Vancouver, British Columbia--(Newsfile Corp. - August 16, 2023) - Scorpio Gold Corporation (TSXV: SGN) ("Scorpio Gold" or the "Company") is pleased to provide an update, further to its news release dated May 25, 2023 (the "Original News Release"), respecting its proposed acquisition (the "Transaction") of all of the issued and outstanding shares of Altus Gold Corp. ("Altus Gold"), a private mineral exploration company with two mineral exploration projects in Esmeralda County, Nevada referred to as the Northstar property and the historic Vanderbilt exploration project, both adjacent to Scorpio Gold's Mineral Ridge Mine. If completed, the Transaction would consolidate the entire 12-mile ridge, resulting in total land package of 10,652 ha of mineral rights, and 931 ha of surface rights in the prolific Walker Lane mineral district. For further information respecting Altus Gold, please see the Original News Release.
The Company and Altus Gold have amended their letter of intent to provide for the following:
The Transaction is expected to constitute a reviewable acquisition, as defined under Policy 5.3 Acquisitions and Dispositions of Non-Cash Assets of the Exchange and, accordingly, completion of the Transaction is subject to the approval of the Exchange.
ON BEHALF OF THE BOARD SCORPIO GOLD CORPORATION
Chris Zerga, President
Scorpio Gold Contact
Chris Zerga, President
Tel: (819) 825-7618
Email: [email protected]
Altus Gold Contact
Zayn Kalyan, Director
Tel: (778) 938-3367
Email: [email protected]
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.
The Company relies on litigation protection for forward-looking statements. This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Transaction and the terms thereof and the requirement to obtain Exchange approval. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements, including the anticipated changes in senior management of the Company and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR+. Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty thereof.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/177468