Enduro Metals Initiates Final Steps to Exercise Option to Acquire 100% of the Newmont Lake Project, Golden Triangle
Enduro Metals Initiates Final Steps to Exercise
Option to Acquire 100% of the Newmont Lake
Project, Golden Triangle
Vancouver, British Columbia--(Newsfile Corp. - January 27, 2022) -
Enduro Metals Corporation
(TSXV: ENDR) (OTCQB: ENDMF) (FSE: SOG)
("
Enduro Metals
" or the "
Company
") is pleased to
announce the Company has provided notice to Romios Gold Resources ("Romios") that a final $1
million cash payment has been placed in trust, pending transfer of title, to complete the earn-in of
Enduro's 100% Option Agreement on 436km
2
of the 653km
2
Newmont Lake Project in northwestern
British Columbia's Golden Triangle, making Enduro among the largest landholders in the district. The
remaining 217km
2
is already 100% owned by Enduro Metals.
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Cole Evans, President/CEO of Enduro commented,
"This is a major milestone for Enduro Metals that
emphasizes our confidence in Newmont Lake's mineral endowment in a top-tier jurisdiction. We are
working with Romios to complete the final steps and expect to fully exercise the option on or before
January 31
st
, 2022."
On September 24
th
, 2018, Enduro Metals (formerly Crystal Lake Mining or CLM) signed a Letter
Agreement with Romios to acquire 100% interest in 436km
2
of the Newmont Lake Project by
completing:
1
.
$8 million in exploration expenditures over a three-year period (completed).
2
.
$2 million in cash payments to Romios as follows:
a
.
$250,000 on signing of the Letter Agreement (paid).
b
.
$250,000 on 90 days following regulatory approval (paid).
c
.
$250,000 on 180 days following regulatory approval (paid).
d
.
$250,000 on 270 days following regulatory approval (paid).
e
.
Final $1,000,000 payment upon earning 100% interest (in-trust for payment to Romios).
3
.
A total of 12 million shares of Enduro Metals as follows:
a
.
4,000,000 shares issued February 25, 2019 (issued).
b
.
4,000,000 shares issued November 30
th
, 2020 (issued).
c
.
4,000,000 shares issued November 29
th
, 2021 (issued).
On completion, Romios will retain a 2% NSR, in addition to any other existing royalties, on the 436km
2
optioned claim package and any claims acquired by Enduro Metals within a radius of 5km of the
boundary of the optioned claim package. Enduro can repurchase 1% of the NSR for $2,000,000 per
0.5% ($4,000,000 total) within 2 years of the Earn-in Date of the option agreement which is January 31,
2022. Further, Enduro will issue 2,000,000 shares to Romios in the event one or more NI-43-101
compliant resource estimates which collectively exceed 1,000,000 ounces of gold equivalent resources
(being the sum of indicated and inferred) are issued. An additional 1,000,000 shares will be issued to
Romios for each full 1,000,000 additional ounces of gold equivalent resources which is so documented.
Enduro anticipates reporting further assay results from the successful 2021 field over the coming weeks,
along with plans already underway for the upcoming drilling season.
For further information please contact:
Investor Relations
Sean Kingsley - Director of Communications
Tel: +1 (604) 440-8474
Email:
https://www.endurometals.com
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. 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.
As a continued effort to keep investors, interested parties and stakeholders updated, we have several
communication initiatives. If you have any questions online (Twitter, Facebook, LinkedIn, or Instagram)
feel free to send direct messages or a post and include the hashtag
#askENDR
.
To book a one-on-one 30-minute Zoom video call directly click
here:
https://endurometals.youcanbook.me
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 statements" within the meaning
of applicable Canadian and United States securities legislation (collectively herein referred to as
"forward-looking information").
Such forward looking statements involve 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 statements. Forward looking statements
are 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 statements in this document includes statements, but is not limited to results, analyses
and interpretations of exploration and drilling programs; our grassroots exploration program, our mining
(including mining methods), expansion, exploration and development activities, geological and
mineralization interpretations and the plans, results, costs, and timing thereof. Although Enduro believes
the forward-looking information contained in this news release is reasonable based on information
available on the date hereof, by their nature forward-looking statements involve 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 statements.
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 have 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 (SEC) and information contained herein may not be comparable to similar
information disclosed by U.S. companies.
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