VANCOUVER, Jan. 24, 2018 /CNW/ - NXGOLD LTD.
("NxGold" or the "Company"), (NXN:TSXV) is
pleased to announce that, further to its news release dated
December 22, 2017 announcing the
execution and delivery of a binding term sheet (the
"Agreement") with Roe Gold Limited ("Roe") and its
shareholders to acquire an 80% interest in the Mt. Roe Gold Project
("Mt. Roe" or the "Project"), located in the Pilbara
region of Western Australia, all
required approvals (including the approval of the TSX Venture
Exchange) to the Agreement have been obtained.
Pursuant to the terms of the Agreement, the Company has also now
issued 19,000,000 common shares in the capital of the Company
(subject to a hold period expiring four months and one day from the
date hereof) to the vendors and 760,000 common shares to Generic
Capital Corporation as a finder's fee for identifying the
opportunity.
Christopher McFadden, Chief
Executive Officer, commented: "The completion of the acquisition of
the Mt. Roe Gold Project located in the heart of the Pilbara gold
region is a significant milestone for the Company and creates a
balanced portfolio of geologically and geographically diverse high
potential projects located in desirable jurisdictions. We are
looking forward to commencing work on the Mt. Roe Project as well
as advancing our other projects in Canada."
Mt. Roe Gold Project
Mt. Roe is comprised of approximately 1,200 hectares covering
two exploration blocks and is located approximately 30 kms south of
Karratha, Western Australia (see
Figure 1). The Project is situated immediately adjacent to
tenements held by Novo Resources Corp. and Artemis Resources
Limited and is known to contain outcropping gold-bearing
conglomerates at the base of a basalt layer (see Figure 2). These
known gold-bearing conglomerates have been traced over 5 kms of
strike length within the Mt. Roe claim
boundaries. Additionally, many gold nuggets have been
discovered at surface, having similar characteristics as gold
discovered on nearby projects.
Neither TSX Venture Exchange nor its Regulations Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
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 Québec.
Qualified Person Statement
The scientific and technical information contained in this news
release was prepared by Darren
Lindsay, P.Geo., NxGold's Vice President, Exploration, who
is a "qualified person" (as defined in National Instrument 43-101 –
Standards of Disclosure for Mineral Projects). This
news release refers to properties other than those in which the
Company has an interest. Mineralization on those other properties
is not necessarily indicative of mineralization on the
Property.
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
including whether the proposed acquisition will be completed.
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: 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, community relations and delays in obtaining
governmental or other approvals.
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.