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
We are very excited to become involved in an advanced gold mining and exploration company in the world's number one mining jurisdiction for mining, as recently surveyed by the Fraser Institute1. Scorpio's two strategic projects, both of which are past producing mines, have near-term production potential with robust economics in the context of the current gold price, alongside their considerable exploration upside,' said
This acquisition will provide Scorpio the vehicle to consolidate the known
Terms of Acquisition
Under the terms of the LOI,
Concurrent Financing,
Pursuant to the LOI, as a condition of closing of the Transaction, the Company will complete a concurrent financing of a minimum of
The LOI provides that it will, prior to closing of the transaction, be superseded, and replaced with a binding definitive agreement (the 'Definitive Agreement') to be agreed to between the Company and Altus Gold. The Transaction is expected to constitute a reviewable acquisition, as defined under Policy 5.3 Acquisitions and Dispositions of Non-Cash Assets of the
Contact:
Tel: (819) 825-7618
Email: czerga@scorpiogold.com
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 Concurrent Financing, including the definitive terms and anticipated completion thereof and the impact of the Transaction on the Company's portfolio and management structure. 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.
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