Harvest Reaches Agreement to Sell Rosebud
HARVEST GOLD CORP.
Suite 804 – 750 West Pender Street Vancouver, BC V6C 2T7
T: (604) 682-2928 F: (604) 685-6905 E: [email protected] W: www.harvestgoldcorp.com
Harvest Reaches Agreement to Sell Rosebud
Vancouver, B.C. , November 24, 2015 - Harvest Gold Corporation (TSX.V: HVG) (the “Company”) is pleased to announce that it has reached an option to sell agreement with Rosebud Exploration LLC (“RE”), a private Nevada corporation, for its Rosebud Mine Project in Nevada (“Rosebud”).
The option to sell agreement is as follows:
In Stage One RE will pay the Company $25,000US upon signing; within ten (10) business days RE will pay $50,000US to Newmont for the Company’s December 15, 2015 Advanced Royalty Payment on Rosebud. RE is also required to pay all BLM and County fees on Rosebud by the end of July, 2016.
To carry the option into Stage Two, RE will inform the Company of its intention to do so before September 15, 2016 and pay the Company $15,000USD on, or before, September 15, 2016. RE must also commit to the $50,000US 2016 Advanced Royalty Payment on Rosebud and the payment of the 2017 BLM and County fees on the property by the end of July, 2017.
RE may exercise its option to purchase Rosebud any time after January 1, 2016, up to November 23, 2017, by paying the Company $100,000CDN. If RE exercises its option to purchase, it will also be committed to paying $1,000,000CDN to the Company within 30 days of RE receiving funding designed to commission and construct a mine at Rosebud.
On closing of the sale of Rosebud, RE shall assume all obligations of the Company in respect of the 3% net smelter returns royalty on Rosebud (the “Royalty”) including the obligations to make annual advance Royalty payments.
The agreement remains subject to the acceptance of the TSX Venture Exchange.
On behalf of the Board of Directors,
Rick Mark, CEO Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata @ 604.682.2928 or [email protected]
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.