VANCOUVER, BRITISH COLUMBIA – TheNewswire – November 1, 2021 (TSXV: NRG) US (OTC: NRGOF) (Frankfurt: X6C) – Newrange Gold Corp. (“New collection“or the”Society“) is pleased to announce that it has completed the acquisition of a 100% interest in the former high-grade Argosy gold mine, formerly producing, in the Red Lake mining division in the northwest Ontario, as previously reported in Newrange’s press release dated August 5, 2021..
Pursuant to the acquisition, the Company acquired all of the shares of Cangold Ltd., owner of the mine, in exchange for $ 100,000, the issuance of 4,461,007 common shares and the obligation to issue $ 250,000 in common shares on November 1, 2022, as evidenced by a promissory note, at the greater of: (i) 90% of the volume weighted average price at which the common shares were traded on the Exchange at the 20 trading days preceding November 1, 2022; and (ii) $ 0.1125. All securities issued as part of the Closing will be subject to a four month hold period which will expire on March 2, 2022.
âThe Argosy Mine is the largest legacy gold mine in the Birch-Uchi Greenstone Belt,â said Robert Archer, President and CEO of Newrange. âThe advancement of the neighboring Springpole deposit has drawn a lot of attention to the potential of this region and we believe that Argosy and our neighboring North Birch project are well positioned for the Company to benefit from this development. “
About Newrange Gold Corp.
Newrange is focused on district-wide exploration for precious metals in favorable jurisdictions including Nevada and Ontario. The company’s Pamlico project in Nevada contains a large-scale multiphase polymetallic mineralization system with multiple gold and copper targets spread over more than 5,700 hectares. In the prolific Red Lake district of northwestern Ontario, the former high-grade Argosy gold mine is open at depth, while the adjacent North Birch project offers additional blue sky potential. Focused on developing shareholder value through the exploration and development of key projects, the Company is committed to creating lasting value for all stakeholders. More information can be found on our website at www.newrangegold.com.
Sign: “Robert Archer”
President and CEO, Director
For more information contact:
Sharon Fleming Dave Cross
Chief Financial Officer and Corporate Secretary of Corporate Communications
Phone: 760-898-9129 Phone: 604-669-0868
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release..
Some of the statements contained in this press release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently provided for in these declarations.