GoldHaven to Acquire Interest in Five Projects in the Maricunga Gold Belt; Announces $4 million Non-Brokered Private Placement
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**NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO
UNITED STATES NEWS WIRE SERVICES**
GoldHaven to Acquire Interest in Five Projects
in the Maricunga Gold Belt; Announces $4 Million Non-Brokered
Private Placement
Vancouver, British Columbia, August 12, 2020: GoldHaven Resourc es Corp.
(the “Company” or “GoldHaven”) (CSE: GOH) announces it has reached an agreement with a
private company (the “Vendor”) whereby it will acquire (the “Ma ricunga Acquisition”) the
Vendor’s interest in a letter of intent (the “LOI”) to acquire a 100% interest in five gold projects
(the “Maricunga Projects”) in the prolific Maricunga precious metals belt in Chile (the ”Maricunga
Belt”).
The five Maricunga Acquisition Projects cover a total area of a pproximately 22,600 hectares or
226 sq. km located in the northern portion of the Maricunga Belt in proximity to the 4.1M oz AuEq
Salares Norte project owned by Gold Fields Limited. Gold Fields recently announced (April 2020)
its intention to proceed with the development of Salares Norte at a cost of US$860M, with a
US$138M expenditure budgeted for 2020.
The Maricunga Belt extends approx imately 150 km north-south and 30 km east-west, straddling
the border between Chile and Argentina. This region hosts known mineral resources of more than
100M oz Au, 450M oz Ag and 1.3B lbs. Cu.
The Maricunga Projects opportunity came about as a result of a US$150 million initiative launched
by the Chilean Economic Development Agency (“CORFO”) with the o bjective of encouraging
exploration and mining prosperity in Chile and in order to stre ngthen Chile’s position as a world
leader in the sector. (See Chile Explore Report No. 65, July 2 018 at
https://chilexploregroup.cl/wp-content/uploads/2019/04/CER65_ENG-nopassword.pdf).
As part of CORFO’s program, a total of US$15.3M was given to th e private equity fund IMT
Exploration and was used to eval uate 403 projects beginning in 2011. This led to a generative
program carried out between 2016 to 2019, resulting in 126 pote ntial epithermal targets from
which 57 field evaluations were made and followed by due dilige nce work on 19 of these. Work
programs were then conducted, including geological mapping, roc k and soil sampling and
TerraSpec (PIMA) analyses on geochemical grids for alteration mapping and, as a result, the five-
high priority Maricunga Projects were identified. No drilling has been carried out on any of the
Maricunga Projects.
David Smith, GoldHaven’s President, commented, “We are very encouraged by the quality of the
technical information that we have received on the Maricunga Projects in connection with our due
diligence.” Mr Smith continued, “We expect to enter into definitive agreements for the properties
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in the near term and to be able to readily identify drill targets on these properties. We believe that
this puts GoldHaven in a unique position amongst precious metal s-focused junior resource
companies in Chile.”
Together with GoldHaven’s letters of intent to acquire the Rio Loa and Coya properties (the ”Rio
Loa / Coya Acquisition”) (see new release dated April 17, 2020), GoldHaven now has interests in
letters of intent to acquire seven properties in the Maricunga (collectively, the “Chilean Projects”).
GoldHaven plans to begin work on these projects following the end of the Chilean winter and once
COVID-19 travel restrictions are lifted in Chile.
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Terms of Acquisition
The Maricunga Acquisition is expected to be affected by way of share exchange, whereby
GoldHaven will acquire all of the issued and outstanding shares of the Vendor in consideration for
6,000,000 shares of GoldHaven. Pursuant to the LOI, the Vendor h a s t h e e x c l u s i v e r i g h t t o
negotiate a definitive property option agreement to acquire a 1 00% interest in the Maricunga
Projects, subject to a 2% net s melter returns royalty retained by the underlying property owners.
To exercise the option, the Company would be required to make cash payments to the underlying
property owners in the aggregate sum of USD $8,445,000 and to c omplete exploration activities
on the Maricunga Projects, as follows:
Date
Option
Payments
(USD) Exploration Commitments
On the later of the Closing Date
and the Deadline Date $20,000 --
On or before the first anniversary
of the Closing Date $75,000 3,000m drilling
On or before the second
anniversary of the Closing Date $100,000 Additional 5,000m drilling
On or before the third anniversary
of the Closing Date $250,000 Additional 5,000m drilling
On or before the fourth anniversary
of the Closing Date
$2,000,000 Election by the Company of (i) drill
program (“4th Drill Program”) or (ii)
preliminary economic assessment
(“PEA”), having a cost of at least
USD $1,300,000 and to be completed by
fifth anniversary of the Closing Date.
On or before the fifth anniversary
of the Closing Date $6,000,000 Completion of the 4th Drill Program or the
PEA.
TOTAL: $8,445,000
Notes:
(1)The “Closing Date” is anticipated to take place on or about September 15, 2020.
(2) The “Deadline Date” is the date which is 60 days following the removal of all travel, accommodation, movement
and other restrictions intended to combat the spread of the cor onavirus disease (COVID-19) imposed by Chilean
governmental, state and local authorities.
Equity Financing
GoldHaven also announces a non-brokered private placement (the “Offering”) of 11,500,000 units
(the “Units”) at a price of $0.35 per Unit, for gross proceeds of $4,025,000. Each Unit will consist
of one share of the Company (each, a “Share”) and one share pur chase warrant (each,
a “Warrant”). Each Warrant entit les the holder to acquire one additional share of the Company
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#2300 – 1177 West Hastings Street, Vancouver, BC V6E 2K3 • Ph. 604-638-5938 • Fax. 604-408-7499
for a period of 18 months from the date of issuance at a price of $0.50 per share. In the event that
the Company’s shares trade at a closing price of greater than $0.65 per share for a minimum of ten
consecutive days at any time afte r the closing of the Offering, the Company may accelerate the
expiry date of the Warrants by pr oviding notice to the holders thereof and, in such case, the
Warrants will expire on the 30th day after the date on which such notice is given by the Company.
