Generic Gold Expedites Property Acquisition in Abitibi Region of Quebec
Toronto, Ontario--(Newsfile Corp. - September 28, 2020) - Generic Gold Corp. (CSE: GGC) (FSE: 1WD) ("Generic Gold" or the "Company") announces that further to its press release of July 7, 2020, the Company has expedited the payments in connection with the acquisition (the "Acquisition") of the Belvais project (the "Belvais Project").
The Belvais Project is comprised of three blocks of claims, located in the Abitibi region of Northwestern Québec, proximal and to the east of the town of Normétal. The Belvais Project is comprised of 169 mineral claims covering approximately 8,148 hectares of prospective Archean stratigraphy of felsic through to mafic volcanic rocks, sediments, and numerous intrusions of varying age and compositions. The Belvais Project has been explored sporadically over the years following the discovery and mining of the Normétal polymetallic mine, which was discovered in 1929 and mined until 1975, reaching a depth of 2,400 metres below surface.
The Acquisition was carried out in accordance with the terms of a purchase agreement dated July 7, 2020 (the "Purchase Agreement") between the Company and two arm's-length vendors (the "Vendors"). As consideration for the Acquisition and pursuant to the terms of the Purchase Agreement, Generic Gold agreed to: (i) pay to the Vendors $300,000 in cash, payable in tranches; (ii) issue an aggregate of 4,500,000 common shares in the capital of the Company to the Vendors, issuable in tranches; and (iii) grant in favour of the Vendors a 3% net smelter returns royalty in respect of the Belvais Project. As of the date hereof, the Company has completed all conditions necessary to acquire 100% of the Belvais Project.
About Generic Gold
Generic Gold is a Canadian mineral exploration company focused on gold projects in the Tintina Gold Belt in the Yukon Territory of Canada and the Abitibi Greenstone Belt in Quebec, Canada. The Company's Yukon exploration portfolio consists of several projects with a total land position of greater than 35,000 hectares, all of which are 100% owned by Generic Gold. Several of these projects are in close proximity to significant gold deposits, including Goldcorp's Coffee project, Victoria Gold's Eagle Gold project, White Gold's Golden Saddle project, and Western Copper & Gold's Casino project. The Company's Quebec exploration portfolio consists of three properties covering 8,148 hectares proximal to the town of Normétal. Generic Gold's board of directors and management team is led by experienced mining industry professionals, with expertise in exploration, finance, capital markets, and mine development. For information on the Company's property portfolio, visit the Company's website at genericgold.ca.
For further information contact:
Generic Gold Corp.
Richard Patricio, President & CEO
Tel: (416) 456-6529
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR THEIR REGULATION SERVICES PROVIDERS ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
Certain statements in this press release are "forward-looking" statements within the meaning of Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. Forward-looking statements are necessarily based upon the current belief, opinions and expectations of management that, while considered reasonable by the Company, are inherently subject to business, economic, competitive, political and social uncertainties and other contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in the forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The Company does not undertake to update any forward-looking statements or forward-looking information that are incorporated by reference herein, except in accordance with applicable securities laws. Investors are cautioned not to put undue reliance on forward-looking statements due to the inherent uncertainty therein. We seek safe harbour.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/64717