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Prosper Gold Exercises Option to Acquire 100% Interest in the Golden Sidewalk Property and the Skinner Property
VANCOUVER, British Columbia, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV:PGX) is pleased to announce that it ha
About this update from Prosper Gold Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 22, 2022 (GLOBE NEWSWIRE) -- Prosper Gold Corp. (“Prosper Gold” or the “Company”) (TSXV:PGX) is pleased to announce that it has exercised its previously announced option under the Option Agreement dated August 9, 2020 (the “Option Agreement”) between the Company and Sabina Gold & Silver Corp. (“Sabina”) to acquire a 100% interest (the “100% Interest”) in the Golden Sidewalk property ( the “Golden Sidewalk Property”) and the Skinner property (together with the Golden Sidewalk Property, the “Properties”) consisting of approximately 3,000 hectares of mineral claims, leases and patents in the Red Lake mining district of Ontario. “The exercise of the Option approximately 2 years ahead of schedule represents a significant milestone for the Company,” commented Peter Bernier, CEO. “This solidifies Prosper’s ownership of 160 square kilometers of mining claims and leases in a world-class mining jurisdiction.” In order to acquire the 100% Interest in the Properties, the Company has (i) issued an aggregate of 1,500,000 common shares from its treasury to Sabina; (ii) paid an aggregate of $50,000 in cash to Sabina; and (iii) incurred expenditures on the Properties of not less than $2,600,000. Concurrent with the Company’s previously announced acquisition of a 70% interest in the Properties on February 7, 2022, the Company and Sabina entered into Royalty Agreements (the “Royalty Agreements”) pursuant to which Prosper Gold will pay to Sabina (i) a 2.0% net smelter returns royalty (\"NSR\") on the proceeds from the production and sale of all ores, minerals, metals and materials (“Products”) mined or removed from the Golden Sidewalk Property and (ii) a 1.0% NSR on the proceeds from the production and sale of Products mined or removed from certain “Additional Property” (as defined in the Option Agreement). About the Golden Sidewalk The Golden Sidewalk is a district-scale gold exploration project covering over 160 square kilometres of contiguous mineral claims and mining leases in the western Birch-Uchi Greenstone Belt, approximately 60 km east of Red Lake, Ontario. The vehicle-accessible project straddles 12 kilometres of the Balmer Assemblage – Narrow Lake Assemblage unconformity, a regional-scale feature that has been the Red Lake exploration guide, but which has seen limited exploration in the project area...