TomaGold consolidates its position in the Monster Lake property The Corporation increases its interest to 50% by acquiring the interest of Quinto Resources Inc.
TomaGold consolidates its position in the
Monster Lake property
The Corporation increases its interest to 50% by acquiring
the interest of Quinto Resources Inc.
MONTREAL
,
Jan. 11, 2019
/CNW Telbec/ -
TOMAGOLD CORPORATION (TSXV: LOT)
("TomaGold" or the "Corporation") is pleased to announce the signature of an agreement with Quinto
Resources Inc. (TSXV: QIT) ("Quinto") to acquire Quinto's 5% interest in the Monster Lake property
for a cash payment of
$500,000
. Following this transaction, TomaGold will own a 50% interest in the
Monster Lake property, with IAMGOLD Corporation ("IAMGOLD") holding the other 50%.
TomaGold has also entered into an agreement with Brunswick Resources Inc. ("Brunswick") to
acquire the Irene Lake property, which consists of 14 claims immediately west of the Monster Lake
property, in exchange for a cash payment of
$65,000
. There is an existing 2% NSR on these claims.
"The resource calculation reported by IAMGOLD on
March 28
(see
press release
) shows that we
have a high-grade, high-value gold deposit with excellent exploration potential," said
David Grondin
,
President and Chief Executive Officer of TomaGold. "We have decided to make the most of this
asset by consolidating our position in the Monster Lake property and the surrounding area. The
transactions with Quinto and Brunswick are a first step in that direction."
The transactions are subject to closing of the required financing and to regulatory approval. Both
transactions are arm's length transactions. The Corporation expects to close the transactions on or
about
February 15, 2019
.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration company engaged in the acquisition,
assessment, exploration and development of gold mineral properties. It currently has joint venture
agreements with IAMGOLD Corporation for the Monster Lake project, with Goldcorp Inc. for the
Sidace Lake property, and with Goldcorp Inc. and New Gold Inc. for the Baird property. TomaGold
has interests in seven gold properties near the
Chibougamau
mining camp in northern
Quebec
:
Monster Lake, Winchester, Lac-à-l'Eau-Jaune, Monster Lake East, Monster Lake West, Obalski
and Lac Doda. It also holds interests of 39.5% in the Sidace Lake property and 24.5% in the Baird
property near the
Red Lake
mining camp in
Ontario
, and has an option to acquire a 70% interest in
the Hazeur property, at the southern edge of the Monster Lake group of properties.
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 news release. The statements in this news release that are not historical facts are "forward-
looking statements". Readers are cautioned that any such statements are not guarantees of future
performance, and that actual developments or results may vary materially from those described in
such "forward-looking" statements.
SOURCE
Corporation TomaGold
View original content:
http://www.newswire.ca/en/releases/archive/January2019/11/c6019.html
%SEDAR: 00025917E
For further information:
David Grondin, President and Chief Executive Officer, (514) 583-3490
CO: Corporation TomaGold
CNW 16:12e 11-JAN-19