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Fremont Closes Sale of Coyote and Rossi Claim Blocks to Westward Gold Inc.
Vancouver, British Columbia--(Newsfile Corp. - January 19, 2023) - Fremont Gold Ltd. (TSXV: FRE) ...
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[{"type":"text","content":"Fremont Closes Sale of Coyote and Rossi Claim Blocks to Westward Gold Inc.Vancouver, British Columbia--(Newsfile Corp. - January 19, 2023) - Fremont Gold Ltd. (TSXV: FRE) (OTCQB: FRERF) (FSE: FR20) (\"Fremont\" or the \"Company\") is pleased to announce that the Company has closed the previously announced sale of its 100% interest in the Coyote and Rossi claim blocks, located along the northern Carlin Trend in Elko County, Nevada, to Westward Gold Inc. (\"Westward\").Pursuant to the definitive claims acquisition agreement (the \"Agreement\") with Westward, Fremont has received the following consideration:US$19,647 in cash600,000 common shares of Westward with the following escrow provisions:200,000 shares to be released on the four-month anniversary of closing (May 17, 2023)400,000 shares to be released on the eight-month anniversary of closing (September 17, 2023)A 2.0% net smelter return royalty on the Coyote claims (the \"Coyote NSR\"). Half (1.0%) of the Coyote NSR may be repurchased by Westward at any time for a payment of US$2 million in cashA 1.0% net smelter return royalty on the Rossi claims (the \"Rossi NSR\"). Half (0.5%) of the Rossi NSR may be repurchased by Westward at any time for a payment of US$1.5 million in cash. ** There is an existing 2.0% net smelter return royalty on the 12 Rossi Claims, held by Nevada Select Royalty, Inc. (\"NV Select\"). Westward must abide by the material terms of the royalty deed entered into by Fremont and NV Select on April 10, 2019The Coyote and Rossi Claims are part of what the Company has traditionally referred to as the North Carlin property and comprises 111 unpatented mining claims (99 Coyote claims and 12 Rossi claims) administered by the Bureau of Land Management (\"BLM\") covering an area of ~9 km2 at the northern end of the Carlin Trend. Fremont's President and CEO commented, \"We are delighted with the terms of this transaction which enables the Company to retain a significant royalty in Nevada's most prolific gold trend while also realizing cash and Westward shares. The disposal of the Coyote and Rossi claims enables the Company to direct resources to core projects such as Cobb Creek and the evaluation of opportunities within the Western Tethyan belt in Armenia. The Company is actively pursuing the disposal of other non-core properties within its Nevada portfolio.\"Westwa...