(TheNewswire)
Vancouver, British Columbia – TheNewswire - February 20, 2024 – Westward Gold Inc. (CSE:WG ) , ( OTC:WGLIF ) , ( FSE:IM50) ( “Westward” or the “Company” ) is pleased toannounce that it has exercised its option to acquire a 100% ownershipinterest in the Toiyabe Project in Lander County, Nevada ( “Toiyabe” ).
The Company has completed its final share-based payment to MinquestLtd. ( “Minquest” , or the “Optionor” ), pursuant tothe terms of the option agreement (the “Option Agreement” ), originally assigned to Westward byStarcore International Mines Ltd. on April 19, 2021 (see press release dated April 22,2021) . Under the terms of the eighth amending agreement enteredinto by Westward and Minquest on February 20, 2024, the total deemedvalue of the final payment was increased to $318,493.68, and theCompany has issued 3,391,839 common shares (the “Shares” ) to Minquest at adeemed price of $0.0939 per Share.
Colin Moore, President & CEO of Westward, noted: “Today’sfinal share payment marks a major milestone for our Company, which hasbeen nearly three years in the making. The entirety of our flagshipland position along the Cortez Trend – totaling approximately 40square kilometers of contiguous exploration ground – is now 100%owned by Westward. On behalf of management and our Board of Directors,I’d like to sincerely thank Minquest for their steadfast support andflexibility, and we are grateful to have them as significantshareholders moving forward.”
Figure 1: Westward’s ConsolidatedLand Position (Cortez Trend)
The Shares issued in relation to the final option payment were pricedbased on the trailing 30-day volume-weighted average price on theCanadian Securities Exchange ending on February 8, 2024, and the dailyUSD/CAD exchange rate published by the Bank of Canada on the samedate. The Shares will be subject to a statutory 4-month hold periodexpiring on June 21, 2024. Following the issuance, Minquest will ownapproximately 3.5% of the total issued and outstanding Shares ofWestward.
Following the Company’s exercise of its option, 100% ownership of248 unpatented mining claims administered by the Bureau of LandManagement ( “BLM” ) will betransferred from Minquest to one of Westward’s Nevada-incorporatedsubsidiaries. These claims (the “Minquest Claims” ) include:
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165 claims which make up the Toiyabe Project (the “Toiyabe Claims” )
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83 claims which make up a portion of the East Saddle Project that fellwithin an area of interest when staked by Westward (the “AoI Claims” )
As per the terms of the Option Agreement, Minquest will be issued a3.0% net smelter returns ( “NSR” ) royalty on the Minquest Claims, which can bereduced by up to half (1.5%) for a cash payment of US$2,000,000 per1.0% (the “Buy-BackRights” ). As part of a previously-announced letter agreemententered into by the Company and EMX Royalty Corporation ( “EMX” ) (see press release dated February 15,2023) , Westward assigned the Buy-Back Rights to EMX. Under theterms of the agreement, should EMX exercise the Buy-Back Rights infull (by making a cash payment to Minquest of US$3,000,000 toextinguish 1.5% of the NSR royalty), Westward will grant EMX a new1.0% NSR royalty on the Toiyabe Claims for no additional consideration(no new royalty will be granted on the AoI Claims).
About Westward Gold
Westward Gold is a mineral exploration company focused on developingthe Toiyabe, Turquoise Canyon, and East Saddle Projects located in theCortez Hills area of Lander County, Nevada, and the Coyote and RossiProjects located along the Carlin Trend in Elko County, Nevada. Fromtime to time, the Company may also evaluate the acquisition of othermineral exploration assets and opportunities.
For further information contact:
Andrew Nelson
Chief Financial Officer
Westward Gold Inc.
+1 (604) 828-7027
andrew@westwardgold.com
www.westwardgold.com
The Canadian Securities Exchange hasneither approved nor disapproved the contents of this news release.The Canadian Securities Exchange does not accept responsibility forthe adequacy or accuracy of this news release.
This news release contains orincorporates by reference “forward-looking statements” and“forward-looking information” as defined under applicable Canadiansecurities legislation. All statements, other than statements ofhistorical fact, which address events, results, outcomes, ordevelopments that the Company expects to occur are, or may be deemed,to be, forward-looking statements. Forward-looking statements aregenerally, but not always, identified by the use of forward-lookingterminology such as "expect", "believe","anticipate", "intend", "estimate”,“potential”, “on track”, “forecast","budget", “target”, “outlook”, “continue”,“plan” or variations of such words and phrases and similarexpressions or statements that certain actions, events or results“may”, “could”, “would”, “might” or “will” betaken, occur or be achieved or the negative connotation of suchterms.
Such statements include, but may notbe limited to, information as to strategy, plans or future financialor operating performance, such as the Company’s expansion plans,project timelines, expected drilling targets, and other statementsthat express management’s expectations or estimates of future plansand performance.
Forward-looking statements orinformation are subject to a variety of known and unknown risks,uncertainties and other factors that could cause actual events orresults to differ from those reflected in the forward-lookingstatements or information, including, without limitation, the need foradditional capital by the Company through financings, and the riskthat such funds may not be raised; the speculative nature ofexploration and the stages of the Company’s properties; the effectof changes in commodity prices; regulatory risks that development ofthe Company’s material properties will not be acceptable for social,environmental or other reasons, availability of equipment (includingdrills) and personnel to carry out work programs, that each stage ofwork will be completed within expected time frames, that currentgeological models and interpretations prove correct, the results ofongoing work programs may lead to a change of exploration priorities,and the efforts and abilities of the senior management team. This listis not exhaustive of the factors that may affect any of theCompany’s forward-looking statements or information. These and otherfactors may cause the Company to change its exploration and workprograms, not proceed with work programs, or change the timing ororder of planned work programs. Additional risk factors and detailswith respect to risk factors that may affect the Company’s abilityto achieve the expectations set forth in the forward-lookingstatements contained in this news release are set out in the Company’s latest managementdiscussion and analysis under “Risks and Uncertainties”, which isavailable under the Company’s SEDAR profile at www.sedar.com.Although the Company has attempted to identify important factors thatcould cause actual results to differ materially, there may be otherfactors that cause results not to be as anticipated, estimated,described or intended. Accordingly, readers should not place unduereliance on forward-looking statements or information. The Company’sforward-looking statements and information are based on theassumptions, beliefs, expectations, and opinions of management as ofthe date of this press release, and other than as required byapplicable securities laws, the Company does not assume any obligationto update forward-looking statements and information if circumstancesor management’s assumptions, beliefs, expectations or opinionsshould change, or changes in any other events affecting suchstatements or information.
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