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Brascan Gold Announces LOI Respecting 100% Earn-In Option on the Alegre Gold Project, Brazil
Vancouver, British Columbia--(Newsfile Corp. - November 1, 2021) - Brascan Gold Inc. (CSE: BRAS) ("Brascan" or the "Company") is pleased to announce that it has
About this update from Westgold Metals Corp.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - November 1, 2021) - Brascan Gold Inc. (CSE: BRAS) (\"Brascan\" or the \"Company\") is pleased to announce that it has entered into a letter of intent (the \"LOI\") with Chapada Brasil Mineração Ltda. (\"CBM\" or the \"Optionor\"), which contemplates an option for Brascan to acquire a 100% interest in the Alegre Gold project (the \"Project\") located in Pará State, northeastern Brazil. Pursuant to the LOI, Brascan holds an exclusive right to enter into a binding option agreement (the \"Definitive Agreement\") within 90 days of signing the LOI. The Project comprises a single exploration licence of 9,465 hectares. CBM is based in Bahia State, Brazil. The LOI contemplates that Definitive Agreement will provide Brascan with an option to earn a 100% interest in the Project upon the completion of the following within 30 months of execution (all figures expressed in Canadian Dollars): (A) making aggregate cash payments to CBM in the amount of $400,000; (B) issuing an aggregate of 800,000 common shares to CBM or its nominee; and (C) completing an exploration program with a total cumulative exploration expenditure of $1,000,000. The share issuances, cash payments and exploration commitments gradually increase over the term of the earn-in option. CBM will retain a 2% net smelter royalty, 50% of which may be purchased by Brascan for $1,000,000, on or before a production decision. Brascan will pay a finder's fee as permitted by the Canadian Securities Exchange. The LOI also contemplates that, pursuant to the Definitive Agreement, CBM will provide project management and field services to Brascan, subject to the formation of a technical committee representing both parties on mutually agreeable terms and conditions. Brascan is especially pleased to have the right to engage CBM's services, given CBM's experience in exploration and mining projects elsewhere in Brazil, and their current operation of an exploration camp and program only a 30 minute drive from the Project. CBM reports that the Project is located on the same gold mineralization trend as Goldmining Inc.'s advanced Cachoeira gold project 15 km to the north and Oz Minerals's Centrogold Project 30 km to the south (considered one of Brazil's largest undeveloped gold projects). CBM further reports that several garimpos (artisanal miners)...