Business
Element79 Gold Provides Corporate Update
VANCOUVER, BC / TheNewswire / May 7, 2025 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) ("Element79", or the "Company”) provides the following upda
About this update from Element79 Gold Corp.
[{"type":"text","content":"VANCOUVER, BC / TheNewswire / May 7, 2025 – Element79 Gold Corp. (CSE: ELEM) (OTC: ELMGF) (FSE: 7YS) (\"Element79\", or the \"Company”) provides the following updates on multiple corporate initiatives underway: Update on Sale of Nevada Assets to 1472886 BC Ltd. As first outlined in the Company’s news release on September 9, 2024, and updated on October 10, 2024, the Company has made multiple attempts to push this transaction towards completion, with the counterparty being unable to meet terms required to complete a successful closing. As the original timelines of the LOI have expired, the Company holds that the contract with 1472886 BC Ltd. is null and void and has restarted conversations with alternate parties that have expressed interest in the purchase of the Stargo, Elder Creek and North Mill Creek projects. Update on Financing: Crescita Capital Note Draw In the month of April 2025, Crescita issued CAD $100,000 of capital to the Company, for use in advancing community efforts for the Lucero project, investor relations activities and general corporate purposes. Similar to the first draw from the new 2025 Crescita Draw Down Facility as announced on February 28, 2025, the convertible note drawn will carry a simple interest rate of 15% per annum until repaid or converted into shares of the Company. The general use of funds for any financing efforts that the company engages in in the immediate term, including the strategic sale of corporate assets, will be sequentially to pay mineral leases for its projects in Peru and Nevada; complete its OTCQB uplisting; general corporate operating expenses and address key accounts payable. Update on Chachas community progress, strategic review of Lucero Representatives of Element79 Gold Corp and its community relations team, GAE Peru, attended a series of meetings in both Chachas, Arequipa and Lima between the April 21st and May 3rd, yielding the following report on continued progress towards forging long-term surface rights access and therefore access to its past-producing Lucero mine for exploration and mineral exploitation activities. A summary of GAE’s report for April 2024 is provided below. Ongoing Challenges with Informal Mining (REINFO) The report highlights the presence of 102 active informal miners registered under the REINFO framework are operating in...