Highgold Mining Inc. Executes Agreement to Purchase Remaining 50% Interest in its Yukon Mineral Properties
Tut property, past exploration work outlined multi-kilometer long gold-in-soil anomalies including an open-ended one-kilometer by one-kilometer gold anomaly associated with the upper carapace of an intrusive body with no prior drilling. HighGold, through its wholly-owned subsidiary, entered into an agreement of purchase and sale with Carlin Gold Corp. (the Vendor) to acquire the Properties. In consideration of the acquisition and subject to TSX Venture Exchange (the TSXV) acceptance, the Company has agreed to make a cash payment of CAD 75,000 to the Vendor and to issue 200,000 common shares (the "Consideration Shares"). Pursuant to the Agreement, the Acquired Property is subject to a 0.5% net smelter returns royalty in favour of the Vendor, which may be bought back by the Company. In addition to the agreement with Carlin, HighGold has also entered into an agreement of purchase and sale with Strategic Metals Inc. (Strategic) for the purchase of Harlow property that ties-on to the King Tut property. In consideration of the acquisition and subject to TSXV acceptance, the Company has agreed to make a cash payment of CAD 20,000 to the Strategic, issue 20,000 common shares, and granted a 2.5% net smelter returns royalty on the Harlow property, of which 0.5% may be bought back by the Company for $750,000.