Business
Great Pacific Gold Announces Sale of Golden Mountain Project in Victoria, Australia
Vancouver, British Columbia--(Newsfile Corp. - February 12, 2025) - Great Pacific Gold Corp . ( ...
About this update from Great Pacific Gold Corp.
[{"type":"text","content":"Great Pacific Gold Announces Sale of Golden Mountain Project in Victoria, AustraliaVancouver, British Columbia--(Newsfile Corp. - February 12, 2025) - Great Pacific Gold Corp. (TSXV: GPAC) (OTCQX: FSXLF) (FSE: V3H) (\"Great Pacific Gold,\" \"GPAC,\" or the \"Company\") is pleased to announce that it has executed a binding purchase agreement with Adelong Gold Limited (ASX: ADG) (\"Adelong Gold\") for the sale of a 100% interest in Exploration Licence 6430 (EL6430), the Golden Mountain Project (\"Golden Mountain\" or the \"Project\"), in Victoria, Australia.The transaction aligns with Great Pacific Gold's strategy of unlocking value from its extensive portfolio of high-quality gold assets. \"The sale of Golden Mountain reflects our commitment to delivering value to shareholders while focusing our efforts on advancing our core assets in Papua New Guinea,\" said Greg McCunn, CEO of Great Pacific Gold. \"This transaction allows us to strengthen our balance sheet while enabling further exploration and development at Golden Mountain under Adelong Gold's leadership.\"Transaction Terms - Adelong Gold will acquire EL6430 for:A cash payment to GPAC of AUD$350,000, payable within five business days of meeting all conditions precedent.AUD $350,000 worth of fully paid ordinary shares in Adelong Gold, issued six months post-completion at a price based on the five-day volume-weighted average price (VWAP) at the time of issue.Adelong intends to rename the Project the Apollo Gold Project which remains open at depth and along strike, offering significant upside potential. The Company looks forward to following Adelong Gold's progress as they advance exploration and development activities.On behalf of Great Pacific GoldGreg McCunn, Chief Executive Officer and DirectorFor further information visit gpacgold.com or contact:Email: [email protected] About Great Pacific GoldGreat Pacific Gold has a portfolio of exploration stage projects in Papua New Guinea (\"PNG\") and Australia. The Company is focused on developing gold-copper resources from its highly prospective land packages. Its core projects include:Wild Dog – located in the East New Britain province of PNG, Wild Dog is a brownfield exploration project with a history of small-scale gold mining. The project contains numerous epithermal and porphyry hydrothermal-magmatic targets evidenc...