(TheNewswire)
Vancouver, British Columbia – TheNewswire - April 18, 2023 – Red Lake Gold Inc. (CSE:RGLD) (“ Red Lake Gold ” orthe " Corporation ") is pleased to report thatit has successfully resolved all legal matters relating to thestatement of claim filed by Barrick Gold Inc. (“Barrick”) in the Toronto Superior Court of Justice on June30, 2022 (Court File No: CV-22-00683409-0000)(the "Claim")and further resolved Barrick’s assertions to an interest in theWhirlwind Jack Gold Project (“Whirlwind Jack”) (see the Corporation’s news release dated July 5,2022).
Under a termination and mutual release agreement datedApril 17, 2023 (the “Agreement”), Red Lake Gold can now confirmits full original project ownership, inclusive of operatorship, andthat Barrick holds no interest in Whirlwind Jack. No provision of theoriginal earn-in option agreement dated November 1, 2021 between RedLake Gold and Barrick survives. Among other terms, neither party madeany cash payments towards the other under the Agreement and neitherparty assumed legal expenses related to the other.
Formal procedural dismissal of the Claim will be filedin the coming weeks, at Barrick’s expense.
Barrick did not perform any ground-based exploration atWhirlwind Jack.
As Red Lake Gold now considers the Claim to be resolvedwith positive outcome for shareholders, the Corporation does notintend to make any further public statements on the settledmatter.
Red Lake Gold is excited about the explorationpotential for gold and othercommodities at Whirlwind Jack and looks forwardto updating its shareholders regarding future plans.
On Behalf of the Board ofDirectors
Ryan Kalt
Chairman & Chief Executive Officer
T: 604.687.2038
Email: info@redlakegold.ca
Forward-Looking Statements
This news release contains forward-looking statements.Forward-looking statements address future events and conditions,including but not limited to matters and outcomes related to theClaim, and therefore involve inherent risks and uncertainties. Actualresults may differ materially from those currently expected orforecast in such statements.
Neither the CSEnor its Regulation Services Provider (as that term is defined in thepolicies of the CSE Exchange) accepts responsibility for the adequacyor accuracy of this release.
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