VANCOUVER, Nov. 28, 2017 /CNW/ - NXGOLD LTD.
("NxGold" or the "Company"), (NXN:TSXV)
advises that it has delivered notice of a force majeure event under
the amended and restated earn‐in agreement made as of February 3, 2017 between the Company and
Meliadine Gold Ltd., due to the continued delay in the renewal of
the existing Land Use Licences, KVL311B01 and KVRW12E01 pertaining
to the Kuulu project. As previously announced the Company
holds all other required licenses and permits to permit the drill
testing of high priority gold targets at the Kuulu Project and has
received a positive decision from the Nunavut Impact Review Board
regarding the Kuulu Project.
The Company continues to pursue all avenues with the Kivalliq
Inuit Association and other community groups in the vicinity of the
Kuulu Project in its efforts to secure renewal of the Land Use
Licences.
About NxGold
NxGold is a Vancouver-based
exploration company. NxGold has entered into an earn-in
agreement with Meliadine Gold Ltd. to earn up to a 70% interest in
the Kuulu Project (formerly known as the Peter Lake Gold Project).
Additionally, the Company has entered into an earn-in
agreement to earn up to a 100% interest in the Chicobi Project
located within the prolific Abitibi Greenstone Belt in Quebec.
Cautionary Statement 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 activities, events or developments that
the Company expects or anticipates will or may occur in the future.
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 general business
and economic conditions will not change in a material adverse
manner, that financing will be available if and when needed and on
reasonable terms, and that third party contractors, equipment and
supplies and governmental and other approvals required to conduct
the Company's planned exploration activities will be available on
reasonable terms and 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.
Forward-looking information and statements also involve known
and unknown risks and uncertainties and other factors, which may
cause actual events or results in future periods to differ
materially from any projections of future events or results
expressed or implied by such forward-looking information or
statements, including, among others: delays in obtaining
governmental or other approvals, negative operating cash flow and
dependence on third party financing, uncertainty of additional
financing, no known mineral reserves or resources, reliance on key
management and other personnel, potential downturns in economic
conditions, actual results of exploration activities being
different than anticipated, changes in exploration programs based
upon results, and risks generally associated with the mineral
exploration industry, environmental risks, changes in laws and
regulations and community relations.
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
undertakes no obligation to update or reissue forward-looking
information as a result of new information or events except as
required by applicable securities laws.
SOURCE NxGold Ltd.