Enduro Issues Final 4 Million Shares to Acquire 100% of Newmont Lake Project
Enduro Issues Final 4 Million Shares to
Acquire 100% of Newmont Lake Project
Kelowna, British Columbia--(Newsfile Corp. - November 30, 2021) -
Enduro Metals Corporation
(TSXV:
ENDR) (
OTCQB:
ENDMF) (
FSE:
SOG)
("
Enduro Metals
" or the "
Company
") is pleased to
announce that it has issued the remaining 4 million shares to Romios Gold Resources Inc. ("
Romios
")
pursuant to the option agreement to acquire 100% of the Newmont Lake Project.
100% Ownership Earn-In Developments
To date, Enduro Metals has issued to Romios 8 million shares, $1 million cash and has incurred in
excess of $14 million of expenditures related to exploration and evaluation activities.
Enduro recently delivered Romios 4 million shares (total to date 12 million shares) subject to "lock-up"
provisions where 1 million shares are restricted for 6 months, and 3 million shares are restricted for 12
months as of November 29th, 2021.
The shares are also subject to a hold period of four months and a
day from the date of issuance, in accordance with applicable securities laws.
To exercise its 100% option interest, Enduro is required to make a final $1 million cash payment by
February 22, 2022. Romios will retain a 2% NSR on the property with a 5 km area of interest of which
Enduro may reduce to 1% for a total of $4 million CAD at anytime.
About Enduro Metals
Enduro Metals is an exploration company focused on it's flagship Newmont Lake Project; a total 654km
2
property located between Eskay Creek, Snip, and Galore Creek within the heart of northwestern British
Columbia's Golden Triangle. Enduro entered into an option agreement to acquire 436km
2
from Romios
Gold Resources who has carefully amalgamated the area since 2005 from numerous smaller operators.
The remaining 202 km
2
is owned 100% by Enduro and was acquired via staking or cash purchase.
Building on prior results, the Company's geological team have outlined 4 deposit environments of
interest across the Newmont Lake Project including high-grade epithermal/skarn gold along the
McLymont Fault, copper-gold alkalic porphyry mineralization at Burgundy, high-grade epithermal/skarn
silver/zinc at Cuba, and a large 9km x 4km geochemical anomaly hosting various gold, silver, copper,
zinc, nickel, cobalt, and lead mineralization along the newly discovered Chachi Corridor.
On Behalf of the Board of Directors,
ENDURO METALS CORPORATION
"
Cole Evans
"
President/CEO
For further information please contact:
Investor Relations
Sean Kingsley - Director of Communications
Tel: +1 (604) 440-8474
Email:
https://www.endurometals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider accepts responsibility for the
adequacy or accuracy of this release.
Forward-Looking Statements
This news release contains statements that constitute "forward-looking information" within the meaning
of applicable Canadian and United States securities legislation.
Such forward-looking information
involves known and unknown risks, uncertainties and other factors that may cause Enduro's actual
results, performance or achievements, or developments in the industry to differ materially from the
anticipated results, performance or achievements expressed or implied by such forward-looking
information. Forward-looking information includes statements that are not historical facts and are
generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends,"
"estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would,"
"may," "could" or "should" occur.
Forward-looking information in this document includes, but is not limited to results, expectations
concerning the exercise of the Romios option, geological and mineralization interpretations and other
statements that are not historical in nature. Although Enduro believes the forward-looking information
contained in this news release is reasonable based on information available on the date hereof, by its
nature forward-looking information involves assumptions, 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 information.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks
and uncertainties associated with general economic conditions the effect of a pandemic and particularly
the COVID-19 outbreak as a global pandemic on the Company's business, financial condition and
results of operations and the impact of the COVID-19 outbreak on our workforce, suppliers and other
essential resources and what effect those impacts, if they occur, would have on our business, financial
condition and results of operations; assumptions regarding expected capital costs, operating costs and
expenditures, production schedules, economic returns and other projections; ; adverse industry events;
future legislative and regulatory developments in the mining sector; the Company's ability to access
sufficient capital from internal and external sources, and/or inability to access sufficient capital on
favorable terms; mining industry and markets in Canada and generally; the ability of Enduro to implement
its business strategies; competition; and other assumptions, risks and uncertainties.
This list is not exhaustive of the factors that may affect any of our forward-looking information. Although
we have attempted to identify important factors that could cause actual results, actions, events,
conditions, performance, or achievements to differ materially from those contained in forward-looking
information, there may be other factors that cause results, actions, events, conditions, performance, or
achievements to differ from those anticipated, estimated or intended.
The forward-looking information contained in this news release represents the expectations of the
Company as of the date of this news release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward-looking information and should not rely upon this
information as of any other date. While the Company may elect to, it does not undertake to update this
information at any particular time except as required in accordance with applicable laws.
For US Investors
Enduro Metals cautions that this release has been prepared in accordance with the requirements of the
securities laws in effect in Canada, which differ from the requirements of U.S. securities laws.
Information included in this media release has been prepared in accordance with Canadian National
Instrument 43-101
Standards of Disclosure for Mineral Projects
("NI 43-101"). NI 43-101 is a rule
developed by the Canadian Securities Administrators which establishes standards for all public
disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian
standards, including NI 43-101, differ significantly from the requirements of the United States Securities
and Exchange Commission and information contained herein may not be comparable to similar
information disclosed by U.S. companies.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/105915