Announce Extension of Binding Agreement
Steppe Gold Ltd. and Anacortes Mining Corp.
Announce Extension of Binding Agreement
Ulaanbaatar, Mongolia--(Newsfile Corp. - April 18, 2023) - Steppe Gold Ltd. (TSX: STGO) (OTCQX:
STPGF) (FSE: 2J9) ("
Steppe Gold
") and Anacortes Mining Corp. (TSXV: XYZ) (OTCQX: XYZFF)
("
Anacortes
") are pleased to announce the extension (the "
Extension Letter Agreement
") of the
parties' binding letter of intent dated March 6, 2023 (the "
Binding Agreement
"), pursuant to which
Steppe Gold, either directly or through a wholly-owned subsidiary, will acquire all of the issued and
outstanding common shares of Anacortes by way of a court approved plan of arrangement under the
Business Corporations Act
(British Columbia), in an all-share transaction (the "
Transaction
"). The
Extension Letter Agreement extends the exclusivity period between Steppe Gold and Anacortes in the
Binding Agreement from April 17, 2023 to May 5, 2023, or such earlier or later time as Steppe Gold and
Anacortes mutually agree, in order to provide more time for the parties to complete due diligence and
enter into a definitive agreement.
For more information on the Transaction, please see the joint news release dated March 6, 2023 which
is available on SEDAR at
www.sedar.com
.
About Steppe Gold
Steppe Gold is Mongolia's premier precious metals company.
About Anacortes
Anacortes is a growth-oriented gold company in the Americas, which owns a 100-per-cent interest in the
Tres Cruces gold project located in Peru.
Cautionary Statement on Forward-Looking Information
This news release includes certain statements that constitute "forward-looking statements", and
"forward-looking information" within the meaning of applicable securities laws collectively "forward-
looking statements". These include statements regarding Anacortes' and Steppe Gold's intent, or the
beliefs or current expectations of the officers and directors of Anacortes and Steppe Gold (the
"
Companies
") regarding finalization of due diligence and entering into a definitive agreement. When
used in this news release, words such as "anticipated", "expected", "future", "opportunity", "ongoing",
"potential", "proposed", "vision" and similar expressions are intended to identify these forward-looking
statements as well as phrases or statements that certain actions, events or results "could", "may",
"should", "will", "would" or the negative connotation of such terms. As well, forward-looking statements
may relate to future outlook and anticipated events, such as the consummation and timing of the
Transaction. These forward-looking statements involve numerous risks and uncertainties, including those
relating to required shareholder and regulatory approvals, exercise of any termination rights under the
Binding Agreement, meeting other conditions in the Binding Agreement, material adverse effects on the
business, properties and assets of the Companies, and such other risk factors detailed from time to time
in the Companies' public disclosure documents including, without limitation, those risks identified in
Steppe Gold's annual information form for the year ended December 31, 2022, which is available on
SEDAR at
www.sedar.com
, and Anacortes' management's discussion and analysis for the year ended
December 31, 2022, which is available on SEDAR at
www.sedar.com
. Forward-looking statements are
based on information available at the time those statements are made and/or management's good faith
belief as of that time with respect to future events and are subject to risks and uncertainties that could
cause actual performance or results to differ materially from those expressed in or suggested by the
forward-looking statements. Forward-looking statements speak only as of the date those statements are
made. Except as required by applicable law, the Companies assume no obligation to update or to
publicly announce the results of any change to any forward-looking statement contained or incorporated
by reference herein to reflect actual results, future events or developments, changes in assumptions or
changes in other factors affecting the forward-looking statements. If either of the Companies updates any
one or more forward-looking statements, no inference should be drawn that the company will make
additional updates with respect to those or other forward-looking statements. All forward-looking
statements contained in this news release are expressly qualified in their entirety by this cautionary
statement.
Contact Information
Anacortes Mining Corp.
Kin Communications Inc.
Tel: 604-684-6730
Email:
Steppe Gold Ltd.
Bataa Tumur-Ochir, CEO and President
Shangri-La office, Suite 1201, Olympic Street 19A, Sukhbaatar District 1, Ulaanbaatar 14241, Mongolia
Tel: +976 7732 1914
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/162955