Gelum Options Eldorado Property to Wealth Minerals
Suite 2710 – 200 Granville Street
Vancouver, BC, Canada, V6C 1S4
Ph. 604-484-1228
Fx. 604-408-7488
GELUM OPTIONS ELDORADO PROPERTY TO WEALTH MINERALS
NR23-06 October 6, 2023
FOR IMMEDIATE RELEASE… Vancouver, BC – September 29, 2023 – Gelum Resources
Ltd. (the "Company" or "Gelum", CSE: GMR, OTCQB: GMRCF), reports it has entered into an
Option Agreement with Wealth Minerals Ltd. (“Wealth”) dated August 31, 2023 whereby Wealth
may earn an up to 20% interest in Gelum’s contractual interest in the Eldorado property under an
Option Agreement which will be combined with the Robson Claims under the Shannon Option
Agreement when earned (collectively, the “GMR Interest”).
This new option agreement with Wealth gives Gelum the ability to complete the exploration
expenditures required to be spent on the project to earn 50% pursuant t o the original Option
Agreement for both the Eldorado property and the Robson claims (the “Property”).
In order to earn the interest in and to the GMR Interest, Wealth must make a $50,000 cash payment
on signing (paid) and incur a minimum $600,000 of exploration e xpenditures on the Property by
December 31, 2023 to earn an 8% interest in and to the GMR Interest.
Wealth has the option to earn up to a further 12% interest in and to the GMR Interest for an
aggregate 20% interest, on notice to Gelum, which escalating options are not mandatory but
required in order to earn the further interests in the GMR Interest:
- by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate
$900,000) to earn a further 4% interest (aggregate 12% interest);
- by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate
$1,200,000) to earn a further 4% interest (aggregate 16% interest); and
- by December 31, 2023 incur a further $300,000 of Expenditures on the Property (aggregate
$1,500,000) to earn a further 4% interest (aggregate 20% interest), the portion of which, at
the request of G elum, shall be filed as assessment work with the applicable government
registry to maintain the Property in good standing.
About Gelum Resources Ltd.
Gelum Resources is a Company led by seasoned management and advisors in the mining and
financial sectors . The Company’s objective is to define a multi -million-ounce economic gold
deposit on the 9028-hectare Eldorado Gold Project, located within the Bralorne-Bridge River gold
district, only 190 kilometres north of Vancouver and 74 km northwest of the town of Lillooet, B.C.
The Bralorne mines historically exploited the largest, highest-grade, longest-producing lode-gold
deposit in B.C. Management is proud to have developed an excellent working relationship with
the Bridge River Indian Band (Xwísten) the project is within the traditional territory within the
St’at’imc territory (Traditional Territory) in which Xwísten and its members assert, hold and
exercise constitutionally protected Aboriginal Title and Rights (“Indigenous Title and Rights”).
Gelum Resources Ltd. - 2 - October 6, 2023
NR23-06 Continued
For further information about the Company and its exploration portfolio, please refer to Gelum
Resources Corporate Presentation:
gelumresourcesdeck_summer2023-06-07_final.pdf
On Behalf of the Board of Directors
David Smith, President
For further information about Gelum, please contact:
David Smith, President
Email: [email protected]
Phone: 604 484-1228 / Cell: 778-834-1141
Neither the CSE nor its Regulation Services Provider (as that term is defined in the policies of the CSE - Canadian
Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Information:
This presentation contains forward- looking statements and forward- looking information (collectively, “forward-
looking statements”) within the meaning of applicable Canadian and US securities legislation. All statements, other
than statements of historical fact, included herein including, without limitation, statements regarding any potential
increase in shareholder value through the acquisition of undervalued precious metal deposits for development, joint
venture or later disposition, the potential to partner with mine developers to achieve production at any of the
Company’s properties (existing or future); the potential for the capital costs associated with any of the Company’s
existing or future properties to be low; the potential for the Company to outline resources at any of its existing or
future properties, or to be able to increase any such resources in the future; concerning the economic outlook for the
mining industry and the Company’s expectations regarding metal prices and production and the appropriate time to
acquire precious metal projects, the liquidity and capital resources and planned expenditures by the Company, the
anticipated content, commencement, timing and cost of exploration programs, anticipated exploration program
results and the anticipated business plans and timing of future activities of the Company, are forward looking
statements. Forward-looking statements are based on a number of assumptions which may prove incorrect, including,
but not limited to, assumptions about the level and volatility of the price of gold; the timing of the receipt of regulatory
and governmental approvals; permits and authorizations necessary to implement and carry on the Company’s planned
exploration programs at its properties; future economic and market conditions; the Company’s ability to attract and
retain key staff; and the ongoing relations of the Company with its underlying lessors, local communities and
applicable regulatory agencies.
Accordingly, the Company cautions that any forward- looking statements are not guarantees of future results or
performance, and that actual results may differ, and such differences may be material, from those set out in the
forward-looking statements as a result of, among other factors, variations in the nature, quality and quantity of any
mineral deposits that may be located, the Company’s inability to obtain any necessary permits, consents or
authorizations required for its activities, material adverse changes in economic and market conditions, changes in the
regulatory environment and other government actions, fluctuations in commodity prices and exchange rates, the
inability of the Company to raise the necessary capital for its ongoing operations, and business and operational risks
normal in the mineral exploration, development and mining industries, as well as the risks and uncertainties disclosed
in the Company’s most recent management discussion and analysis filed with various provincial securities
commissions in Canada, available at www.sedar.com. The Company undertakes no obligation to update publicly or
release any revisions to these forward -looking statements to reflect events or circumstances after the date of this
presentation or to reflect the occurrence of unanticipated events except as required by law. All subsequent written or
oral forward-looking statements attributable to the Company or any person acting on its behalf are qualified by the
cautionary statements herein.