Engineer Gold Mines Acquires Surface Rights to Mining Camp
Vancouver, September 24, 2020 - Engineer Gold Mines Ltd. (the "Company") (TSXV:EAU) announced today that it has purchased the surface rights to eight Crown grants which cover a portion of the Engineer Gold mine property located near Atlin in northwest British Columbia. The purchase price of $300,000, payable to the Vendors includes the surface rights and mining equipment located at the mine. The purchase price is payable as to $100,000 down, which has been paid, with the balance being secured by a mortgage of $200,000 payable on March 31, 2021 and June 30, 2022 as to $100,000 each with no interest payable.
Company President Andrew H. Rees commented "The Company already owns the mineral rights under the surface Crown grants and this purchase enables the Company to carry out further development work including proceeding with its plan to pursue high-grade bulk sampling operations, which is a precursor to full scale mine development, without the necessity of having to deal with third party surface owner interests. Management anticipates further disclosure with respect to the next phases of development as operational plans are finalized"
About Engineer Gold Mines Ltd.
Engineer Gold is focused on the exploration and development of the 100%-owned, Engineer Gold Mine Property, centered on the Historic high-grade Engineer Gold Mine situated 32 km southwest of Atlin, B.C. Previous work has identified numerous high-grade vein and shear-hosted bulk-tonnage gold exploration targets including Wann River to the southwest, TAG and Happy Sullivan to the northeast of the Engineer Gold Mine.
For additional information please visit the company website at www.engineergoldmines.com
| On Behalf of the Board of Directors | Contact Information |
| Corporate Inquiries: | |
| "Andrew H. Rees" | Andrew H. Rees: 604-505-3739 |
| Mr. Andrew H. Rees | Email: andrewhr@engineergoldmines.com |
| President |
Cautionary Note Regarding Forward-Looking Statements
Neither 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.
This news release contains certain forward looking statements which involve known and unknown risks, delays, and uncertainties not under the control of Engineer Gold Mines Ltd. which may cause actual results, performance or achievements of Engineer Gold Mines Ltd. to be materially different from the results, performance or expectation implied by these forward looking statements. By their nature, forward looking statements involve risk and uncertainties because they relate to events and depend on factors that will or may occur in the future. Actual results may vary depending upon exploration activities, industry production, commodity demand and pricing, currency exchange rates, and, but not limited to, general economic factors. 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.
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