St. James GOLD Corp. Announces the Termination of Its Option Agreement with Florin Resources Inc. and Focuses ON Newfoundland Properties
ST. JAMES GOLD CORP. ANNOUNCES THE TERMINATION OF ITS
OPTION AGREEMENT WITH FLORIN RESOURCES INC. AND
FOCUSES ON NEWFOUNDLAND PROPERTIES
Vancouver, British Columbia, September 21, 2022 -- St. James Gold Corp. (the “Company” or
“St. James”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), plans to focus its exploration
activities on its Newfoundland properties. Additionally, St. James continues to seek alternative
attractive opportunities in order to stimulate its growth strategy and generate further shareholder
value.
In reference to the announcement made on August 9th, 2022, has reported that it was unable to
successfully negotiate an assignment or change in the terms of the Option Agreement within the
extension period with Florin Resources Inc., with the result that the option has been terminated.
Florin Resources is also claiming to be owed $3.15 million in lieu of the second year stock
issuance under the agreement, which the company considers to be without merit.
St. James is now in consultation with counsel and other relevant parties to determine what
avenues may be open to it in respect to the recovery of funds paid under the Option Agreement.
About St James Gold Corp.
St. James is a publicly traded company listed on the TSX Venture Exchange under the trading
symbol LORD, in the U.S. market listed on the OTCQB under LRDJF and on the Frankfurt
Stock Exchange under BVU3. The company is focused on creating shareholder value through the
discovery and development of economic mineral deposits by acquiring prospective exploration
projects with well-delineated geological theories, integrating all available geological,
geochemical and geophysical data sets, and financing efficient exploration programs. The
company currently holds: (i) a 100-per-cent stake in 29 claims, covering 1,791 acres, in the
Gander gold district in north-central Newfoundland located adjacent to New Found Gold Corp.'s
Queensway North project; and (ii) a 100-per-cent stake in nine claims and an option to acquire a
further 100-per-cent interest in 19 claims, covering a total of 1,730 acres, in central
Newfoundland located adjacent to Marathon Gold's Valentine Lake property;
For more corporate information please visit: http://stjamesgold.com/
St. James Gold Corp.
For further information, please contact:
George Drazenovic, Chief Executive Officer
Tel: 1 (800) 278-2152
Email: [email protected]
Forward Looking Statements
This news release contains forward-looking statements and forward-looking information within
the meaning of Canadian securities laws (collectively, “forward-looking statements”).
Forward-looking statements in this news release relate to, among other things: the TSX Venture
Exchange’s approval for the Company to complete the Offering on the proposed terms as
described herein, the completion of the Offering, and all other statements that are not historical
facts, particularly statements that express, or involve discussions as to, expectations, beliefs,
plans, objectives, assumptions or future events or performance of the Company. Often, but not
always, forward-looking statements can be identified through the use of words or phrases such as
“will likely result”, “are expected to”, “expects”, “will continue”, “is anticipated”, “anticipates”,
“believes”, “estimated”, “intends”, “plans”, “forecast”, “projection”, “strategy”, “objective” and
“outlook”. Forward-looking statements contained in this news release are made based on
reasonable estimates and assumptions made by management of the Company at the relevant time
in light of its experience and perception of historical trends, current conditions and expected
future developments, as well as other factors that are believed to be appropriate and reasonable in
the circumstances. Forward-looking statements contained in this news release are made as of the
date of this news release and the Company will not update any such forward-looking statements
as a result of new information or if management’s beliefs, estimates, assumptions or opinions
change, except as required by law. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ materially from those
anticipated in such statements. Accordingly, the reader is cautioned not to place undue reliance
on forward-looking statements.
Forward-looking statements involve known and unknown risks, uncertainties and other factors,
many of which are beyond the Company’s control, which could cause actual results,
performance, achievements and events to differ materially from those that are disclosed in or
implied by such forward-looking statements. Such risks and uncertainties include, but are not
limited to, the impact and progression of the COVID-19 pandemic and other factors outlined in
the Company’s Annual Information Form dated July 26, 2021 (the “AIF”) filed under the
Company’s profile on SEDAR at www.sedar.com. The Company cautions that the list of risk
factors and uncertainties described in its AIF on SEDAR are not exhaustive and other factors
could materially affect its results.
New factors emerge from time to time, and it is not possible for the Company to consider all of
them, or assess the impact of each such factor or the extent to which any factor, or combination
of factors, may cause results to differ materially from those contained in any forward-looking
statement. Any forward-looking statements contained in this news release are expressly qualified
in their entirety by this cautionary statement.
NEITHER THE 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.