TORONTO, May 13, 2020 (GLOBE NEWSWIRE) -- Angus Ventures Inc. (TSX-V: GUS) (“Angus” or the “Company”) is pleased to announce that it has entered into an asset purchase agreement, pursuant to which the Company will acquire the Ellen Creek Gold Property (“Ellen Creek”) held by a private individual (the “Vendor”). Ellen Creek is located 3 kilometres east of the Mishi open pit mine of Wesdome Gold Mines Ltd., a producing gold mine, and consists of 14 claims contiguous to the Golden Sky Project in Wawa, Ontario.
Angus has also entered into an asset purchase agreement with Metalcorp Limited (“Metalcorp”), pursuant to which the Company will acquire the River Gold Property (the “River Gold”) from Metalcorp. River Gold consists of 6 claims adjacent to the Golden Sky Project.
Under the terms of the Ellen Creek agreement, the Vendor will receive a cash payment of $1,000 and will be issued 22,000 common shares of Angus (“Common Shares”) in exchange for 100% ownership in Ellen Creek. The Vendor will maintain a 1% net smelter return royalty on production from Ellen Creek, 50% of which can be purchased by the Company for $500,000.
Under the terms of the River Gold agreement, Metalcorp will receive a cash payment of $20,000 and will be issued 100,000 Common Shares in exchange for 100% ownership in River Gold. Metalcorp will maintain a 2% net smelter return royalty on production from River Gold, 50% of which can be purchased by the Company for $1,000,000.
The acquisition of the River Gold and Ellen Creek Gold properties are subject to approval of the TSX Venture Exchange and the Common Shares issuable in connection therewith will be subject to a statutory four month and a day hold period.
The Golden Sky Project
The Golden Sky Project is located within the prolific Mishibishu Lake Greenstone Belt of Northern Ontario, an extension of the Greenstone Belt and host to the high-grade Eagle River Mine of Wesdome Gold Mines Ltd (“Wesdome”). The project is located approximately 50 kilometres west of the town of Wawa and is situated immediately between the Eagle River underground mine and the Mishi open pit mine of Wesdome. The project is host to the near-surface Dorset Gold Zone, which contains an historic estimated resource (using a 0.50 g Au/t cut-off) consisting of an indicated resource of 40,000 ounces of gold (780,000 tonnes grading 1.4 g/t Au), and an inferred resource of 180,000 ounces of gold (4,760,000 tonnes grading 1.2 g/t Au). For greater details on the Golden Sky Project please refer to the NI 43-101 technical report for the Golden Sky Project entitled, “NI 43-101 Technical Report for the Wawa Proper Ontario, Canada” dated February 18, 2020 and available on the Company’s SEDAR profile.
The scientific and technical content of this press release has been reviewed, prepared and approved by Breanne Beh, P.Geo, who is a "Qualified Person" as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects (“NI 43-101”).
About Angus Ventures:
Angus Ventures is a Canadian gold exploration company focused on advancing the Golden Sky Project in Ontario. The 194-square-kilometres land package is located in north-central Ontario approximately 50 kilometres west of the town of Wawa and lies between Wesdome Gold Mines’ two producing mines.
For more information, please contact:
President and Chief Executive Officer
Angus Ventures Inc.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. Forward-looking statements include estimates and statements that describe the Company’s future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as “believes”, “anticipates”, “expects”, “estimates”, “may”, “could”, “would”, “will”, or “plan”. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management’s expectations. Risks, uncertainties and other factors involved with forward-looking information could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company’s objectives, goals or future plans, statements, exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions. Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to: the ability to anticipate and counteract the effects of COVID-19 pandemic on the business of the Company, including without limitation the effects of COVID-19 on the capital markets, commodity prices supply chain disruptions, restrictions on labour and workplace attendance and local and international travel, failure to receive requisite approvals in respect of the Transaction, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company’s public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.