Bullion GOLD Resources Corp. Acquires Turgeon Lake Project Claims
BULLION GOLD RESOURCES CORP.
1300-1030 West Georgia Street, Vancouver BC V6E 2Y3
LEGAL_34565033.1
BULLION GOLD RESOURCES CORP. ACQUIRES TURGEON LAKE PROJECT
CLAIMS
VANCOUVER, BRITISH COLUMBIA – August 31, 2020 – Bullion Gold Resources Corp.
(“Bullion Gold” or the “Corporation”) (TSXV: BGD) is pleased to announce that the
Corporation has entered into a purchase and sale agreement (the “Agreement”) with two Quebec
independent prospectors (the “Prospectors”), pursuant to which the Corporation will acquire 39
mining claims comprising the Turgeon Lake Project (the “Project”), located in the Abitibi area in
the province of Quebec (the “Transaction”).
Turgeon Lake Project.
Located north of the Chicobi formation and about 30 km east of the municipality of Normétal, in
Abitibi, this project comprising of 39 cells with an area of about 2,200 hectares is located in a
volcanogenic environment including andesites and rhyolites locally interbedded with tuffaceous
units as well as by volcano-sedimentary units. Historically, very little work has been done on this
project, however, a few drill holes showed a strong presence of pyrite and pyrrhotite
mineralization. Very few analysis have been taken in these historic holes.
Several gold showings are located in the immediate environment of this project. The drilling
program as well as the results obtained by Amex Exploration (Perron project) brought the arrival
of several mining companies in this sector, thus creating a very active mining camp in this region
of Quebec.
In a short term, the company plans to carry out a compilation of historical work as well as to
carry out a first work program including a geological and prospecting survey and an aerial
magnetic survey. The data collected will be used to establish a first drilling program in a second
phase.
In consideration for the Transaction, and pursuant to the Transaction, the Corporation will make
a cash payment of CDN$10,000 and shall issue an aggregate of 2,000,000 common shares in the
capital of Bullion Gold pro rata to the Prospectors.
The Agreement provides for Bullion Gold’s engagement over two years for exploration work on
the Project, and if the Project is brought to commercial production, the Prospectors will each
receive a 1% NSR royalty.
Subject to the approval of the TSX Venture Exchange (“TSXV”), in connection with the
Transaction, Bullion Gold intends to complete an offering (the “Offering”) by way of a non-
brokered private placement of up to 3,333,333 units (“Units”) at a price of CDN$0.15 per Unit
for gross proceeds of up to CDN$500,000. Each Unit will consist of one common share and one
warrant (“Warrant”). Each Warrant will entitle the holder to purchase one additional common
share of the Corporation at a price of $0.20 for one year following the closing of the Offering.
The Corporation will pay a finder’s fee of 200,000 common shares in connection with this
transaction.
LEGAL_34565033.1
All securities issued in connection with the Offering will be subject to a four-month hold period
in accordance with applicable securities legislation. The Corporation intends to use the net
proceeds of the Offering to fund the costs of the Transaction and to fund the general working
capital expenses of the issuer.
The completion of the Transaction is subject to a number of conditions, including but not limited
to, completion of satisfactory due diligence by Bullion Gold, approval of the Transaction by the
board of directors. Approval of the TSX Venture Exchange and any other applicable regulatory
approvals. There can be no assurance that the Transaction will be completed as proposed or at
all.
Qualified Person
The scientific and technical data contained in this news release was reviewed and/or prepared
under the supervision of Mr. Gilles Laverdière, P.Geo.
About the Corporation
The Corporation exists under the laws of British Columbia, is a reporting issuer in British
Columbia and Alberta on the TSX Venture Exchange. Bullion Gold was previously involved in
the identification, exploration and development of viable mineral properties in British Columbia.
For more information on the Corporation, refer to Bullion Gold’s d ocuments that are filed
electronically from time to time on SEDAR ( www.sedar.com). For further information, please
contact:
Chris Cooper
President and CEO
Telephone: (604) 307-8290
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined
in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy
of this press release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the
securities in the United States. The securities have not been and will not be registered under the
United States Securities Act of 1933, as amended (the “U.S. Securities Act”), or any state
securities laws and may not be offered or sold within the United States or to U.S. Persons unless
registered under the U.S. Securities Act and applicable state securities laws or an exemption
from such registration is available.
Disclaimer for Forward-Looking Information
This press release contains forward-looking statements and information that are based on the
beliefs of management and reflect the Corporation's current expectations. When used in this
press release, the words "estimate", "project", "belief", "anticipate", "intend", "expect", "plan",
"predict", "may" or "should" and the negative of these words or such variations thereon or
comparable terminology are intended to identify forward-looking statements and information.
LEGAL_34565033.1
Such statements and information reflect the current view of the Corporation. Risks and
uncertainties may cause actual results to differ materially from those contemplated in those
forward-looking statements and information. By their nature, forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause our actual results,
performance or achievements, or other future events, to be materially different from any future
results, performance or achievements expressed or implied by such forward-looking statements.