St. James GOLD Corp. (TSXV: LORD) Announces an Update ON the Status of Its Option Agreement Negotiation and Expected Drilling Results
ST. JAMES GOLD CORP. (TSXV: LORD) ANNOUNCES AN
UPDATE ON THE STATUS OF ITS OPTION AGREEMENT
NEGOTIATION AND EXPECTED DRILLING RESULTS
Vancouver, British Columbia, August 8, 2022 (GLOBE NEWSWIRE) -- St. James Gold
Corp. (the “Company”) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) has announced
that, as reported previously, the Company is in default under the terms of the option agreement
(the "Option Agreement") with Florin Resources Inc. ("Florin"). Florin has now agreed to extend
the cure period (the “Cure Period”) under the Option Agreement by 40 days (to September 14,
2022) to provide St. James an opportunity to cure its defaults. The Company is committed to
finding a resolution to make Florin whole which may include a partial or full assignment of the
Option Agreement. Any assignment of the Option Agreement (in part or in full) requires
Florin’s consent.
St. James is currently trying to renegotiate certain terms of the Option Agreement with Florin;
however, there is no assurance that the Option Agreement will be satisfactorily renegotiated with
Florin, or renegotiated before the end of the Cure Period. As a result, St. James may seek to
obtain additional financing in order to satisfy its obligations under the Option Agreement.
Additionally, St. James previously announced that it had completed a further two drill holes at
the Florin Gold Project, located 60 kilometres northwest of Mayo, Yukon, Canada. The first hole
was drilled to a depth of 419 meters, while the second drill hole reached a depth of 432 meters.
The Company is currently awaiting assays results from the two holes and will release the report
when available.
About St James Gold Corp.
St. James Gold Corp. is a publicly traded company listed on the TSX Venture Exchange under
the trading symbol “LORD”, in the U.S. Market listed on 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 datasets; and financing efficient exploration
programs. The Company currently holds: (i) 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 9 claims and an option to
acquire a further 100-per-cent interest in 19 claims, covering a total 1,730 acres, in central
Newfoundland located adjacent to Marathon Gold's Valentine Lake property; and (iii) an option
to acquire up to an 85-per-cent interest in the Florin Gold Project, covering nearly 22,000
contiguous acres in the historical Tintina gold belt in Yukon Territory, Canada.
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.