Golden Shield Announces Termination of Negotiations with Tucano Gold
Golden Shield Announces Termination of Negotiations with Tucano Gold
Vancouver, British Columbia, October 11, 2024 – Golden Shield Resources Inc. (CSE: GSRI
/ OTCQB: GSRFF / FRA: 4LE0) (the “ Company” or “ Golden Shield ”) reports that it has
terminated negotiations in respect of the potential acquisition of Tucano Gold Inc.
Golden Shield will focus its efforts on advancing its flagship property , the 5,457-hectare Marudi
Mountain gold project located in the Rupununi District of southwestern Guyana (the "Marudi").
The Marudi property covers a high -grade gold camp on which a total of 50,350m of diamond
drilling has been carried out, with Mazoa Hill representing the principal deposit where most of the
drilling has occurred. Numerous other deposits occur on the property that require additional
drilling, including Pancake Creek, Marudi North, Toucan and others.
Leo Hathaway
Executive Chairman
This news release includes certain “Forward ‐Looking Statements” within the meaning of the
United States Private Securities Litigation Reform Act of 1995 and “forward ‐looking information”
under applicable Canadian securities laws. When used in this news release, the words
“anticipate”, “believe”, “estimate”, “expect”, “target”, “plan”, “forecast”, “may”, “would”, “could”,
“schedule” and similar words or expressions, ide ntify forward‐looking statements or information.
These forward ‐looking statements or information relate to, among other things: the exploratio n
and development of the Company’s mineral projects.
Forward‐looking statements and forward ‐looking information relating to any future mineral
production, liquidity, enhanced value and capital markets profile of Golden Shield, future growth
potential for Golden Shield and its business, and future exploration plans are based on
management’s reasonable assumptions, estimates, expectations, analyses and opinions, which
are based on management’s experience and perception of trends, current conditions and
expected developments, and other factors that management be lieves are relevant and
reasonable in the circumstances, but which may prove to be incorrect. Assumptions have been
made regarding, among other things, the price of gold and other metals; costs of exploration and
development; the estimated costs of development of exploration projects; Golden Shield’s ability
to operate in a safe and effective manner and its ability to obtain financing on reasonable terms.
These statements reflect Golden Shield’s respective current views with respect to future events
and are necessarily based upon a number of other assumptions and estimates that, while
considered reasonable by management, are inherently subject to significant business, economic,
competitive, political and social uncertainties and contingencies. Many factors, both known and
unknown, could cause actual results, performance, or achievements to be materially different
from the results, performance or achievements that are or may be expressed or implied by such
forward‐looking statements or forward -looking information and Golden Shield has made
assumptions and estimates based on or related to many of these factors. Such factors include,
without limitation: the Company’s dependence on one mineral project; precious metals price
volatility; risks associated with the conduct of the Company’s mineral exploration activities in
Guyana; regulatory, consent or permitting delays; risks relating to reliance on the Company’s
management team and outside contractors; risks regarding mineral resources and reserves; the
Company’s inability to obtain insurance to cover all risks, on a commercially reasonable basis or
at all; currency fluctuations; risks regarding the failure to generate sufficient cash flow from
operations; risks relating to project financing and equity issuances; risks and unknowns inherent
in all mining projects, including the inaccuracy of reserves and resources, metallurgical recoveries
and capital and operating costs of such projects; contests over title to properties, particularly title
to undeveloped properties; laws and regulations governing the environment, health and safety;
operating or techn ical difficulties in connection with mining or development activities; employee
relations, labour unrest or unavailability; the Company’s interactions with surrounding
communities and artisanal miners; the Company’s ability to successfully integrate acquir ed
assets; the speculative nature of exploration and development, including the risks of diminishing
quantities or grades of reserves; stock market volatility; conflicts of interest among certain
directors and officers; lack of liquidity for shareholders o f the Company; litigation risk; and the
factors identified in the Company’s public disclosure documents available on www.sedar.com.
Readers are cautioned against attributing undue certainty to forward ‐looking statements or
forward-looking information. Although the Company has attempted to identify important factors
that could cause actual results to differ materially, there may be other factors that cause results
not to be anticipated, estimated or intended. The Company does not intend, and does not assume
any obligation, to update these forward ‐looking statements or forward -looking information to
reflect changes in assumptions or changes in circumstances or any other events affecting such
statements or information, other than as required by applicable law.