Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF Newrange Signs Definitive Agreement to Acquire Coricancha Au-Ag-Cu-Pb-Zn Mine in Peru
250 - 750 West Pender Street, Vancouver, BC V6C 2T7 - Tel. (604) 669 - 0868
Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF
Newrange Signs Definitive Agreement to Acquire
Coricancha Au-Ag-Cu-Pb-Zn Mine in Peru
VANCOUVER, BRITISH COLUMBIA, October 26, 2022 (TSXV: NRG, US: NRGOF, Frankfurt: X6C)
– Newrange Gold Corp. ("Newrange" or the “ Company") announces that, on October 25, 2022 and
further to the Letter of Intent signed on September 12 , 2022, it signed a Share Purchase Agreement
(the “Agreement”) with Great Panther Mining Limited (“Great Panther”) to acquire a 100% interest in the
Coricancha Gold-Silver-Copper-Lead-Zinc (“Au-Ag-Cu-Pb-Zn”) Mine in Central Peru (“Coricancha”).
Coricancha is a high -grade, narrow-vein, gold-silver-copper-lead-zinc underground mine in the Central
Polymetallic Belt of Peru. It is located 90 kilometres east of Lima on the Central Highway and
comprises a 600 t onne per day processing plant , dry-stack tailings storage facility and all necessary
surface and underground infrastructure. The mine was in production intermittently from 1906 – 2013
and has been on care-and-maintenance since then but is in excellent shape and is fully permitted. It is
located within a well-established mining district and local communities are full y suppor tive of the
operation. Two of three community agreements are already in place, with the third only pending a final
signature.
“We are pleased to have moved forward in our discussions with Great Panther to a cquire the
Coricancha Mine,” stated Robert Archer, President and CEO of Newrange. “ We anticipate filing all
required documents with the TSX Venture Exchange (“TSXV” or the “exchange”) this week, including a
NI 43-101 technical report, as the acquisition is subject to exchange approval. In parallel, we are
working on a financing to ensure that we have adequate cash for not just the acquisition but for working
capital and a drilling program.”
Under the terms of t he Agreement, Newrange will purchase all of the shares of Great Panther Pe ru
Holdings Ltd. and Great Panther Silver Peru, S .A.C., both wholly owned subsidiaries of Great Panther
and the owners of the Coricancha Mine. Newrange will make a single cash payment of US$750,000 to
Great Panther upon closing and the acquisition will be on an “as-is” basis (the “Transaction”). Being an
arm’s length and cash-only Transaction, shareholder approval will not be required, however, it will
constitute a Fundamental Acquisition for Newrange and will be subject to exchange approval, which, in
turn will be subject to fi nancing. Completion of the T ransaction is also subject to certain conditions
including, but not limited to, receipt of court approval by Great Panther.
250 - 750 West Pender Street, Vancouver, BC V6C 2T7 - Tel. (604) 669 - 0868
Where Exploration Intersects Discovery TSXV: NRG OTCQB: NRGOF
About Newrange Gold Corp.
Newrange is currently focused on district-scale exploration for precious metals in the prolific Red Lake
District of northwestern Ontario. The past-producing high-grade Argosy Gold Mine is open to depth,
while the adjacent North Birch Project offers additional blue-sky potential. The proposed acquisition of
the Coricancha Mine in Peru wi ll give the Company a renewed focus on mine site exploration,
development and production but the Company still intends to advance the Red Lake projects . Further
information can be found on our website at www.newrangegold.com.
Signed: “Robert Archer”
President & CEO
FOR FURTHER INFORMATION CONTACT:
Phone: 604-669-0868
Email: [email protected]
Website: www.newrangegold.com
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts
responsibility for the adequacy or accuracy of this release.
Forward-Looking Statement:
Some of the s tatements in this news release contain forward- looking information t hat involves inherent risk and uncertainty affecting the
business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.