Sixty North GOLD Mining Announces Operational Update, Debt Settlements, and Option Grants
SIXTY NORTH GOLD MINING ANNOUNCES OPERATIONAL UPDATE, DEBT SETTLEMENTS, AND
OPTION GRANTS
VANCOUVER, Bri.sh Columbia -- (Newsfile Corp. – May 14, 2024) Sixty North Gold Mining Ltd.
(CSE: SXTY , FKT: 2F40, OTC-Pink: SXNTF) (the “Company” or “Sixty North Gold”)
Sixty North Gold is pleased to announce that it has purchased the tent camp and is acquiring
other light equipment and supplies needed for the restart of mining opera.ons. Mining crews
have been engaged and are expected to be on site around the end of May 2024, once camp
setup is complete. Dave Webb, President & CEO states “We are very pleased to be moving
crews into the property and driving our re-development of this very high-grade past producing
gold mine. The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or be_er, and
two that averaged 15 gpt or be_er for a total produc.on of over 14 million ounces of gold (Sixty
North Gold NI 43-101 - August 3, 2023).”
Sixty North Gold further announces that it has arranged debt se_lements with certain officers
and a director of the Company, and a consultant to se_le $233,000 in indebtedness for accrued
management and consul.ng fees from the period May 1, 2023 to April 30, 2024, to be paid by
the issuance and delivery of a total of 3,883,332 common shares of the Company in the
aggregate, at a deemed value of $0.06 per share, plus GST . The shares will be subject to resale
restric.ons for a period of 4 months and a day from their date of issuance.
The Company further approved bonuses totalling $19,900 for certain officers and a director of
the Company to be se_led as debts for shares on the same basis as the debt se_lements for the
creditors noted above for a total of another 331,666 common shares at a deemed value of
$0.06 per share.
The Company has also granted incen.ve stock op.ons to its directors, officers, and consultants
to purchase up to 2,750,000 common shares of the Company at an exercise price of $0.08 per
share un.l May 14, 2029.
Dr . D.R. Webb Ph.D., P .Geol., P .Eng. is the Qualified Person within the meaning of NI 43-101 and
is responsible for the technical details of this release.
About the Company
The Company is developing mining opera.ons for gold on its 100%-owned Mon Gold Property,
40 km north of Yellowknife, NWT . Past produc.on extracted 15,000 tonnes of ore to depths of
only 15 m below surface, recovering an es.mated 15,000 ounces of gold in the 1990’s (NI
43-101, August 3, 2023). The North Ramp has been reopened and has been extended to within
60 m of the target por.on of the vein. The Company plans to extend the ramp to where some
high-grade historic holes intersected the vein beneath the previously mined stopes. The plan is
to install cross-cuts and raises within the vein to extract and stockpile the vein material on
surface. Upon confirma.on of the grade and tonnage, a permi_ed mill will be brought in to
process this and ongoing mined material.
For more informa.on, please refer to the Company’s public filings available on SEDAR
(www.sedarplus.ca), under the Company’s profile.
ON BEHALF OF THE BOARD OF DIRECTORS
“Dave Webb”
Dave Webb, President & CEO
For further information, please contact:
Dave Webb
Tel.: 604 818-1400
Email: [email protected]
Website: www.sixtynorthgold.com
Statements about the Company's future expectations and all other statements in this press release other
than historical facts are "forward looking statements". Such forward-looking statements are based on
numerous assumptions, and involve known and unknown risks, uncertainties and other factors, including
risks inherent in mineral exploration and development, which may cause the actual results, performance,
or achievements of the Company to be materially different from any projected future results,
performance, or achievements expressed or implied by such forward-looking statements. Further details
about the risks applicable to the Company are contained in the Company’s public filings available on
SEDAR (www.sedarplus.ca), under the Company’s profile.
THE CANADIAN SECURITIES EXCHANGE HAS NOT APPROVED NOR DISAPPROVED THE
CONTENT OF THIS PRESS RELEASE.