VANCOUVER, BC, May 12, 2020 – Tudor Gold Corp. (TSXV: TUD) (Frankfurt: TUC) (the “Company” or “Tudor Gold“) is pleased to announce that it has entered into a definitive agreement (the “Property Purchase Agreement“) with American Creek Resources Ltd. (“American Creek“) to purchase the remaining 40% legal and beneficial right, title and interest in and to certain properties and mineral rights known as the “Electrum Claims” in the Skeena Mining Division, located in British Columbia (the “Remaining Interest“) for: (i) the issuance of 1,400,000 common shares of the Company (the “Payment Shares”), subject to an 8-month contractual escrow period; and (ii) $250,000 in cash, each issuable or payable at the time of closing (the “Proposed Transaction“).
The Company currently holds a 60% interest in the Electrum Claims and the Company and American Creek are party to a joint venture agreement, dated May 10, 2016, which will be terminated with closing of the Proposed Transaction.
The Proposed Transaction is subject to the approval of the TSX Venture Exchange.
The property comprises 8 claims totaling 650 acres, of which six claims are subject to a 2% net smelter royalty (“NSR”) which can be purchased at any time for $1,000,000.
About Electrum Claims:
The “Golden Triangle” is one of the most important mineral districts of north-western British Columbia. The pertinent 650-hectare Electrum property is located between the past producing Silbak Premier mine (approx. 25 Km to the south) and Pretium Resource’s Valley of the Kings deposit (approx. 20 Km to the north). The Electrum property hosts the historic East Gold mine, known for the intermittent small-scale production of bonanza grade gold and silver between the years of 1939 and 1965. A total of 3,816 oz of gold and 2,442 oz of silver were produced in that time.
American Creek Resources undertook exploration between 2006 and 2007, with a total of 66 diamond drill holes comprising 15,369 meters. In 2016, the Joint-Venture partners, Tudor Gold and American Creek, completed nineteen drill holes totalling 1,406 meters.
Nearby infrastructure: The property is connected by road to an all-season, deep-water port at Stewart, BC (approx. 40 km away) as well as to a local gravel airstrip along Highway 37. Electrical power lines extend to within 18 km of the property and could be extended along the existing haul road to the site.
The Electrum property has exceptional potential for the outlining of a high-grade zone of epithermal gold-silver breccia-veins with geological similarities to the Premier and Brucejack projects.
Qualified Person
The Qualified Person for this news release for the purposes of National Instrument 43-101 is the Company’s Vice President of Project Development, Ken Konkin, P.Geo. He has read and approved the scientific and technical information that forms the basis for the disclosure contained in this news release.
Contact Information
Catalin Kilofliski
Director Corporate Development and Communications
Phone:+1 604 559 8092
Email:catalin@tudor-gold.com
Carsten Ringler
Head of Investor Relations and Communications
Phone:+49 151 55362000
Email:carsten.ringler@tudor-gold.com
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.
Cautionary Statements regarding Forward-Looking Information
This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. “Forward-looking information” includes, but is not limited to, statements with respect to the activities, events or developments that the Company expects or anticipates will or may occur in the future, including the completion and anticipated results of planned exploration activities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “occur” or “be achieved” or the negative connotation thereof.
Such forward-looking information and statements are based on numerous assumptions, including among others, that the Company’s planned exploration activities will be completed in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.
There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Important factors that could cause actual results to differ materially from the Company’s plans or expectations include risks relating to the actual results of current exploration activities, fluctuating gold prices, possibility of equipment breakdowns and delays, exploration cost overruns, availability of capital and financing, general economic, market or business conditions, regulatory changes, timeliness of government or regulatory approvals and other risks detailed herein and from time to time in the filings made by the Company with securities regulators.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information.
The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise except as otherwise required by applicable securities legislation.
