Lahontan Provides Update ON Acquisition of WEST Santa Fe
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
NEWS RELEASE TSX.V LG, OTCQB LGCXF
LAHONTAN PROVIDES UPDATE ON ACQUISITION OF WEST SANTA FE
Toronto, Ontario, August 15, 2023. Lahontan Gold Corp (TSXV:LG, OTCQB:LGCXF) (the
“Company” or “Lahontan”) is pleased to announce that, further to its press releases of May 15, 2023 and
July 20, 2023, the Company has entered into an amending agreement (the "Amending Agreement") with
Golden Arrow Mining Corporation ("Golden Arrow") and Lahontan Gold (US) Corp. (" Lahontan US")
dated August 8, 2023, pursuant to which the lease with option to purchase agreement (the " Option
Agreement") dated July 19, 2023 between the Company, Golden Arrow and Lahontan US was amended.
Pursuant to the Option Agreement, the Company was granted an option (the " Option") to acquire the
advanced West Santa Fe gold -silver exploration project (the " Property"), located only 15 km West of
Lahontan’s Flagship asset, the San ta Fe Mine, in Nevada’s prolific Walker Lane. In order to exercise the
Option, the Company must make option payments (the " Option Payments") in the aggregate amount of
US$1,845,000 over a period of seven years and incur an aggregate of US$1,400,000 in Expenditures on the
Property. At the election of the Company, up to fifty percent (50%) of each Option Payment may be paid
through the issuance of common shares in the capital of the Company (each, a "Common Share") at a price
per Common Share equal to the greater of: (i) the price equal to the volume weighted average closing price
of the Common Shares on the TSX Venture Exchange for the thirty (30) trading days immediately preceding
the date of any issuance of Common Shares as partial payment for the Option Payment; and (ii) CAD$0.075.
If any issuance of Common Shares would result in Golden Arrow or its designee holding greater than 9.99%
of the Common Shares outstanding at the time of issuance, such payment must be made in cash rather than
in cash and Common Shares.
The securities issued in connection with the Option Payment are subject to a four-month hold period from
the date of issuance in addition to any other restrictions under applicable law.
About Lahontan Gold Corp.
Lahontan Gold Corp. is a Canadian mineral exploration company that holds, through its US subsidiaries,
three top -tier gold and silver exploration properties in the Walker Lane of mining friendly Nevada.
Lahontan’s flagship property, the 19 km2 Santa Fe Mine, had past production of 345,000 ounces of gold
and 711,000 ounces of silver between 1988 and 1995 from open pit mines utilizing heap-leach processing
(Nevada Bureau of Mines and Geology, 1995). The Santa Fe Mine has a Canadian National Instrument
43-101 compliant Indicated Mineral Resource of 1,112,000 oz Au Eq (grading 1.14 g/t Au Eq) and an
Inferred Mineral Resource of 544,000 oz Au Eq (grading 1.00 g/t Au Eq), all pit constrained (Au Eq is
inclusive of recovery, please see Santa Fe Project Technical Report*). The Co mpany will continue to
aggressively explore Santa Fe during 2023 and begin the process of evaluating development scenarios to
bring the Santa Fe mine back into production. Quentin J. Browne, P.Geo., Consulting Geologist to
Lahontan Gold Corp., is the Qualified Person for the Company and approved the technical content of this
news release. For more information, please visit our website: www.lahontangoldcorp.com
* Please see the Santa Fe Project Technical Report, Authors: Trevor Rabb and Darcy Baker, P. Geos. Effective Date: December
7, 2022, Report Date: March 2, 2023. The Technical Report is available on the Company’s website and SEDAR.
217 Queen Street West, Suite 401, Toronto, ON M5V 0R2 www.lahontangoldcorp.com
On behalf of the Board of Directors
Kimberly Ann
Founder, CEO, President, and Director
FOR FURTHER INFORMATION, PLEASE CONTACT:
Lahontan Gold Corp.
Kimberly Ann
Founder, Chief Executive Officer, President, Director
Phone: 1-530-414-4400
Email:
Website: www.lahontangoldcorp.com
Cautionary Note Regarding Forward-Looking Statements:
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Except for statements of historcal fact, this news release contains certain "forward-looking information" within the
meaning of applicable securities law. Forward -looking information is frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate", "estimate" and other similar words, or statements that
certain events or conditions "may" or "will" occur. Forward -looking statements are based on the opinions and
estimates at the date the statements are made and are subject to a variety of risks and uncertainties and other factors
that could cause actual events or results to differ materially from those anticipated in the forward-looking statements
including, but not limited to delays or uncertainties with regulatory approvals, including that of the TSXV. There
are uncertainties inherent in forward -looking information, including factors beyond the Company’s control. The
Company undertakes no obligation to update forward -looking information if circumstances or management's
estimates or opinions should change except as required by law. The reader is cautioned not to place undue reliance
on forward-looking statements. Additional information identifying risks and uncertainties that could affect financial
results is contained in the Company’s filings with C anadian securities regulators, which filings are available at
www.sedar.com