Big Ridge Gold Provides Destiny Option Agreement Update
Toronto, Ontario--(Newsfile Corp. - January 13, 2022) - Big Ridge Gold Corp. (TSXV: BRAU) (OTCQB: ALVLF) ("Big Ridge" or the "Company") announces that Clarity Gold Corp. (CSE: CLAR) has failed to make the cash and share-based payments due January 11, 2022 under the terms of the Destiny Gold Project Option Agreement and has provided the Company with a notice of cancellation, which terminates the option agreement.
Following termination of the option agreement, Big Ridge retains 100% ownership in the Destiny Gold Project, located approximately 75km northeast of Val d'Or, Quebec. In addition, Clarity is required to return the project in good standing with all assessment work filed for the next 12 months and to provide the Company all the exploration data from the 27-hole (10,800 meter) exploration drill program completed in 2021.
Destiny Gold Project
The 100% owned Destiny Gold Project is located in Despinassay Township, 75km northeast of Val d'Or, Quebec. The property consists of 127 mineral claims totalling 5,013 hectares in one of the most prolific gold camps in Canada.
About Big Ridge Gold Corp.
Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns 100% interest in the highly prospective Oxford Gold Project located in Manitoba, 100% interest in the Destiny Gold Project in Quebec and is exploring in the Beardmore-Geraldton gold belt in Ontario.
For more details regarding the Company's projects, please visit our website at www.bigridgegold.com
ON BEHALF OF THE BOARD,
President & CEO
For Further Information Contact:
President & CEO
BIG RIDGE GOLD CORP.
18 King Street East, Suite 1400
Toronto, ON, M5C 1C4
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Cautionary Note Regarding Forward-Looking Statements
This news release includes certain "forward-looking information" and "forward-looking statements" (collectively "forward-looking statements") within the meaning of applicable Canadian securities legislation. These forward-looking statements are made as of the date of this news release. Forward-looking statements are frequently, but not always, identified by words such as "expects", "anticipates", "believes", "plans", "projects", "intends", "estimates", "envisages", "potential", "possible", "strategy", "goals", "objectives", or variations thereof or stating that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative of any of these terms and similar expressions.
Forward-looking statements in this news release relate to future events or future performance and reflect current estimates, predictions, expectations or beliefs regarding future events. All forward-looking statements are based on Big Ridge's and its employees' current beliefs as well as various assumptions made by them and information currently available to them. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect the beliefs, opinions and projections on the date the statements are made and are based upon a number of assumptions and estimates that, while considered reasonable by the respective parties, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors, both known and unknown, could cause actual results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. When relying on our forward-looking statements to make decisions with respect to Big Ridge, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Big Ridge does not undertake to update any forward-looking statement, whether written or oral, that may be made from time to time by the Company or on our behalf, except as required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/110084