Business
General Gold Resources Exercises First Earn-in Option to Acquire 50.1% of BC Copper Property
Vancouver, British Columbia--(Newsfile Corp. - July 27, 2021) - General Gold Resources Inc. (CSE: GGLD) (FSE: 7S5) (the "Company") is pleased to announce that,
About this update from General Copper Gold Corp
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - July 27, 2021) - General Gold Resources Inc. (CSE: GGLD) (FSE: 7S5) (the \"Company\") is pleased to announce that, pursuant to the option agreement entered into with Deep Blue Trading Inc. (announced July 20, 2021), the Company has completed the first tranche of the first option earn-in, acquiring an initial 50.1% in and to the copper-gold Topley Richfield property (the \"Property\"). The Property is located in the Omineca Mining Division of British Columbia, and is 60km ESE from Smithers. It is accessible by road, power runs through the western side of the Property and the village of Topley is less than 10km away. The Property covers 2,313 hectares and is comprised of seven contiguous claims. Previous exploration has focussed on expanding the known mineralization. General will use the data from historic work to inform the current drilling program. In exchange for the first 50.1% interest in the Property, the Company has issued a cash payment of $200,000 and issued 2 million common shares. Should the Company wish to keep the option to earn a 50.1% interest in the Property in good standing, it may, in its sole discretion: issue 2 million common shares on or before 12 months from the Effective Date and thereafter should the Company wish to complete the earn-in and acquire the 50.1% interest in the Property, the Company would issue 2 million common shares on or before 24 months from the Effective Date (the \"First Option Earn-In Deadline\"). The Company can acquire an additional 16.9% interest in the Property by issuing 2 million common shares within 45 days after the First Option Earn-In Deadline (the \"Second Option Earn-In Deadline\"). Following the exercise of the second option, the Company can earn a final 33% interest in the Property (for a total interest of 100%) by issuing 4 million common shares and making a cash payment of $15,000 within 12 months of the Second Option Earn-In Deadline. The exercise of the options (and the payments and share issuances at each tranche) are at the discretion of the Company. If the Company exercises the first option, second option or third option, as applicable, and makes all required payments and issuances thereunder, it will have earned the interest subject to such option. All shares issued are subject to a hold period of 4 months and one day ...