P2 Gold Makes Final Payment for Acquisition of Gold-Copper Gabbs Project
P2 Gold Makes Final Payment for Acquisition
of Gold-Copper Gabbs Project
VANCOUVER, BC
,
Feb. 11, 2025
/CNW/ -
P2 Gold Inc.
("P2" or the "Company") (TSXV: PGLD)
(OTCQB: PGLDF) reports that it has paid
US$100,000
to Waterton Nevada Splitter, LLC
("Splitter"), an affiliate of Waterton Precious Metals Fund II Cayman, LP, in respect of the final
payment due to Splitter relating to the acquisition of the gold-copper Gabbs Project (
see P2 news
releases of
February 13, 2024
and
March 3, 2024
)
.
"We have now fulfilled all of our obligations to Waterton in respect of the acquisition of Gabbs, and
with the payment from the sale of the Ball Creek Claims, we are funded through the coming year
and into the next," commented
Joe Ovsenek
, President and CEO of P2. "What's more, with the
increase in metal prices, under the Company's preliminary economic assessment announced on
May
22, 2024
and described in the Gabbs Technical Report dated
May 17, 2024
(available under the
Company's profile on SEDAR+ at
www.sedarplus.com
), Gabbs has an internal rate of return of
43.3% and net present value at a 5% discount rate of
US$1.2 billion
at today's spot metal prices of
$2,909
gold,
$32
silver and
$4.22
copper. We look forward to providing further updates as we
advance Gabbs."
Qualified Person
Ken McNaughton
, M.A.Sc., P.Eng., Chief Exploration Officer, P2 Gold, is the Qualified Person, as
defined by National Instrument 43-101, responsible for the Gabbs Project. Mr. McNaughton has
reviewed, verified, and approved the scientific and technical information in this news release.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused on advancing its gold-copper
Gabbs Project on the Walker Lane Trend in Nevada. A positive preliminary economic assessment
has outlined a long-life, mid-size mine at Gabbs with annual average production of 104,000 ounces
gold and 13,500 tonnes copper over a 14.2-year mine life. The Gabbs Project has excellent
infrastructure with access via paved Hwy 361, and power and water on site. Additional metallurgical
testing is commencing shortly, and a water permit is expected in the second quarter of this year. All
zones on the property remain open and additional exploration targets, near surface and at depth, are
drill ready.
Neither the TSX Venture Exchange (the "Exchange") nor its Regulation Services Provider (as that
term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy
of this release.
Forward Looking Information
This press release contains "forward-looking information" within the meaning of applicable securities
laws that is intended to be covered by the safe harbours created by those laws. "Forward-looking
information" includes statements that use forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative thereof or other variations thereof or
comparable terminology. Such forward-looking information includes, without limitation, information
with respect to the Company's expectations, strategies and plans for its Gabbs Project including the
Company's planned expenditures and exploration activities.
Forward-looking information is not a guarantee of future performance and is based upon a number
of estimates and assumptions of management at the date the statements are made, including
without limitation, the estimated internal rate of return and net present value at a 5% discount rate of
the Gabbs Project, as well as the other assumptions disclosed in this news release. Furthermore,
such forward-looking information involves a variety of known and unknown risks, uncertainties and
other factors which may cause the actual plans, intentions, activities, results, performance or
achievements of the Company to be materially different from any future plans, intentions, activities,
results, performance or achievements expressed or implied by such forward-looking information,
including without limitation, the estimates and assumptions contained in the Gabbs Technical Report
dated
May 17, 2024
, and risks associated with mineral exploration, including the risk that actual
results and timing of exploration and development will be different from those expected by
management. See "Risk Factors" in the Company's annual information form for the year ended
December 31, 2023
, dated
March 21, 2024
filed on SEDAR at
www.sedar.com
for a discussion of
these risks.
The Company cautions that there can be no assurance that forward-looking information will prove to
be accurate, as actual results and future events could differ materially from those anticipated in such
information. Accordingly, investors should not place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any obligation to release publicly any
revisions to forward-looking information contained in this press release to reflect events or
circumstances after the date hereof.
SOURCE
P2 Gold Inc.
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For further information:
For further information, please contact: Joseph Ovsenek, President &
CEO, (778) 731-1055; Michelle Romero, Executive Vice President, (778) 731-1060; P2 Gold Inc.,
Suite 789, 999 West Hastings Street, Vancouver, BC, V6C 2W2, [email protected], (SEDAR filings:
P2 Gold Inc.)
CO: P2 Gold Inc.
CNW 14:21e 11-FEB-25