FREMONT ANNOUNCES: Signs Agreement on Vardenis Property in Armenia; Acquires Historic Data from Dundee Precious Metals; Applies for Exploration License over Urasar Mineral District in Northern Armenia

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[{"type":"text","content":"FREMONT ANNOUNCES: Signs Agreement on Vardenis Property in Armenia; Acquires Historic Data from Dundee Precious Metals; Applies for Exploration License over Urasar Mineral District in Northern ArmeniaVancouver, British Columbia--(Newsfile Corp. - June 6, 2023) -  Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR2) (\"Fremont\" or the \"Company\") Fremont is pleased to provide a comprehensive update of its recent activities in Armenia:The Company has executed a definitive option agreement to acquire up to a 100% interest in Mendia Resources Corp. (\"Mendia\"), an Armenian corporation, with Mendia's sole shareholder (the \"Optionor\"). Mendia holds the exploration license over the Vardenis copper-gold project in central Armenia. The Optionor will also provide drilling services to the Company in upcoming drill programs.The Company has entered into an agreement with Dundee Precious Metals Corp. (\"DPMC\") to purchase the historic exploration data that was collected by DPMC when they explored the Vardenis project from 2015 to 2018.Fremont has applied for an exploration permit comprising 33.8 km2 over the Urasar mineral district in northern Armenia. The license application was submitted in late 2022 and the Armenian Ministry of Territories is in the process completing their review. The permit is expected to be granted within the next 15 working days. Historical Soviet data reveals a non-NI 43-101 compliant resource totalling 344K oz Au in the Russian C1+C2 category and 649K oz Au in the P category[1] in two separate zones.Vardenis Definitive AgreementThe Company and the Optionor have executed a definitive option agreement which provides the Company with the right to acquire up to a 100% interest in Mendia. Mendia holds the exploration license over the Vardenis copper-gold project in central Armenia. The option agreement provides for a series of staged cash payments, share issuances and work commitments over 4.5 years to earn up to 100% of Mendia. The cash and share grants total US$350,000 and 2.2M Fremont common shares, respectively, to earn up to 90% of Mendia (see a complete description of the option terms in the news release dated May 9, 2023). Exploration work is expected to commence immediately with the initial drill program planned for September of this year. Importantly, Fremont will be using the drilling services of t...

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