
Harvest Gold acknowledges that the Mosseau Gold Projectstraddles the EeyouIstchee-James Bay and Abitibi territories. Harvest Gold is committedto developing positive and mutually beneficial relationships based onrespect and transparency with local Indigenous communities.
ON BEHALF OF THE BOARD OFDIRECTORS
Rick Mark
President and CEO
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata
@ 604.737.2303 or info@harvestgoldcorp.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.
Forward Looking Information
This news release includes certain statements that maybe deemed "forward looking statements". All statements inthis news release, other than statements of historical facts, thataddress events or developments that Harvest Gold expects to occur, areforward looking statements. Forward looking statements are statementsthat are not historical facts and are generally, but not always,identified by the words "expects", "plans","anticipates", "believes", "intends","estimates", "projects", "potential" andsimilar expressions, or that events or conditions "will","would", "may", "could" or"should" occur.
Although the Company believes the expectationsexpressed in such forward-looking statements are based on reasonableassumptions, such statements are not guarantees of future performanceand actual results may differ materially from those in theforward-looking statements. Factors that could cause the actualresults to differ materially from those in forward looking statementsinclude market prices, exploitation and exploration successes, andcontinued availability of capital and financing, and general economic,market or business conditions. Investors are cautioned that any suchstatements are not guarantees of future performance and actual resultsor developments may differ materially from those projected in theforward-looking statements. Forward looking statements are based onthe beliefs, estimates and opinions of the Company’s management onthe date the statements are made. Except as required by securitieslaws, the Company undertakes no obligation to update theseforward-looking statements in the event that management's beliefs,estimates or opinions, or other factors, should change.
Copyright (c) 2024 TheNewswire - All rights reserved.