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Galleon Gold Converts Neal Project Lease Agreement to Purchase Agreement
Toronto, Ontario--(Newsfile Corp. - July 18, 2023) - Galleon Gold Corp. (TSXV: GGO) (the " Comp...
About this update from Galleon Gold Corp
[{"type":"text","content":"Galleon Gold Converts Neal Project Lease Agreement to Purchase AgreementToronto, Ontario--(Newsfile Corp. - July 18, 2023) - Galleon Gold Corp. (TSXV: GGO) (the \"Company\" or \"Galleon Gold\") is pleased to announce that it has entered into a purchase agreement (the \"Purchase Agreement\") with Daisy Mining & Land LLP (\"Daisy\") to acquire seven (7) patented lode claims in Idaho, with five (5) of those claims forming the nucleus of the Neal Gold Project. To facilitate the transaction, the Company has formed a new Idaho company, Golden Trove, LLC (\"Golden Trove\") which will make 5 yearly payments of US $250,000 to Daisy starting May 1, 2024 and ending May 1, 2028, for a total consideration of US $1,250,000. Golden Trove has the right to accelerate the schedule of payments at its discretion. During the term of the Purchase Agreement, Daisy will receive $3.00 per ton of material removed from the project and a 3% NSR on any ore processed. Once a total of US$1,250,000 has been paid, the NSR and tonnage fee will be extinguished and Golden Trove will own the property 100%. Under the terms of the Purchase Agreement the Company and Daisy will terminate the existing lease agreement that has been in place since May 2019. In addition, the Company announces that it is changing the name of the Neal Project to the Golden Trove Project.Comment from CEODavid Russell, President and CEO of Galleon Gold, commented, \"We are very pleased to have come to an agreement with Daisy to simplify the further development and operation of the Golden Trove Project. We anticipate updating the NI 43-101 to reflect the ownership changes that have taken place these past few months and are continuing to evaluate processing options for the stockpile of mineralized material we recently acquired.\"Technical Content and Qualified PersonThe technical content of this news release has been reviewed and approved by by Thomas H. Chadwick, BSc., CPG, a Qualified Person under National Instrument 43-101 Disclosure Standards for Mineral Projects. About the Golden Trove Project (formerly Neal Project)The Project is a high-grade gold-dominant vein system with at least five veins known to date. It is located near Boise, Idaho and has excellent access via 20 kilometers of improved gravel and dirt roads from Interstate-84. The Project consists of five private patented mining...