Galleon Gold Announces Sale of Non-Core Ontario Properties
Toronto, August 24, 2021 - Galleon Gold Corp. (TSXV: GGO) (the "Company" or "Galleon Gold") is pleased to announce it has entered into an agreement (the "Agreement") to sell its non-core Kidd and Carnegie properties (the "Properties") located in the Province of Ontario to a private company, 11530313 Ontario Inc. ("11530313") and Noble Mineral Exploration Inc., a publicly traded company listed on the TSXV under the symbol "NOB" ("Noble", together, the "Buyers"). Pursuant to the terms of the Agreement, for the sale of 100% ownership of the Properties, 11530313 will pay $250,000 and Noble will issue to the Company 2,000,000 common shares of Noble (the "Noble Shares"), to each obtain a 50% ownership of the Properties. The sale of the Properties is expected to be completed by mid-September 2021.
The transaction is subject to the approval of the TSX Venture Exchange. The Noble Shares will be subject to a hold period of four months and a day under applicable Canadian securities laws.
Note from the CEO of Galleon Gold
R. David Russell CEO and President of Galleon Gold commented, "We are very pleased that we have reached an arrangement with Noble that consolidates their land holdings in the Kidd and Carnegie townships and provides a platform for a broader exploration play. We look forward to becoming Noble shareholders and participating in the advancement of these properties, and other Noble holdings, through our equity interest."
About Galleon Gold
Galleon Gold is a North American exploration and development company. Eric Sprott holds approximately 23% of the Company's outstanding common shares and is also the Company's partner on the Neal Gold Project in Idaho. A Preliminary Economic Assessment is currently underway for the Company's flagship project, the West Cache Gold Project, located 13 km from Timmins, Ontario.
For further information:
Galleon Gold
R. David Russell
Chairman and CEO
T. (416) 644-0066
info@galleongold.com
www.galleongold.com
Forward-Looking Statements
Some of the statements contained herein may be forward-looking statements which involve known and unknown risks and uncertainties, including statements made regarding the expected timing and completion of the sale of the Properties. Without limitation, statements regarding potential mineralization and resources, exploration results, expectations, plans, and objectives of Galleon Gold are forward-looking statements that involve various risks. The following are important factors that could cause Galleon Gold's actual results to differ materially from those expressed or implied by such forward-looking statements: changes in the world-wide price of mineral commodities, general market conditions, risks inherent in mineral exploration, risks associated with development, construction and mining operations, the uncertainty of future exploration activities and cash flows, risks related to infectious diseases, including Covid-19, and the uncertainty of access to additional capital. There can be no assurance that forward-looking statements will prove to be accurate as actual results and future events may differ materially from those anticipated in such statements. Galleon Gold undertakes no obligation to update such forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on such forward-looking statements.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/94185
