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NevGold Announces Formation of BC Subsidiary, Entering Into Option Agreement with Eagle Plains Resources, and Planned Going Public Transaction
Vancouver, British Columbia, May 31, 2023 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to
About this update from Nevgold Corp
[{"type":"text","content":" Vancouver, British Columbia, May 31, 2023 (GLOBE NEWSWIRE) -- NevGold Corp. (“NevGold” or the “Company”) (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50) is pleased to announce that it has established a new British Columbia subsidiary, 1416753 B.C. Ltd. (“SubCo”) to focus on its high-grade Ptarmigan silver-copper-lead-zinc project in southeastern BC. SubCo has also entered into an option agreement dated May 26, 2023 (the “Option Agreement”) to acquire a portfolio of advanced exploration assets including two copper-gold-silver projects and three lithium projects in British Columbia (collectively, the “Option Projects”) from Eagle Plains Resources Ltd. (“EPL” or the “Optionor”, TSXV:EPL). The Option Agreement and Option Projects are described in more detail below. NevGold intends to prepare SubCo for a future subsequent going public transaction through either a spin-out, merger, or sale. Highlights Unlocks immediate value from Ptarmigan with 25 million shares of SubCo being issued to NevGold to the benefit of NevGold shareholders; Further exposure for NevGold shareholders to five promising copper, gold, silver, and lithium projects through the Option Agreement with EPL; Large land positions totalling over 310 km2 (or 31,028 hectares) in highly prospective districts in Southeast British Columbia, Toodoggone, and Atlin (see Figure 2); Ptarmigan (NevGold), Lost Horse (Option Project), and Acacia (Option Project) have numerous “drill-ready” targets; Operating partnership between experienced NevGold and EPL teams on BC projects; Allows NevGold to maintain 100% focus on Western USA oxide, heap-leach gold projects including Nutmeg Mountain (Idaho), Limousine Butte (Nevada), and Cedar Wash (Nevada) NevGold CEO, Brandon Bonifacio, comments: “The creation of the focused British Columbia SubCo extracts immediate value for our shareholders with 25 million shares being issued to NevGold. The SubCo provides exposure to a highly prospective portfolio of advanced exploration assets including high-grade silver-lead zinc, copper, gold, and lithium in British Columbia which can be financed separately without impacting the NevGold capital structure and technical resources. Ptarmigan has significant value, but within the NevGold portfolio gets zero value ascribed due to our focus on our gold assets in the Western USA. Partnering with Eagle Plains allows us ...