General Copper Gold Completes First Option Earn-In Conditions Earning 50.1% of Topley Richfield Property
Vancouver, November 10, 2023 - General Copper Gold Corp. (CSE: GGLD) (OTCQB: GNRGF) (FSE: 7S50) (the "Company") is pleased to announce that, pursuant to the option agreement entered into with Deep Blue Trading Inc. (announced July 20, 2021), and subsequently amended and assigned to Vertigo Partners Ltd. (the "Option Agreement"), the Company has completed the first option earn-in conditions, becoming the beneficial owner of an undivided 50.1% earned interest in and to the copper-gold Topley Richfield property (the "Property").
In exchange for the first 50.1% interest in the Property, and pursuant to the terms of the Option Agreement, the Company has issued 4 million common shares to Vertigo Partners Ltd., which has satisfied the remaining conditions of the first option earn-in conditions.
The Property is located in the Omineca Mining Division of British Columbia and is 60km ESE from Smithers. It is accessible by road, power runs through the western side of the Property and the village of Topley is less than 10km away. The Property covers 2,313 hectares and is comprised of seven contiguous claims. Previous exploration has focused on expanding the known mineralization.
Under the terms of the Option Agreement, the Company can earn up to a 100% interest in the Property by issuing a total of 12 million common shares and $215,000 in cash payments pursuant to the schedule outlined below:
| # of Shares | Cash Payments | |||||
| 2,000,000 | $200,000 | Within 10 days of signing Agreement (paid & issued July 22, 2021) | ||||
| 4,000,000 | - | On or before December 20, 2023 to earn 50.1% (issued November 10, 2023) (the "First Option Earn-In Deadline") | ||||
| 2,000,000 | - | Within 45 days of the First Option Earn-In Deadline, to earn an additional 16.9% (the "Second Option Earn-In Deadline") | ||||
| 4,000,000 | $15,000 | On or before 12 months from the Second Option Earn-In Deadline to earn an additional 33% | ||||
| 12,000,000 | $215,000 | |||||
The exercise of the options (and the payments and share issuances at each tranche) are at the discretion of the Company. If the Company exercises the first option, second option or third option, as applicable, and makes all required payments and issuances thereunder, it will have earned the interest subject to such option.
All shares issued are subject to a hold period of 4 months and one day from the date of issuance.
About General Copper Gold Corp.
General Copper Gold Corp. is an independent mineral exploration company based in Vancouver, British Columbia that is engaged in the business of exploring for and evaluating mineral properties.
General Copper Gold is currently exploring the 2,313 hectare Topley Richfield copper-gold property in British Columbia. Topley Richfield is a historic mining area with previous work carried out in 2008, 2015 as well as geophysical surveys in 2021. There are significant historical drilling intercepts and the 2021 geophysics has highlighted further key highly prospective areas that have yet to be explored. Multiple drill targets have already been identified by the Company.
For further information, please contact:
General Copper Gold Corp.
Michelle Gahagan, President
T: (604) 639-4452
E: mgahagan@intrepidfinancial.co.uk
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