The Corporation increases its interest to 50% by acquiring
the interest of Quinto Resources Inc.
MONTREAL, Jan. 11, 2019 /CNW Telbec/ - TOMAGOLD CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation") is pleased to announce the signature of an agreement with Quinto Resources Inc. (TSXV: QIT) ("Quinto") to acquire Quinto's 5% interest in the Monster Lake property for a cash payment of $500,000. Following this transaction, TomaGold will own a 50% interest in the Monster Lake property, with IAMGOLD Corporation ("IAMGOLD") holding the other 50%.
TomaGold has also entered into an agreement with Brunswick Resources Inc. ("Brunswick") to acquire the Irene Lake property, which consists of 14 claims immediately west of the Monster Lake property, in exchange for a cash payment of $65,000. There is an existing 2% NSR on these claims.
"The resource calculation reported by IAMGOLD on March 28 (see press release) shows that we have a high-grade, high-value gold deposit with excellent exploration potential," said David Grondin, President and Chief Executive Officer of TomaGold. "We have decided to make the most of this asset by consolidating our position in the Monster Lake property and the surrounding area. The transactions with Quinto and Brunswick are a first step in that direction."
The transactions are subject to closing of the required financing and to regulatory approval. Both transactions are arm's length transactions. The Corporation expects to close the transactions on or about February 15, 2019.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration company engaged in the acquisition, assessment, exploration and development of gold mineral properties. It currently has joint venture agreements with IAMGOLD Corporation for the Monster Lake project, with Goldcorp Inc. for the Sidace Lake property, and with Goldcorp Inc. and New Gold Inc. for the Baird property. TomaGold has interests in seven gold properties near the Chibougamau mining camp in northern Quebec: Monster Lake, Winchester, Lac-à-l'Eau-Jaune, Monster Lake East, Monster Lake West, Obalski and Lac Doda. It also holds interests of 39.5% in the Sidace Lake property and 24.5% in the Baird property near the Red Lake mining camp in Ontario, and has an option to acquire a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.
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. The statements in this news release that are not historical facts are "forward-looking statements". Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in such "forward-looking" statements.
SOURCE Corporation TomaGold
For further information: David Grondin, President and Chief Executive Officer, (514) 583-3490