Spanish Mountain GOLD Announces Investment from Creditor
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910-1111 Melville Street
Vancouver, British Columbia, V6E 3V6
Tel: 604.601.3651
SPANISH MOUNTAIN GOLD ANNOUNCES INVESTMENT FROM CREDITOR
Vancouver, B.C. , July 26, 202 4 - Spanish Mountain Gold Ltd. (the " Company" or " Spanish
Mountain Gold") (TSX-V: SPA | FSE: S3Y ) is pleased to announce that it has entered into a n
agreement with Whittle Consulting Ltd. (“Whittle”), pursuant to which Whittle will, in lieu of
receiving a cash payment from the Company for services rendered, invest $348,000 of the amount
due to Whittle in exchange for 1,831,579 common shares of the Company (the “Shares ”). The
issue price of the Shares is equal to $0.19 per Share.
Whittle is conducting an Enterprise Optimization Study for Spanish Mountain Gold’s multi-million-
ounce open pit project in the Cariboo Gold Corridor near Likely, British Columbia, Canada. The
optimization deploys Whittle’s Prober-F software, global computing power and an experienced
team of mining industry professionals to determine the optimal operation and scale of the
project. The study was announced in the Company’s December 22, 2023, news release.
Gerald Whittle, CEO of Whittle Consulting, commented: “We are delighted to become
shareholders in Spanish Mountain Gold. We have great confidence in the management team. We
look forward to helping realize the full potential of this project.”
The Shares represent partial payment of the services performed by Whittle to date, the balance
of which is being paid in cash. The issuance of the Shares is subject to approval from the TSX
Venture Exchange. Once issued, the Shares will be subject to a four month hold period under
applicable securities legislation.
About Spanish Mountain Gold Ltd.
Spanish Mountain Gold Ltd. is focused on advancing its 100% -owned Spanish Mountain Gold
Project towards construction of the next gold mine in the Cariboo Gold Corridor, British Columbia.
We are conducting an integrated Whittle Enterprise Optimization to identify the highest potential
value-add improvements while increasing the understanding of the high-grade geologic controls
and associated drill targets that could upgrade and expand the gold resource. We are striving to
be a leader in community and indigen ous relations by leveraging technology and innovation to
build the 'greenest' gold mine in Canada. The Relentless Pursuit for Better Gold means seeking
new ways to achieve optimal financial outcomes that are safer, minimizes environmental impact
and create meaningful sustainability for communities. Details on the Company are available on
www.sedarplus.ca and on the Company's website: www.spanishmountaingold.com.
About Whittle Consulting Ltd.
Since 1999, Whittle Consulting has conducted over 180 Whittle Enterprise Optimization studies
around the world, for both open pit and underground mines across all commodities. The
comprehensive application of Whittle Integrated Strategic Planning improves the economics of a
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mining project or operation with NPV uplift from 5% to 35%, and in many cases substantially
more. These results are achieved even after conventional mining optimization techniques have
been applied. More on Whittle Consulting and team can be found
at www.WhittleConsulting.com.au.
On Behalf of the Board,
“Peter Mah”
President, Chief Executive Officer and Director
Spanish Mountain Gold Ltd.
For more information, contact:
Peter Mah, CEO
(604) 601-3651
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this
release.
FORWARD LOOKING STATEMENTS:
Certain of the statements and information in this press release constitute "forward- looking
statements" or "forward -looking information" Any statements or information that express or
involve discussions with respect to predictions, expectations, beliefs, plans, projections, objectives,
assumptions or future events or performance (often, but not always, using words or phrases such
as "expects", "anticipates", "believes", "plans", "estimates", "intends", "targets", "goals",
"forecasts", "objectives", "potential" or variations thereof or stating that certain actions, events
or results "may", "could", "would", "might" or "will" be taken, occur or be achieved, or the negative
of any of these terms and similar expressions) are not statements of historical fact and may be
forward-looking statements or information. The Company's forward- looking statements and
information are based on the assumptions, beliefs, expectations and opinions of management as
of the date of this press release, and other than as required by applicable securities laws, the
Company does not assume any obligation to update forward-looking statements and information
if circumstances or management's assumptions, beliefs, expectations or opinions should change,
or changes in any other events affecting such statements or information. For the reasons set forth
above, investors should not place undue reliance on forward looking statements and information.