Business
Red Lake Gold Inc. Resolves $120 Million Statement of Claim Over 70% Earn-In Option at Whirlwind Jack Gold Project
(TheNewswire) Vancouver, British Columbia – TheNewswire - April 18, 2023 &#x...
About this update from Red Lake Gold Inc
[{"type":"text","content":"Red Lake Gold Inc. Resolves $120 Million Statement of Claim Over 70% Earn-In Option at Whirlwind Jack Gold Project\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire -\n \n \n April 18, 2023 –\n \n \n Red Lake Gold Inc. (CSE:RGLD) (“\n \n \n Red Lake Gold\n \n \n ” or\nthe \"\n \n \n Corporation\n \n \n \") is pleased to report that\nit has successfully resolved all legal matters relating to the\nstatement of claim filed by Barrick Gold Inc. (“Barrick”)\n \n \n in the Toronto Superior Court of Justice on June\n30, 2022 (Court File No: CV-22-00683409-0000)(the \"Claim\")\nand further resolved Barrick’s assertions to an interest in the\nWhirlwind Jack Gold Project (“Whirlwind Jack”)\n \n \n (see the Corporation’s news release dated July 5,\n2022).\n \n \n \n \n Under a termination and mutual release agreement dated\nApril 17, 2023 (the “Agreement”), Red Lake Gold can now confirm\nits full original project ownership, inclusive of operatorship, and\nthat Barrick holds no interest in Whirlwind Jack. No provision of the\noriginal earn-in option agreement dated November 1, 2021 between Red\nLake Gold and Barrick survives. Among other terms, neither party made\nany cash payments towards the other under the Agreement and neither\nparty assumed legal expenses related to the other.\n \n \n \n \n Formal procedural dismissal of the Claim will be filed\nin the coming weeks, at Barrick’s expense.\n \n \n \n \n Barrick did not perform any ground-based exploration at\nWhirlwind Jack.\n \n \n \n \n As Red Lake Gold now considers the Claim to be resolved\nwith positive outcome for shareholders, the Corporation does not\nintend to make any further public statements on the settled\nmatter.\n \n \n \n \n Red Lake Gold is excited about the exploration\npotential\n \n \n for gold and other\ncommodities\n \n \n at Whirlwind Jack and looks forward\nto updating its shareholders regarding future plans.\n \n \n \n \n On Behalf of the Board of\nDirectors\n \n \n \n \n Ryan Kalt\n \n \n \n \n \n \n \n \n Chairman & Chief Executive Officer\n \n \n \n \n T: 604.687.2038\n \n \n \n \n Email: [email protected]\n \n \n \n \n Forward-Looking Statement...