Val-d'Or, Québec--(Newsfile Corp. - May 28, 2020) - Abitibi Royalties Inc. (TSXV: RZZ) (OTC: ATBYF) ("Abitibi Royalties" or the "Company") announces that it has entered into a series of agreements to acquire a package of royalties south of the Canadian Malartic Mine and also southeast of the Goldex Mine. The agreements also entitle the Company to 15% of the gross proceeds (cash and shares) should the underlying properties be sold or joint ventured. The royalties are located 1) immediately south of the Canadian Malartic Mine and 2) approximately 3 kilometres southeast of the Goldex Mine (Fig. 1 & 2). The projects are owned and operated by Tamarack Gold Resources Inc. ("Tamarack"). The purchase price paid by the Company totals CDN$36,000, which will be paid in cash upon closing. The royalties were acquired due to the properties' favourable geology and limited exploration. Tamarack is planning to conduct field surveillance and sampling programs subsequent to a review of past work during 2020/2021 with a focus on the properties south of the Canadian Malartic Mine.
About Abitibi Royalties
Abitibi Royalties owns various royalties at the Canadian Malartic Mine near Val-d'Or Québec. In addition, the Company is building a portfolio of royalties on early stage properties near producing mines. The Company is unique among its peers due to its strong treasury, no debt, new monthly dividend, share buyback program and limited number of shares.
Glenn Mullan, Chairman, is the Qualified Person (as defined in National Instrument 43-101 - Standards of Disclosure for Mineral Projects) who has reviewed and approved this news release.
For additional information, please contact:
Shanda Kilborn - Director, Corporate Development
2864 chemin Sullivan
Val-d'Or, Québec J9P 0B9
Forward Looking Statements:
This news release contains certain statements that may be deemed "forward-looking statements". Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or realities may differ materially from those in forward looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
Neither the 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 news release.
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