Business
Fremont to Sell Gold Canyon Project to McEwen Mining Inc.
Vancouver, British Columbia--(Newsfile Corp. - August 16, 2019) - Fremont Gold Ltd. (TSXV: FRE...
About this update from Hayasa Metals Inc.
[{"type":"text","content":"Fremont to Sell Gold Canyon Project to McEwen Mining Inc.Vancouver, British Columbia--(Newsfile Corp. - August 16, 2019) - Fremont Gold Ltd. (TSXV: FRE) (FSE: FR2) (OTC Pink: USTDF) (\"Fremont\" or the \"Company\") is pleased to announce that it is selling its rights and interest in the Gold Canyon project, located in Eureka County, Nevada, to McEwen Mining Inc. (\"McEwen\").Fremont has entered into an asset purchase agreement (the \"Agreement\") with McEwen to sell its rights and interest in the Gold Canyon Option Agreement, entered into with Nevada Select Royalty, Inc., a wholly-owned subsidiary of Ely Gold Royalties Inc. (see news release dated January 11, 2018), in exchange for 300,000 McEwen common shares. \"Selling Gold Canyon appreciably increases Fremont's financial flexibility,\" said Blaine Monaghan, CEO of Fremont. \"It gives us the ability to generate a significant non-dilutive capital infusion, through the sale of any McEwen shares, which will be helpful as we evaluate opportunities that can add immediate and long-term shareholder value. Further, the sale demonstrates management's ability to generate and maximize the returns from the present portfolio.\"Fremont continues to evaluate opportunities to acquire an advanced-stage gold project that has the potential to host an economic deposit with a minimum of 1.0 million ounces of gold in the Western U.S.The common shares of McEwen to be issued under the Agreement will be subject to a 4 month hold period from the date of closing and is subject to regulatory approval. The Agreement is expected to close by August 23, 2019. About Fremont Gold Fremont's mine-finding management team has assembled a portfolio of high-quality gold projects in Nevada with the goal of making a new discovery. Fremont's Gold Canyon is a past producing gold mine adjacent to McEwen's Gold Bar mine. Other projects include North Carlin, Goldrun, Hurricane, and Roberts Creek. We are aligned with our shareholders: Insiders own over 20% of Fremont.On behalf of the Board of Directors,\"Blaine Monaghan\"CEOTelephone: +1 604-676-5664Email: [email protected] the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward looking stateme...