Gelum Resources Reports on ML Claims
Suite 1570 – 200 Granville Street
Vancouver, BC, Canada, V6C 3L6
Ph. 604-484-1228
Fx. 604-408-7488
GELUM RESOURCES REPORTS ON ML CLAIMS
NR24-02 April 5, 2024
Vancouver, British Columbia, April 5, 2024 – Gelum Resources Ltd. (“Gelum” or the “Company”)
(CSE: GMR, OTCQB: ) reports that pursuant to its news release dated March 8, 2022, it has entered
into a termination and settlement agreement dated March 1, 2024 with the optionors (the
“Optionors”) under the Option Agreement dated January 31, 2022. In 2023, the Company failed
to file work completed or pay claim fees in respect of the ML Claims and as a result the claims
were forfeited, following which the obligations of Option Agreement could not be performed. The
Company’s MD&A for the year ended April 30, 2023 describes the forfeit and the impairment
expense recorded.
The settlement arises from the forfeiture of the claims and Company’ s inability to perform its
obligations under the Option Agreement and, the Company and the Optionors have agreed to settle
and release all matters through the issuance of shares. The remaining cash payments (otherwise
owing under the terms of the original Option Agreement) totalling $300,000 will be settled in
Gelum shares at a deemed price of $0.12 per Gelum share (2,500,000 Gelum shares) and the
remaining required share issuance payments under the original Option A greement, totalling
$225,000 in Gelum shares, will be issued at $0.30 per Gelum share (750,000 Gelum shares) that
being the deemed price per Gelum share under the original Option Agreement.
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 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”).
For further information about the Company and its exploration portfolio, please refer to Gelum
Resources latest Corporate Presentation.
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On Behalf of the Board of Directors
Hendrik van Alphen, Director
For further information about Gelum, please contact:
Hendrik van Alphen ([email protected]) or Marla Ritchie ([email protected])
Phone: 604 484-1228
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.
Cautionary Statements Regarding 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 busines s 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.