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Almadex Minerals Sells Remaining Interest in Ponderosa Property, Spence’s Bridge Gold District
VANCOUVER, British Columbia, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. ("Almadex" or the "Company") (TSX-V: “DEX”) is pleased to announce that it
About this update from Almadex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Feb. 07, 2023 (GLOBE NEWSWIRE) -- Almadex Minerals Ltd. (\"Almadex\" or the \"Company\") (TSX-V: “DEX”) is pleased to announce that it has entered into an agreement (the “Agreement”) to sell its remaining 40% interest in the Ponderosa property (the “Property”) to Au Gold Corp. (“AUGC”). On September 11, 2019, Almadex announced that it had granted 1201361 BC Ltd., a predecessor company to AUGC, an option to acquire a 60% interest in this 41.5 Ha property. AUGC has since completed its earn-in requirements through a combination of share payments and exploration expenditures. Rather than proceed to enter into a 60/40 joint venture as provided for under the original option agreement, Almadex has agreed to terminate the option agreement and sell to AUGC its remaining 40% interest in the Property in return for the following: 750,000 shares of AUGC payable on closing; The grant of a 2.0% NSR to Almadex; 500,000 shares of AUGC conditional upon definition of a mineral resource of at least 250,000 ounces gold. Upon completion of this transaction, Almadex will own approximately 1,080,000 shares of AUGC and retain a 2% NSR royalty on the Property. The Property represents a core area of AUGC’s larger 420Ha property which it also refers to as “Ponderosa”. Almadex looks forward to AUGC’s continued exploration of this prospective area. Closing of the Agreement is subject to AUGC receiving the approval of the TSX Venture Exchange. About Almadex Almadex Minerals Ltd. is an exploration company that holds a large mineral portfolio consisting of projects and NSR royalties in Canada, the U.S., and Mexico. This portfolio is the direct result of many years of prospecting and deal-making by Almadex's management team. The Company owns a number of portable diamond drill rigs, enabling it to conduct cost effective first pass exploration drilling in house. On behalf of the Board of Directors, “J. Duane Poliquin” J. Duane Poliquin, ChairmanAlmadex Minerals Ltd. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This news release includes forward-looking statements that are subject to risks and uncertainties. All statement...