(TheNewswire)
VANCOUVER, BRITISHCOLUMBIA - TheNewswire - October 26, 2022 (TSXV:NRG ) , (OTC :NRGOF ) , ( Frankfurt:X6C)– Newrange Gold Corp. (" Newrange " or the “ Company ") announcesthat, on October 25, 2022 and further to the Letter of Intent signedon September 12, 2022, it signed a Share Purchase Agreement (the“Agreement”) with Great Panther Mining Limited (“GreatPanther”) to acquire a 100% interest in the CoricanchaGold-Silver-Copper-Lead-Zinc (“Au-Ag-Cu-Pb-Zn”) Mine in CentralPeru (“Coricancha”) .
Coricancha is a high-grade, narrow-vein,gold-silver-copper-lead-zinc underground mine in the CentralPolymetallic Belt of Peru. It is located 90 kilometres east of Limaon the Central Highway and comprises a 600 tonne per day processingplant, dry-stack tailings storage facility and all necessary surfaceand underground infrastructure. The mine was in productionintermittently from 1906 – 2013 and has been on care-and-maintenancesince then but is in excellent shape and is fully permitted. It islocated within a well-established mining district and localcommunities are fully supportive of the operation. Two of threecommunity agreements are already in place, with the third only pendinga final signature.
“We are pleased to have moved forward in ourdiscussions with Great Panther to acquire the Coricancha Mine,”stated Robert Archer, President and CEO of Newrange. “Weanticipate filing all required documents with the TSX Venture Exchange(“TSXV” or the “exchange”) this week, including a NI 43-101technical report, as the acquisition is subject to exchange approval. In parallel, we are working on a financing to ensure that we haveadequate cash for not just the acquisition but for working capital anda drilling program.”
Under the terms of t he Agreement,Newrange will purchase all of the shares of Great Panther PeruHoldings Ltd. and Great Panther Silver Peru, S.A.C., both wholly ownedsubsidiaries of Great Panther and the owners of the Coricancha Mine. Newrange will make a single cash payment of US$750,000 to GreatPanther upon closing and the acquisition will be on an “as-is”basis (the “Transaction”). Being anarm’s length and cash-only Transaction,shareholder approval will not be required, however, it will constitute a Fundamental Acquisition for Newrange andwill be subject to exchange approval, which, in turn will be subjectto financing. Completion of the Transaction is also subject tocertain conditions including, but not limited to, receipt of courtapproval by Great Panther.
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. The proposed acquisition of the Coricancha Minein Peru will give the Company a renewed focus on mine siteexploration, development and production but the Company still intendsto advance the Red Lake projects. Further information can be foundon our website at www.newrangegold.com .
Signed: “Robert Archer”
President & CEO
Forfurther information contact :
Phone: 604-669-0868
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 .
Some of the statements in this newsrelease contain forward-looking information that involves inherentrisk and uncertainty affecting the business of Newrange Gold Corp.Actual results may differ materially from those currently anticipated in suchstatements.
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