Kaizen Discovery Signs Share Purchase Agreement to Sell the Coppermine Project to Durango Gold Corp.
Vancouver, November 28, 2023 - Kaizen Discovery Inc. (TSXV: KZD) (otherwise "Kaizen" or the "Company"), announces today that the Company has signed a Share Purchase Agreement with Durango Gold Corp. ("Durango Gold"), a private US mineral exploration company, for the sale of the Company's Coppermine Project located in Nunavut, Canada.
Durango Gold will acquire 100% ownership of Tundra Copper Corp., a wholly owned subsidiary of Kaizen, which holds all mineral claims and prospecting permits related to the Coppermine Project. Upon closing of the transaction, Kaizen will receive US$100,000 in cash, Durango Gold common shares that are equivalent to an aggregate value of US$750,000, and a 3% net smelter returns royalty ("Royalty"). Durango Gold can purchase back up to 1.5% of the 3% Royalty before the publication of a pre-feasibility study, with each 0.5% of the Royalty selling for US$1 million.
The transaction is expected to close by the end of November 2023, subject to customary closing conditions.
About Durango Gold
Durango Gold is a privately owned junior exploration company focused on uncovering and accelerating new opportunities in large districts, with projects in Mexico, USA and Canada. Durango Gold's methodology leverages advanced digital analytical techniques, broad mineral systems knowledge, and worldwide experience to rapidly research and derive mineral targets at depth and undercover.
This transaction marks Durango Gold's third district-scale acquisition, adding to its existing portfolio, including the Idaho Copper Province in central-east Idaho, USA, and the Claudia Project in central Mexico, as Durango Gold aggressively pursues emerging provinces with significant metal potential.
About Kaizen
Kaizen is a Canadian mineral exploration and development company with exploration projects in Peru. More information on Kaizen is available at www.kaizendiscovery.com.
ON BEHALF OF THE COMPANY
Eric Finlayson, Interim President and Chief Executive Officer
Information contact
Ran Li +1-604-689-8765
info@kaizendiscovery.com
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.
Forward-looking statements
This news release includes "forward-looking statements" and "forward-looking information" within the meaning of Canadian securities legislation. All statements included in this news release, other than statements of historical fact, are forward-looking statements including, without limitation, statements with respect to: the sale transaction with Durango Gold, and including the closing thereof. Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "estimate", "expect", "potential", "target", "budget" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions and includes the negatives thereof. Forward-looking information is based on the opinions and estimates of management at the date the information is made, and is based on a number of assumptions and is subject to known and unknown risks, uncertainties and other factors that may cause the actual results to be materially different from those expressed or implied by such forward-looking information, including the failure to meet the conditions specified in the Share Purchase Agreement for the closing of the transaction as well as those other risk factors discussed in Kaizen's public disclosure record, available on www.sedarplus.ca. Although Kaizen has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Kaizen does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/189024