Finder’s fees may be payable to arm’s length parties that have introduced GoldHaven to certain
subscribers participating in the Offering.
All securities issued in connection with the Offering are subject to a four month and one day hold
period in Canada. The closing of the Offering is subject to all necessary regulatory approvals.
The net proceeds from the Offering are intended to be used to f und general expenses, and
exploration and drilling of its mineral properties.
This news release does not constitute an offer of sale of any o f the foregoing securities in the
United States. None of the foregoing securities have been and will not be registered under the
U.S. Securities Act of 1933 , as amended (the “1933 Act”) or any applicable state securitie s laws
and may not be offered or sold in the United States or to, or f or the account or benefit of, U.S.
persons (as defined in Regulation S under the 1933 Act) or pers ons in the United States absent
registration or an applicable e xemption from such registration requirements. This news release
does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale
of the foregoing securities in any jurisdiction in which such o ffer, solicitation or sale would be
unlawful.
About GoldHaven Resources Corp.
GoldHaven is a mineral exploratio n and resource development com pany focused on identifying
economically viable resource opportunities in the Americas.
For more information, please visit us online at the following URLs:
Website: www.goldhavenresources.com
Facebook: https://www.facebook.c om/GoldHavenResources
Twitter: https://twitter.com/GoldHavenCorp
LinkedIn: https://www.linkedin.co m/company/goldhaven-resources
On Behalf of the Board of Directors
David C. Smith, President and Director
For further information, please contact:
David C Smith
President
or Marla Ritchie
Corporate Secretary
T: (604) 638-5938 T: 604-638-3886
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Forward-Looking Statements:
This news release contains forwa rd-looking statements and forwa rd-looking information (collectively, “forward-
looking statements”) within the meaning of applicable Canadian and U.S. securities legislation, including the United
States Private Securities Litigation Reform Act of 1995 . All statements, other than statements of historical fact,
included herein including, without limitation, statements regarding the closing of the Maricunga Acquisition and the
Rio Loa / Coya Acquisition (collectively, the “Acquisitions”), the expectation that drill target can be identified on all
or some of the Chilean Projects, the amount of the Offering, th e intended use of proceeds from the Offering, the
Company’s expectation that it will be successful in enacting its business plans and the anticipated business plans and
timing of future activities of the Company, are forward-looking statements. Although the Company believes that such
statements are reasonable, it can give no assurance that such e xpectations will prove to be correct. Forward-looking
statements are typically identified by words such as: “will”, “expects”, “anticipates”, “intends”, “estimates”, “plans”,
“may”, “should”, “pote ntial”, “believes”, “scheduled”, or varia tions of such words and phrases and similar
expressions, which, by their nature, refer to future events or results that may, could, would, might or will occur or be
taken or achieved. In making the forward-looking statements in this news release, the Company has applied several
material assumptions, including without limitation, that the Co mpany will be successful in completing the
Acquisitions, that all or some of the Chilean Projects are drill ready, the completion of the Offering, that there will be
investor interest in future financings, market fundamentals will result in sustained precious metals demand and prices,
the receipt of any necessary per mits, licenses and regulatory a pprovals in connection with the Acquisitions, future
exploration and development of the Company’s projects in a time ly manner, including the Chilean Projects, the
availability of financing on suitable terms for the exploration and development of the Company’s projects and the
Company’s ability to comply with environmental, health and safety laws.
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 differ materially from any future results, performance
or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among
others, operating and technical difficulties in connection with mineral exploration and development activities, actual
results of exploration activities, the fact that the Company has not yet acquired any of the Chilean Projects and, when
acquired, the Company’s interests in certain portions of the Ch ilean Projects and its other mineral properties will be
and are only options and there is no guarantee that these interests, if earned, will be certain, the estimation or realization
of mineral reserves and mineral resources, the inability of the Company to obtain the necessary financing required to
conduct its business and affairs, as currently contemplated, the timing and amount of estimated future production, the
costs of production, capital expenditures, the costs and timing of the development of new deposits, requirements for
additional capital, future prices of precious metals, changes in general economic conditions, changes in the financial
markets and in the demand and market price for commodities, lac k of investor interest in the Offering and in future
financings, accidents, labour disputes and other risks of the m ining industry, delays in obtaining governmental
approvals, permits or financing or in the completion of develop ment or construction activities, risks relating to
epidemics or pandemics such as COVID–19, including the impact of COVID–19 on the Company’s business, financial
condition and exploration and development activities, changes i n laws, regulations and policies affecting mining
operations, title disputes, the inability of the Company to obt ain any necessary permits, consents, approvals or
authorizations, including of the Canadian Securities Exchange w ith respect to the Acquisitions and the Offering, the
timing and possible outcome of any pending litigation, environm ental issues and liabilities, and risks related to joint
venture operations, and other risks and uncertainties disclosed in the Company’s latest interim Management’s
Discussion and Analysis and filed with certain securities commi ssions in Canada. All of the Company’s Canadian
public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-lo oking statements. The Company undertakes no
obligation to update any of the forward-looking statements in t his news release or incorporated by reference herein,
except as otherwise required by law.
Readers are cautioned that the Company has no interest in or right to acquire any interest in Gold Field’s Salares Norte
project, and that mineral deposits, and the results of any mini ng thereof, on adjacent or similar properties are not
indicative of mineral deposits on the Company’s properties or any potential exploitation thereof.