Precipitate Jointly Acquires Multiple Drills and Equipment to Reduce Costs and Streamline Exploration in the Dominican Republic
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Precipitate Jointly Acquires Multiple Drills and Equipment to Reduce
Costs and Streamline Exploration in the Dominican Republic
Vancouver, B.C. – January 16, 2020 - Precipitate Gold Corp. (“Precipitate” or the “Company”) (TSXV: PRG) is
pleased to announce that in partnership with GoldQuest Mining Corp. (“GoldQuest”) it has completed the
purchase, out of receivership/bankruptcy of drills and associated equipment sufficient to assemble up to 5
operational man-portable diamond drill rigs at a substantial discount to the assessed replacement value of
the equipment. The entire inventory acquired in thi s transaction is currently domiciled in the Dominic an
Republic (“DR”) and accessible to the Company. See accompanying photos of some of the acquired drilling
equipment and associated inventory, or visit the Company’s website at www.precipitategold.com .
The drills and equipment being acquired are the sam e types of man-portable drills and equipment
previously utilized by Precipitate in multiple prio r DR drilling campaigns. It is therefore familiar t o the
Company’s technical team and ideally suited for the upcoming drill program planned for the Company’s
Loma Cuaba Lithocap Zone of its 100% owned Pueblo Gr ande Project, and possible future drilling at its
100% owned Juan de Herrera Project. In addition, to streamline operations, the Company has engaged a
senior in-country “ex-pat” Foreman with extensive l ocal expertise to get the equipment drill-ready whi le
assembling and managing an experienced drill crew.
Jeffrey Wilson, President & CEO, stated, "We are pl eased to benefit from this unique opportunity to
acquire, own, and have ongoing access to multiple d rills and related equipment at a fraction of the
assessed value. The cost savings of owning the dril ls and inventory and avoiding possible delays and
unnecessary overhead costs, mobilization costs and standby charges typically associated with contract
drilling should be immediately reflected in a savings “per metre” in our pending and future diamond drilling
campaigns. Because the items acquired are already i n-country, we avoid potential future costs and dela ys
often associated with importing drilling equipment. Importantly, many of the highly trained and
experienced in-country personnel who had been working with this equipment in the DR under its previous
owners remain available for possible future employment. We are actively moving to take possession of the
inventory, order any outstanding parts or supplies, and move toward the commencement of drilling as
promptly as possible on the Loma Cuaba Lithocap target.”
TSX VENTURE: PRG | www.precipitategold.com
625 Howe Street, Suite 1020, Vancouver, BC, V6C 2T6
Toll free: 855 558 0335
Direct: 604 558 0335
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In connection with the acquisition of the drilling equipment, Precipitate has reached an agreement wit h
GoldQuest Mining Corp. (“GoldQuest”), whereby GoldQ uest will deliver 50% of the acquisition costs in
exchange for a for 50% ownership of the equipment assets.
About Precipitate Gold:
Precipitate Gold Corp. is a mineral exploration com pany focused on exploring and advancing its mineral
property interests in the Pueblo Viejo Mining Camp and Tireo Gold Trend of the Dominican Republic.
Precipitate is also actively evaluating additional high-impact property acquisitions with the potentia l to
expand the Company's portfolio and increase shareholder value.
Additional information can be viewed at the Company’s website www.precipitategold.com .
On Behalf of the Board of Directors of Precipitate Gold Corp.,
“Jeffrey Wilson”
President & CEO
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For further information, please contact:
Tel: 604-558-0335 Toll Free: 855-558-0335 [email protected]
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies
of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release may contain "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other
than statements of historical fact, included herein are forward looking information. Generally, forward-looking information may be identified by the
use of forward-looking terminology such as "plans", "expects" or "does not expect", "proposed", "is ex pected", "budget", "scheduled", "estimates",
"forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such w ords and phrases, or by the use of words or
phrases which state that certain actions, events or results may, could, would, or might occur or be ac hieved. This forward-looking information
reflects Precipitate Gold Corp.’s (“Precipitate” or the “Company”) current beliefs and is based on information currently available to Company and on
assumptions it believes are reasonable. Forward-loo king information is subject to known and unknown ri sks, uncertainties and other factors that
may cause the actual results, level of activity, performance or achievements of Precipitate to be materially different from those expressed or implied
by such forward-looking information. Such risks and other factors may include, but are not limited to: the exploration concessions may not be
granted on terms acceptable to the Company, or at a ll; general business, economic, competitive, political and social uncertainties; the concessions
acquired by the Company may not have attributes similar to those of surrounding properties; delay or failure to receive governmental or regulatory
approvals; changes in legislation, including enviro nmental legislation affecting mining; timing and av ailability of external financing on acceptable
terms; conclusions of economic evaluations; and lac k of qualified, skilled labour or loss of key indiv iduals. Although Precipitate has attempted to
identify important factors that could cause actual results to differ materially from those contained i n forward-looking information, there may be
other factors that cause results not to be as antic ipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-
looking information. Precipitate does not undertake to update any forward-looking information, except in accordance with applicable securities
laws.