(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA, - TheNewswire - November 25, 2022 (TSXV:NRG ) , (OTC :NRGOF ) , ( Frankfurt:X6C)– Newrange Gold Corp. (" Newrange " or the “ Company ") announcesthat it has signed a Mutual Termination Agreement with Great PantherMining Limited (“Great Panther”), terminating the Share PurchaseAgreement to acquire the Coricancha Gold-Silver-Copper-Lead-Zinc Minein Central Peru.
“We are deeply disappointed to have arrived at thisoutcome,” stated Robert Archer, President and CEO of Newrange. “We have been working on this acquisition since March and believestrongly in the potential of the Coricancha Mine. However, thecurrent market for mining stocks, one of the worst in decades, hascreated a serious impediment to financing, especially for newacquisitions. While we attempted to gain an extension to the closingdate, the intransigence of Great Panther’s creditors has,regrettably, made that impossible.”
As a result of the termination of this acquisition, theCompany will not be proceeding with the proposed financing, shareconsolidation and name change at this time and it is anticipated thattrading in the Company’s shares will resume within days.
Newrange is currently focused on district-scale explorationfor precious metals in the prolific Red Lake District of northwesternOntario. The past-producing high-grade Argosy Gold Mine is open todepth, while the adjacent North Birch Project offers additionalblue-sky potential. Further information can be found on our websiteat www.newrangegold.com .
Signed: “Robert Archer”
President & CEO
Forfurther information contact :
Email: info@newrangegold.com
Website: www.newrangegold.com
Neither the TSXVenture Exchange nor the Investment Industry Regulatory Organizationof Canada accepts responsibility for the adequacy or accuracy of thisrelease .
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