Ophir Receives Approval to Option the Pilipas Lithium Project in the James Bay Region, Quebec

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[{"type":"text","content":"Ophir Receives Approval to Option the Pilipas Lithium Project in the James Bay Region, QuebecVancouver, British Columbia--(Newsfile Corp. - December 28, 2023) - Ophir Gold Corp. (TSXV: OPHR) (OTCQB: OPHRF) (FSE: 80M) (the \"Company\" or \"Ophir\") is pleased to announce that further to its news release of December 11th, 2023, the TSX Venture Exchange has approved its Option Agreement (the \"Agreement\") with Azimut Exploration Inc. (TSXV: AZM) (OTCQX: AZMTF) (the \"Optionor\") to acquire up to an undivided 70% interest in the Pilipas Lithium Property (the \"Property\"), located approximately 50 km south of the Company's Radis Lithium Project in the James Bay Region of Quebec.Pursuant to the Option Agreement, the Company has the option to acquire a 70% direct interest in the Property by making the following cash and share payments and incurring exploration expenditures:Cash (CDN$)SecuritiesExploration or Other Work Commitments(CDN$)Interest EarnedExchange Approval$20,000 (paid)2,000,000 Shares (issued)-Year 1$25,0001,000,000 Shares$400,000Year 2$25,0001,000,000 Shares$1,600,00050%Year 3$30,0002,000,000 Shares$2,000,00070%Total$100,0006,000,000 Shares$4,000,000 After satisfying the Year 2 commitments, the Company shall earn a 50% interest in the Property. After satisfying the Year 3 commitments, the Company shall earn a 70% interest in the Property. If the Company earns a 70% interest in the Property, the parties shall form a joint venture that is 70% held by the Company and 30% by the vendor. If the Company earns a 50% interest in the Property but fails to earn a 70% interest, the parties shall form a joint venture that is 50% held by the Company and 50% by the vendor. If after formation of the joint venture either party's interest is diluted below 10%, it shall be converted into a 2% Net Smelter Royalty (NSR) on the Property. The parties are dealing at arm's length and no finder's fee are payable in connection with the transaction.About OphirOphir Gold Corp. is a diversified mineral exploration company focused on the exploration and development of the Radis and Pilipas Lithium Properties in James Bay, Quebec, and the past producing Breccia Gold Property located in Lemhi County, Idaho. The Company holds an option to earn a 100% interest in the Radis Property over a three-year period from Eastmain Resources Inc., a wholly own...

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