Business
Galleon Gold Acquires Eric Sprott's Remaining Interest in the Neal Idaho Gold Project
Eric Sprott's Ownership of Galleon Gold Increases to 21.45% Toronto, Ontario--(Newsfile Corp. ...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Acquires Eric Sprott's Remaining Interest in the Neal Idaho Gold ProjectEric Sprott's Ownership of Galleon Gold Increases to 21.45%Toronto, Ontario--(Newsfile Corp. - May 31, 2023) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\") is pleased to announce that it has entered into an agreement (the \"Agreement\") with 2176423 Ontario Ltd., (the \"Vendor\"), a corporation that is beneficially owned and controlled by Eric Sprott (\"Eric Sprott\"), to acquire the Vendor's 100% interest in a stockpile of mineralized material (the \"Stockpile\") located on the Neal Idaho Project, 27 km southeast of Boise, Idaho (the \"Project\") together with its 20% interest in the Project in consideration of the issuance by the Company to the Vendor of 2,000,000 common shares of Galleon Gold (the \"Shares\"). Upon closing of the transaction, the Company will hold a 100% leasehold interest in the Project and Eric Sprott's ownership of Galleon Gold will increase to 21.45%.The Stockpile, a 13,900-ton bulk sample, was derived from an open cut area in 2016-2017. As the material was trucked from the open cut to the Stockpile, approximately 741 samples were collected and assayed at an independent laboratory. Results of the sampling indicate the Stockpile graded at 0.132 opt (4.54 gpt Au), equivalent to approximately 1,835 ounces of gold in-situ. The Company is investigating various transport and processing options to determine the best means of handling the Stockpile material.This transaction paves the way for a simpler operating structure for the Project, while enabling Eric Sprott to participate in the Project's advancement through his equity ownership in Galleon Gold. The transaction is subject to final approval from the TSX Venture Exchange and the Shares are subject to a hold period of four months and a day under applicable Canadian securities laws.Comment from CEODavid Russell, President and CEO of Galleon Gold commented, \"We are very pleased that Eric continues to demonstrate his confidence in Galleon Gold. He has consistently supported the Company since 2019 through significant investments. We look forward to driving value for him and all our shareholders as we advance both the Neal and our West Cache Gold Projects.\"The transaction constitutes a \"related party transaction\" for the Company for the purposes of Multilateral Instru...