TSX-V: VEIN | FSE: N071
TORONTO, Nov. 15, 2017 /CNW/ - Enforcer Gold Corp. ("Enforcer" or the "Company") (TSX-V: VEIN – FSE: N071) is pleased to announce it has signed an amendment agreement (the "Amendment Agreement") with Globex Mining Enterprises Inc. ("Globex") (TSX: GMX) amending the terms of the option agreement on the Montalembert Gold Property dated November 16, 2016 (the "Option Agreement").
The Amendment Agreement provides for a $100,000 reduction in the cash payment on the second-year anniversary date of the Option Agreement, a $100,000 increase in the cash payment on the third-year anniversary date and a $5,000,000 reduction in the aggregate exploration expenditures on the property over the five-year term of the Option Agreement. The Effective Date of the Amendment Agreement is November 10, 2017.
Pursuant to the Amendment Agreement, the Company must pay the following cash payments to Globex:
- $500,000 on or before 24 months of the Effective Date of the Option Agreement;
- $1,600,000 on or before 36 months of the Effective Date of the Option Agreement;
and, incur aggregate exploration expenditures of $10,000,000 on the Montalembert Property as follows:
- $1,000,000 in exploration expenditures to be completed on or before the 1st anniversary of the Effective Date of the Option Agreement;
- an additional $1,000,000 in exploration expenditures to be completed on or before the 2nd anniversary of the Effective Date of the Option Agreement;
- an additional $1,000,000 in exploration expenditures to be completed on or before the 3rd anniversary of the Effective Date of the Option Agreement;
- an additional $2,000,000 in exploration expenditures to be completed on or before the 4th anniversary of the Effective Date of the Option Agreement; and
- an additional $5,000,000 in exploration expenditures to be completed on or before the 5th anniversary of the Effective Date of the Option Agreement.
Except as provided above, all other terms and conditions of the Option Agreement shall continue to have the same effect and force as though the parties had not entered into this Amendment Agreement.
Enforcer has paid the first-year anniversary cash payment of $300,000 to Globex and is issuing 2,000,000 common shares of Enforcer to Globex pursuant to the Agreement.
About Enforcer Gold Corp
Enforcer Gold Corp is earning a 100% interest in the Montalembert Gold Project from Globex Mining Enterprises Inc. (TSX: GMX, FSE: GIMN, OTCQX: GLBXF). The 7,300-hectare property is located 125 km west of Chibougamau in Quebec's prolific Abitibi greenstone belt. The property lies 5 km from a paved highway and hydro-electric power and has easy access to skilled labour, fuel, accommodation and other industry-related services, allowing for relatively low exploration costs.
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 news release.
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the Company's plans with respect to the exploration of its Montalembert Project, the exploration potential and analogous deposit potential of the Montalembert Project and the timing of the Company's exploration programs. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration activities; the ability of the Company to complete further exploration activities; the ability of the Company to complete transactions on terms announced; timing and availability of external financing on acceptable terms and those risk factors outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Enforcer Gold does not undertake to update any forward-looking information except in accordance with applicable securities laws.
SOURCE Enforcer Gold
For further information: please visit www.enforcergold.com or contact: Steve Roebuck, President & CEO, T: (647) 496-7984, C: (905) 741-5458, E: contact@enforcergold.com
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