Majestic Announces Signing of LOI to Acquire GOLD Project
MAJESTIC ANNOUNCES SIGNING OF LOI TO ACQUIRE GOLD PROJECT
Vancouver, British Columbia –March 25, 2024 - Majestic Gold Corp. (“Majestic” or the “Company”)
(TSX.V: MJS, FSE: A0BK1D) is pleased to announce the Company, through its 70.5% owned subsidiary,
Persistence Resources Group Ltd. (“Persistence”) has entered into a non-binding letter of intent (“LOI”) with
a V endor (“Vendor”) and Target Company to acquire 70% of the issued share capital (the “Possible
Acquisition”) of the target company incorporated in the PRC (the “Target Company”).
The Target Company is principally engaged in gold mining and processing, emergency rescue for mine
accidents and preventive safety inspection, property leasing and investment with its own fund. The Target
Company owns mining licenses of three gold mines located in Yantai C ity of the Shandong Province in the
PRC. The consideration for the Possible Acquisition shall be determined following arm’s length negotiations
between the Company and the Vendor and shall be set out in the formal agreement.
The Company aims to increase its market share through targeted acquisitions of high-quality gold mining
assets, and believes that if the Possible Acquisition is completed , not only will the Company’s market
position in Muping- Rushan gold metallogenic belt and the Shandong Province be strengthened and
solidified, but the resources and talents of the Target Company can assist the Company to expand its mineral
resources and boost the gold concentrate processing capacity.
Persistence is currently conducting preliminary due diligence on the Target Company (the “Due Diligence”).
Within a month of obtaining the results of the Due Diligence, the Company will then initiate negotiations
with the Vendor for entering into a formal agreement and agree on specific terms in relation to the Possible
Acquisition based on the results of the Due Diligence work.
About Majestic Gold
Currently focused in China, Majestic Gold Corp. is a British Columbia based company engaged in
commercial gold production at the Songjiagou Gold Mine in eastern Shandong Province, China. Additional
information on the Company and its projects is available at www.sedarplus.ca and on the Company's website
at www.majesticgold.com.
For further information, please contact:
Stephen Kenwood, P. Geo., President, CEO & Director
Telephone: (604) 560-9060
Email: [email protected]
Website: www.majesticgold.com
306 - 1688 152nd Street
Surrey, British Columbia
Canada, V4A 4N2
Telephone: 604-560-9060
Facsimile: 604-560-9062
Email: [email protected]
Cautionary Notes
Certain statements contained herein may constitute forward- looking statements and are made pursuant to the "safe harbor"
provisions of the United States Private Securities Litigation Reform Act of 1995 and Canadian securities laws. Forward- looking
statements are statements which relate to future events. Such statements include estimates, forecasts and statements as to
management's expectations with respect to, among other things, business and financial prospects, financial multiples and
accretion estimates, future trends, plans, strategies, objectives and expectations, including with respect to production, exploration
drilling, reserves and resources, exploitation activities and events or future operations. Information inferred from the
interpretation of dri lling results and information concerning mineral resource estimates may also be deemed to be forward-
looking statements, as it constitutes a prediction of what might be found to be present when, and if, a project is actually developed.
In some cases, you can identify forward- looking statements by terminology such as "may", "should", "expects", "plans,
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future results, levels of activity, performance, or achievements expressed or implied by these forward -looking statements.
While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our
current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any
estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable
law, Majestic Gold does not intend to update any forward-looking statements to conform these statements to actual results