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GFG Resources Signs Option Agreement with Group 11 Technologies to Advance the Rattlesnake Hills Gold Project with Disruptive Technology
SASKATOON, Saskatchewan, April 14, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce that i
About this update from Gfg Resources, Inc.
[{"type":"text","content":" SASKATOON, Saskatchewan, April 14, 2021 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSXV: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) is pleased to announce that it has signed an option and earn-in agreement (the “Agreement”) with Group 11 Technologies Inc. (“Group 11”), a privately-owned corporation, to advance GFG’s Rattlesnake Hills Gold Project (the “Project”) in Wyoming, United States. Under the terms of the Agreement, Group 11 has the right to acquire, in multiple stages, up to 70% of the Project by completing a series of exploration and development expenditures (“Expenditures”) summarized below and making staged cash and equity payments to GFG. Group 11 is led by a group of technical pioneers and experts in the development and application of in-situ recovery (“ISR”) with significant experience operating in Wyoming. Group 11’s goal is to combine, a non-invasive extraction technology with an environmentally friendly water-based chemistry to recover gold and other metals, providing an alternative development path to conventional open pit and underground mineral extraction. To learn more about Group 11, please visit their website at www.gr11tech.com. “We are excited to have entered into a partnership with Group 11 to advance our Rattlesnake Hills Gold Project and be part of a technology that could revolutionize the gold mining industry,” stated Brian Skanderbeg, President and CEO of GFG. “Our Project is the ideal asset to test and optimize Group 11’s technology given the character of the systems, significant zones of gold mineralization and the established permitting path for ISR mining in Wyoming. This is an exciting development for our shareholders and stakeholders as we work with our partners to develop and apply ISR technology to gold systems. Over the last several decades, this technology has been successfully applied in both uranium and copper mining, driving significantly reduced development timeframes, lower capital intensity and materially reduced environmental impacts. We believe it to be equally applicable to the gold space.” “Group 11 is very excited to establish its first anchor project with GFG and the Rattlesnake Hills Gold Project. Rattlesnake hosts all the necessary parameters, in a well-established jurisdiction, to test and apply the combination of ISR technology and our exclusive use of EnviroLeach’s non-cyan...