GFG Issues Shares to IEP Pursuant to Montclerg Gold Project Option Agreement
Media Release
TSX.V: GFG | OTCQB: GFGSF
GFG Issues Shares to IEP Pursuant to Montclerg Gold Project Option
Agreement
October 21, 2022, Saskatoon, Saskatchewan, Canada: GFG Resources Inc. (TSX -V: GFG) (OTCQB:
GFGSF) (“GFG” or the “Company”) announces that it has made the first of two anniversary payments pursuant to
the previously announced option agreement (the “Agreement”) with International Explorers and Prospectors Inc.
(“IEP”) whereby GFG can acquire a 100% interest of the Montclerg Gold Project , located 40 kilometres east of
Timmins, Ontario (see news release: “GFG Expands Presence in Timmins - Acquires the Montclerg Gold Project
East of the Prolific Timmins Gold District”).
Pursuant to the Agreement, GFG issued a total of 5,353,721 common shares of the Company to IEP at a deemed
value of C$0.0934 per common share based on the VWAP for the five previous trading days. The common shares
issued will have a statutory hold period of four months and one day from the date of issuance.
About GFG Resources Inc.
GFG is a North American precious metals exploration company focused on district scale gold projects in tier one
mining jurisdictions, Ontario and Wyoming. In Ontario, the Company operates three gold projects, each large and
highly prospective gold properties within the prolific gold district of Timmins, Ontario, Canada. The projects have
similar geological settings that host most of the gold deposits found in the Timmins Gold Camp which have
produced over 70 million ounces of gold. The Company also owns 100% of the Rattle snake Hills Gold Project, a
district scale gold exploration project located approximately 100 k m southwest of Casper, Wyoming, U.S. In
Wyoming, the Company has partnered with Group 11 through an option and earn- in agreement to advance the
Company’s Rattlesnake Hills Gold Project with a technology that could revolutionize the gold mining industry.
For further information, please contact:
GFG Resources Inc.
Brian Skanderbeg, President & CEO
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: [email protected]
Website: www.gfgresources.com
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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the
TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTION REGARDING FORWARD-LOOKING INFORMATION
All statements, other than statements of historical fact, contained in this news release constitute “forward-looking information” within the meaning of applicable
Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred
to herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the Company’s future exploration plans with respect
to its property interests and the timing thereof, the prospective nature of its properties, future price of gold, success of exploration activities and metallurgical
test work, permitting time li nes, currency exchange rate fluctuations, requirements for additional capital, government regulation of exploration work,
environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Gen erally, these forward-looking
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statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”,
“estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate” o r “believes”, or the negative connotation thereof or variations of such words and
phrases or state that certain actions, events or results, “may”, “could”, “would”, “will”, “might” or “will be taken”, “occur ” or “be achieved” or the negative
connotation thereof.
All forward-looking statements are based on various assumptions, including, without limitation, the expectations and beliefs of managemen t, the assumed
long-term price of gold, that the Company will receive required permits and access to surface rights, that the Company can access financing, appropriate
equipment and sufficient labour, and that the political environment within Canada and the United States will continue to supp ort the development of mining
projects in Canada and the United States. In addition, the similarity or proximity of other gold deposits to the Company’s projects is not necessary indicative
of the geological setting, alteration and mineralization of the Rattlesnake Hills Gold Project, the Goldarm Property, the Pen Gold Project and the Dore Gold
Project.
Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity,
performance or achievements of GFG to be materially different from those expressed or implied by such forward-looking statements, including but not limited
to: actual results of current exploration activities; environmental risks; future prices of gold; operating risks; accidents , labour issues and other risks of the
mining industry; availability of capital, delays in obtaining government approvals or financing; and other risks and uncertainties. These risks and uncertainties
are not, and should not be construed as being, exhaustive.
Although GFG has attempted to identify important factors that could cause actual results to differ materially from those contained in forward -looking
statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will
prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. In addition, forward -looking
statements are provided solely for the purpose of providing information about management’s current expectations and plans and allowing investors and others
to get a better understanding of our operating environment. Accordingly, readers should not place undue reliance on forward-looking statements.
Forward-looking statements in this news release are made as of the date hereof and GFG assumes no obligation to update any forward -looking statements,
except as required by applicable laws.