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Labrador Gold Provides Corporate Update
TORONTO, April 04, 2025 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V: LAB | OTCQB: NKOSF | FNR:...
About this update from Labrador Gold Corp
[{"type":"text","content":"Labrador Gold Provides Corporate UpdateStrong Financial Position with Approximately $18.1 Million Cash to Support Strategic Growth Initiatives\n\n\n\n TORONTO, April 04, 2025 (GLOBE NEWSWIRE) -- Labrador Gold Corp. (TSX.V: LAB | OTCQB: NKOSF | FNR: 2N6) (“LabGold” or the “Company”) is pleased to provide an update on the Company’s strategic progress, including its ongoing efforts to secure a significant gold project, as well as recent developments concerning its New Found Gold holdings.\n \n\n\n Project Acquisition Update\n \n\n\n As part of its growth strategy, Labrador Gold is actively pursuing a significant gold project with substantial resource potential. Since the beginning of this initiative, the Company has reviewed over 40 projects, with a particular focus on Canadian-based opportunities. After an extensive process, evaluating each project based on a combination of geological potential, development timeline, jurisdictional stability, and alignment with the Company’s long-term growth strategy the Company has narrowed its search to a select group of promising candidates.\n \n\n\n Sale of New Found Gold Shares\n \n\n\n The Company has successfully completed the sale of the New Found Gold shares acquired in the sale of the Kingsway project to New Found Gold in 2024. Over a period of approximately four months, Labrador Gold sold the full 5,263,157 shareholding at an average price of $2.322 per share. This transaction resulted in total net proceeds of $12,188,782 which strengthens the Company's cash position and supports ongoing strategic initiatives.\n \n\n\n Hopedale Project Junior Exploration Assistance Contribution\n \n\n\n LabGold has also received $126,804.71 from the Newfoundland and Labrador government Mineral Incentive Program – Junior Exploration Assistance as a contribution to our successful 2024 exploration program (see News Release dated October 24, 2024) at the Hopedale Project. This funding underscores the province’s strong commitment to supporting junior exploration companies and reinforces Labrador Gold’s confidence in advancing its exploration activities in this highly prospective region.\n \n\n “We are grateful to the Newfoundland and Labrador government for their continued support through the Junior Exploration Assistance Program, which fa...