Sixty North Gold Negotiates Proposed Amendments To Earn-In Option Agreement
SIXTY NORTH GOLD NEGOTIATES PROPOSED AMENDMENTS TO EARN-IN OPTION AGREEMENT
VANCOUVER, British Columbia, October 7, 2019
Sixty North Gold Mining Ltd. (the “Company” or “Sixty North Gold”) – (CSE:SXTY, Frankfurt:2F4, OTCQB:SXNTF)
is pleased to announce that it has entered into a non-binding letter of intent with New Discovery Mines Ltd.
(“NDM”) whereby it will appoint Dr. David Webb, Ph.D., P.Geol., P.Eng. (the principal of NDM) as the President
& Chief Executive Officer of the Company, and the Company’s right to earn an 80% interest in the Mon Gold
Property by incurring Expenditures of at least $6.0 million on the Mon Gold Property (of which $2.2 million has
already been incurred) by December 31, 2020 has been revised to the following:
(i) Sixty North Gold will invest a further $1.5 million for exploration work on the Mon Gold Property by
November 30, 2019;
(ii) Sixty North Gold will invest another $1.5 million for exploration work on the Mon Gold Property by May
30, 2020 (for a total of at least $5.0 million); and
(iii) Sixty North Gold will invest the balance of the required CDN$6.0 million in total expenditures on the
Property (or at least another CDN$1.0 million) on or before December 31, 2020.
In the event that the Company earns its 80% interest in the Mon Gold Property, then it will purchase the
remaining 20% carried interest held by NDM by the issuance to NDM of the number of common shares of Sixty
North Gold equal to twenty-five percent (25%) of the total issued and outstanding shares of Sixty North Gold
at that time. NDM will also receive additional common shares of Sixty North Gold to maintain its twenty-five
percent (25%) inter est of the total issued and outstanding shares of Sixty North Gold, until the total
expenditures specifically for the exploration and development of the A-Zone on the Mon Gold Property reaches
a total of $6.0 million.
The closing of the above transactions is subject to a number of conditions, including but not limited to the
execution of definitive agreements, all required board and shareholder approvals, and any required regulatory
approval due to the contemplated change of control of the Company . There can be no assurance that the
transactions will be completed as proposed or at all.
Dr. Webb is a recognized expert in Yellowknife Geology and gold deposits. He is credited with discovering both
the largest granitic hosted gold deposit in the Northwest Terr itories, and the largest gold deposit in the
Yellowknife Greenstone Belt in the past 40 years. He served as president and director of Tyhee Gold Corp.
where he and his team developed a high -grade gold deposit into production; Mongolia’s first hard rock gold
mine, and advanced the Yellowknife Gold Project through Feasibility Studies and into permitting . He and his
team brought the Mon Gold Min e into production in the 1990’s , shutting down when gold prices decl ined
below US$300 per ounce. I n 2014 he obtained permits to restart th is mine. Over the past 40 years h e has
worked world-wide consulting, has sat on the executive and boards of five other public junior companies and
is a member of the advisory and finance committees for British Columbia’s Centre for Training Excellence in
Mining.
About the Company
The Company is engaged in acquisition, exploration and development of mineral properties. Its principal target
is the exploration for gold on the Mon Gold Property, 40 km north of Yellowknife, NWT. The Mon Gold Property
consists of 11 contiguous mining leases and 3 mineral claims, comprising an aggregate 1,536.92 acres, located
in the South MacKenzie Mining District, NWT. For more information, please refer to the Company’s Prospectus
dated January 19, 2018 available on SEDAR (www.sedar.com), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“John Campbell”
____________________________________
John Campbell,
Chairman, CFO and Director
For further information, please contact:
John Campbell, 604-961-0175
Email: [email protected]
Website: www.sixtynorthgold.com
Statements about the Company's future expectations and all other statements in this press release other than
historical facts are "forward looking statements". Such forward -looking statements are based on numerous
assumptions, and involve known and unknown risks, uncertainties and other factors, including risks inherent
in mineral exploration and development, which may cause the actual results, performance, or achievements
of the Company t o be materially different from any projected future results, performance, or achievements
expressed or implied by such forward -looking statements. Further details about the risks applicable to the
Company are contained in the Company’s Prospectus dated Ja nuary 19, 2018 available on SEDAR
(www.sedar.com), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE CONTENT OF THIS PRESS
RELEASE.