Fremont Gold Ltd. Announces Increase in Related Party Loan Balance
repaid from the proceeds of the current private placement. Mr. Moore has advanced a further $150,000 to the Company. The proceeds of this additional loan were used to pay claim maintenance fees relating to the Company's portfolio of gold assets in Nevada. The loan is unsecured and non-interest bearing. The repayment of the loan is subject to the sale of the Company's Nevada gold assets which the Company is actively seeking to sell or joint venture; the loan will be repaid with the proceeds of such transaction. Pursuant to Multilateral Instrument 61-101 Protection of Minority Security Holders in Special Transactions ("MI 61-101") the Company advises that the loan repayment to Dennis Moore will constitute a "related party transaction" under MI 61-101. The Company is relying on the exemptions from the formal valuation requirements contained in section 5.5(b) of MI 61-101 and the minority shareholder approval requirements contained in section 5.7(1)(a) of MI 61-101, as the Company is not listed on specified markets and the fair market value of the loan repayment to Mr. Moore does not exceed 25% of the Company's market capitalization, as determined in accordance with MI 61-101.