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Westward Gold Completes Toiyabe Anniversary Payment
Vancouver, British Columbia - TheNewswire - October 8, 2021 - Westward Gold Inc. (Formerly IM Exploration Inc.) (CNSX:WG.CNCNSX:WG.CN) (FSE:IM5) (“Westward” or
About this update from Westward Gold Inc
[{"type":"text","content":"Vancouver, British Columbia - TheNewswire - October 8, 2021 - Westward Gold Inc. (Formerly IM Exploration Inc.) (CNSX:WG.CNCNSX:WG.CN) (FSE:IM5) (“Westward” or the “Company”) announces that it has completed its anniversary payment to MinQuest Ltd. (“MinQuest”) related to the option agreement (the “Agreement”) assigned to Westward through its assignment and assumption agreement with Starcore International Mines Ltd. (see press releases dated March 1, 2021 and April 22, 2021). The Company is currently earning into a 100% ownership position in the Toiyabe Gold Project in Lander County, Nevada (“Toiyabe”), based on the Agreement dated January 23, 2005, and most recently amended on June 26, 2020. As per the Agreement, Westward has made a cash payment to MinQuest in the amount of US$120,000, which was due on or before October 15, 2021. In order to earn into its 100% ownership position in Toiyabe, Westward must make additional annual payments on or before October 15, 2022 and 2023, for US$140,000 and US$400,000, respectively. There are no future exploration expenditure requirements remaining to be satisfied. Following completion of the earn-in, MinQuest will retain a 3.0% Net Smelter Return Royalty, which can be reduced by up to 1.5% with a payment of US$2 million per 1.0%. Colin Moore, President of Westward, noted: “As our highly-experienced technical team continues to dive into new project data collected throughout the 2021 field season, we’re more excited than ever to have secured this asset. We’re only just getting started with our ambitious exploration plans, and this payment brings us one step closer to earning into a full ownership position.” About Westward Gold Westward Gold is a mineral exploration company focused on developing the Toiyabe and Turquoise Canyon Projects located in the Cortez Hills area of Lander County, Nevada. The Company is also advancing the Mulloy Project in Northern Ontario. From time to time, the Company may also evaluate the acquisition of other mineral exploration assets and opportunities. For further information contact: Raymond D. Harari Chief Executive Officer Westward Gold Inc. [email protected] Tel: +507-6675-2221 The Canadian Securities Exchange has neither approved nor disapproved the contents of this news release. The Canadian Securities Exchange does not accept responsibility for the...