Gold79 Announces Amendment of a Gold Chain Property Option Agreement Reducing Near-Term Cash Payments

About this update from West Point Gold Corp.

[{"type":"text","content":"Gold79 Announces Amendment of a Gold Chain Property Option Agreement Reducing Near-Term Cash PaymentsOttawa, Ontario--(Newsfile Corp. - July 24, 2023) - Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (\"Gold79\" or the \"Company\") is pleased to announce that it has entered into an amending agreement with respect to one of its option agreements for the Gold Chain, Arizona project which reduces cash payments in the near-term. This amending agreement relates to 107 unpatented mining claims forming part of the Gold Chain project. In total, the Gold Chain project consists of 379 unpatented mining claims covering approximately 3,058 hectares (7,552 acres) and 15 patented claims covering approximately 107 hectares (264 acres). The Company retains a right to earn a 100% interest in this portion of the project while the future payment schedule for certain cash and share payments has been amended as further detailed below.Derek Macpherson, President and CEO of Gold79, states, \"Given market conditions, this reduction in near-term cash payments is an important step to allow Gold79 to continue advancing the project. I would like to thank the project optionors for providing us with additional flexibility by deferring near-term cash payments with this amendment.\"Details with respect to the amendment is as follows:The amended option agreement now requires a balance of future annual cash payments totaling US$415,000 (previously US$410,000) with anniversary payments extending to July 30, 2028 versus July 30, 2025 previously. Future share payments now total a value of US$192,000 (previously US$144,000) with annual payments due July 30, 2023 to July 30, 2026. Details of the revised future payments are as follows:Table 1: Amended Payment ScheduleTimingCash payments (US dollars)Common share payments(US dollars)On or before July 30, 2023$15,000$48,000On or before July 30, 202425,00048,000On or before July 30, 202555,00048,000On or before July 30, 202660,00048,000On or before July 30, 2027100,000NilOn or before July 30, 2028160,000NilTotals$415,000$192,000 Table 2: Previous Payment ScheduleTimingCash payments (US dollars)Common share payments(US dollars)On or before July 30, 2023$60,000$48,000On or before July 30, 2024100,00048,000On or before July 30, 2025250,00048,000Totals$410,000$144,000 There continues to be no minimum commitment for ex...

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