Element79 Gold Corp. Confirms Debt Settlement
Company Further Strengthens Balance Sheet by Entering Debt Settlement Agreement with Creditor
VANCOUVER, BC / THENEWSWIRE / April 26, 2023 – Element79 Gold Corp. (CSE: ELEM)(OTC: ELMGF)(FSE: 7YS) ("Element79 Gold", the "Company") a mining company focused on gold, silver and associated metals, provided an update to investors today by confirming payment to a creditor to complete a contract for services.
Debt Setlement
The Company also announces that it has entered into a debt setlement agreement with an arms-length creditor (the "Creditor") to setle CAD$50,000.00 (the "Debt Setlement") of debt for services provided by the Creditor to the Company.
In setlement and full sa�sfac�on of the debt in the amount of CAD$50,000.00, the Company has agreed to issue to the Creditor 1,000,000 common shares in the capital of the Company (the "Common Shares") at a deemed issue price of $0.050 per Common Share.
All Common Shares issued pursuant to the Debt Setlement are subject to a statutory hold period of four months plus a day from the date of issuance of the Common Shares in accordance with applicable securi�es legisla�on.
About Element79 Gold
Element79 Gold is a mining company focused on gold, silver, and associated metals and commited to maximizing shareholder value through responsible mining prac�ces and sustainable development of its projects. Element79 Gold's primary focus is on two core proper�es: Lucero Property in Arequipa, Peru, and its flagship Maverick Springs Property in the gold mining district of northeastern Nevada, USA. The Maverick Springs Property, located between the Elko and White Pine Coun�es, hosts a 43-101-compliant, pit-constrained mineral resource es�mate reflec�ng an inferred resource of 3.71 million ounces of gold equivalent "AuEq" at a grade of 0.92 g/t AuEq (0.34 g/t Au and 43.4 g/t Ag) with an effec�ve date of October 19, 2022. Element79 Gold also holds a por�olio of 15 proper�es along the Batle Mountain trend in Nevada. As part of its Canadian opera�ons, Element79 Gold has the op�on to acquire a 100% interest in the Snowbird High-Grade Gold Project, consis�ng of 10 mineral claims approximately 20km west of Fort St. James in Central Bri�sh Columbia. The Company also has the op�on to acquire the Dale Property, comprised of 90 unpatented mining claims in the Timmins Mining Division, Dale Township, in Ontario, Canada. The Company is analyzing the non-core Nevada, Dale, and Snowbird projects for further merit of explora�on, sale, or spin-out.
For more informa�on about the Company, please visit www.element79.gold
Contact Informa�on
For corporate maters, please contact:
James C. Tworek, Chief Execu�ve Officer E-mail: [email protected]
For investor rela�ons inquiries, please contact:
Investor Rela�ons Department Phone: +1.613.879.9387 E-mail: [email protected]
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.