Business
Big Ridge Gold Announces Closing of Earn-In Agreement for the Hope Brook Gold Project in Newfoundland
Toronto, Ontario--(Newsfile Corp. - June 8, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) (" Big R...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold Announces Closing of Earn-In Agreement for the Hope Brook Gold Project in NewfoundlandToronto, Ontario--(Newsfile Corp. - June 8, 2021) - Big Ridge Gold Corp. (TSXV: BRAU) (\"Big Ridge\" or \"Company\") is pleased to announce that it has closed its previously announced earn-in agreement (the \"Earn-In Agreement\") with First Mining Gold Corp. (TSX: FF) (\"First Mining\") pursuant to which Big Ridge can earn up to an 80% interest in First Mining's Hope Brook Gold Project, located in Newfoundland and Labrador. Under the terms of the Earn-In Agreement, Big Ridge is now the operator of the Hope Brook Gold Project.HOPE BROOK GOLD PROJECTLocated in a world-class, mining-friendly jurisdiction - Newfoundland, Canada.Historical high-grade operation that produced over 750,000 oz. Au.Excellent infrastructure including grid power and a 28-person camp.26,000 hectare land package with very little exploration done since 1997 closure.Multiple high priority drill targets in and around the Hope Brook mine.\"We are excited to close the Hope Brook transaction and to commence our Phase 1 exploration program this summer,\" commented Mike Bandrowski, President and CEO of Big Ridge Gold Corp. Hope Brook is located 85 kilometers east of Port aux Basques, Newfoundland. The project has well maintained infrastructure on site and is connected to the provincial electrical power grid via an on-site substation. Significant exploration potential remains on the 26,000-hectare concession, providing a great opportunity to expand the mine area as well as surface showings throughout the concessions. As at March 31, 2021 Big Ridge had C$3.1 million in cash and plans to initiate a drilling program by Q3 2021. Board Appointment In connection with the closing of the Transaction and the right for First Mining to appoint one board member as long as First Mining holds at least 10% of the issued and outstanding shares of Big Ridge, Big Ridge has increased the size of its board of directors to five. Big Ridge is pleased to announce the appointment of Ken Engquist to the Big Ridge Board of Directors, joining Mike Bandrowski, Nick Tintor, Bill Williams and Rick Mazur. Ken is currently the Chief Operating Officer at First Mining.Ken brings over 25 years of engineering and project leadership experience to his role, and has extensive experience overseeing the advan...