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Element 79 Gold Announces 60-Day Extension to Valdo LOI
VANCOUVER, BC / THENEWSWIRE / May 30, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE: 7YS) ("Element 79 Gold", the "Company") announces that, further
About this update from Element79 Gold Corp.
[{"type":"text","content":"VANCOUVER, BC / THENEWSWIRE / May 30, 2023 – Element 79 Gold Corp. (CSE:ELEM) (OTC:ELMGF) (FSE: 7YS) (\"Element 79 Gold\", the \"Company\") announces that, further to its November 17, 2022 release announcing that the Company had entered into a non-binding letter of intent (the “Valdo LOI”) with Valdo Minerals Ltd. (“Valdo”), the parties have mutually agreed to a 60-day extension to the exclusivity period to enter into a definitive agreement for the sale of three properties from its Battle Mountain Portfolio located in the northeastern Nevada, US. The other terms of the LOI, as announced by the Company on November 17, 2022, remain unchanged. Proposed Transaction Highlights Valdo to acquire 100% interests and obligation in: The North Mill Creek Project - comprised of 6 unpatented claims located at the margins of the Goat Window in Lander County, Nevada, an exposure of lower plate rocks beneath the Roberts Mountains Thrust, the preferred carbonate host of Carlin-type gold deposits. The Elder Creek Project - comprised of 23 unpatented claims, which cover the historic Elder Creek open-pit mine in Lander County, Nevada, hosted in upper plate rocks where the mine area is believed to represent leakage from the deeper lower plate of the Roberts Mountains Thrust. The Elephant Project - comprised of 197 claims located at the foot of the mine dumps at Nevada Gold Mines' Phoenix operation hosting a covered pediment target with various depths of cover based on the displacement of fault blocks. Valdo to issue 3,750,000 common shares at a deemed price of $0.30 CAD per share representing an aggregate value of CAD 1,125,000. According to the revised exclusivity period, the transaction is expected to close by July 15, 2023. “As we progressed toward the initial term of the LOI, Valdo expressed a desire for an extension as they finalize their project structuring and capitalization plans,” said James Tworek, Element79 Gold Corp CEO. “Our collaboration with Valdo holds great promise, spurred by their continued interest in how the optioned portfolio synergizes with their other regionally adjacent projects, we are confident that this extension will pave the way for a successful closing and strong Valdo story in the future.” Element79 Gold’s Battle Mountain Portfolio The Battle Mountain Portfolio was originally...