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Big Ridge Gold Issues Clarification Regarding Expiry Date of Options
Toronto, Ontario--(Newsfile Corp. - September 27, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (" Bi...
About this update from Big Ridge Gold Corp
[{"type":"text","content":"Big Ridge Gold Issues Clarification Regarding Expiry Date of OptionsToronto, Ontario--(Newsfile Corp. - September 27, 2023) - Big Ridge Gold Corp. (TSXV: BRAU) (\"Big Ridge\" or the \"Company\") announced today a clarification with respect to the expiry date of 3,100,000 replacement stock options issued in connection with the Company's acquisition of the outstanding securities of Gold Island Inc. (\"Gold Island\") and announced previously by way of a press release dated August 17, 2023.On August 11, 2023 the Company completed its acquisition of Gold Island and, as part of the purchase consideration for this acquisition, issued 3,100,000 stock options of the Company to replace a total of 3,875,000 options held by officers, directors and consultants of Gold Island. In its press release dated August 17, 2023, the Company reported that these replacement options had been issued with an expiry date of August 11, 2028. The correct expiry date of these options is June 30, 2028. In addition, one-third of the replacement options vested on August 10, 2023 with the remaining options vesting one-third on June 30, 2024 and one-third on June 30, 2025.About Big Ridge Gold Corp.Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns a 100% interest in the highly prospective Oxford Gold Project located in Manitoba and the Destiny Gold Project in Quebec. Big Ridge is the operator of the Hope Brook Gold Project located in Newfoundland and Labrador. The company currently owns 51% of the Hope Brook Gold Project and has an option to earn up to 80% by June 2026. Hope Brook Gold Project, NewfoundlandThe Hope Brook Gold Project is an advanced stage, high-grade gold project that produced 752,162 ounces of gold from 1987 - 1995. Initial production consisted of an open pit before moving to underground mining. Hope Brook operated using both heap leach (1987 - 1990) and conventional cyanidation milling methods (1989 - 1997) with a later inclusion of flotation concentration to recover copper (1991). Gold recoveries for full years of operation between 1988 and 1995 averaged 84%. Copper flotation dur...