(TheNewswire)
Calgary, AB - TheNewswire - August 29, 2022 - San LorenzoGold Corp. (" SanLorenzo " or the " Company ") (TSXV:SLG)(OTC:SNLGF) is pleased to announce that it has successfullyconverted certain advances previously made by a director of theCompany into a long-term debenture that defers repayment for 2 years. During 2023, the director made advances to fund drilling programs atSalvadora during challenging periods in the capital markets.
On August 29, 2023, the Company issued a $500,000 principal amountnon-convertible debenture to the director. The debenture isnon-convertible and matures in 2 years (August 31, 2025) and accruesinterest at a rate of 8% per annum.
Commenting on having completed the conversion, Gordon Aldcorn, theCompany’s VP of business Development commented: “This conversionof outstanding debt to a long-term obligation allows the Company toallocate future capital raises directly to corporate fundingrequirements that includes a Phase 5 drill program at Salvadora”.
“The Company wishes to acknowledge the significance of the advanceshaving been made that provided the capital needed to advance therecent drill programs on Salvadora - including the recently completedPhase 4 drilling program which offset the discovery hole identified inthe 2022 Phase 3 drilling program.”
For further information on the Company, readers are referred to theCompany's website at www.sanlorenzogold.com andits Canadian regulatory filings on SEDAR at www.sedar.com .
About San Lorenzo Gold Corp.
San Lorenzo Gold is involved in the exploration and advancement ofmineral properties – currently all in Chile. Those properties are100% owned, and include Salvadora, Nancagua and Punta Alta.
The Salvadora property is subject of a recent Phase 4 drill program(see the Company’s press releases dated June 15 and August 3, 2023). Assay results are expected during September. The property is ontrend with the El Salvador mine located 15km to the NW which has beenin production for over 60 years. The Salvadora property currentlyhas 5 zones of interest with only 3 having been drilled to date. Salvadora is being explored for large scale copper-gold porphyrytargets and high-grade epithermal gold-silver-copper vein systems.
Nancagua is a high grade mesothermal gold-silver prospect andPunta Alta is an IOCG prospect with relateddisseminated and vein style copper-gold-silver-cobaltmineralization.
For further information, pleasecontact:
Gordon Aldcorn, VP Corporate Development
Email: galdcorn@sanlorenzogold.ca
Ph: 403-618-6507
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for theadequacy or accuracy of this news release.
Not for distribution to UnitedStates newswire services or for release, publication, distribution ordissemination directly, or indirectly, in whole or in part, in or intothe United States
Cautionary Note RegardingForward-Looking Information
This press release may containforward-looking information that involves substantial known andunknown risks and uncertainties, most of which are beyond the controlof San Lorenzo. All statements included herein, other than statementsof historical fact, are forward-looking information. Suchforward-looking information involves various risks and uncertainties.There can be no assurance that such information will prove to beaccurate, and actual results and future events could differ materiallyfrom those anticipated in such information. Any forward-lookingstatements are made as of the date of this release and, other than asrequired by applicable securities laws, San Lorenzo does not assumeany obligation to update or revise them to reflect new events orcircumstances.
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