Visible GOLD Mines Options to Eee Exploration a 50% Interest IN 78 Mining Claims (40 Sq Km) Adjacent to Patriot Battery Metal Lithium'S Discovery IN the James BAY Region
VISIBLE GOLD MINES OPTIONS TO EEE
EXPLORATION A 50% INTEREST IN 78 MINING
CLAIMS (40 SQ KM) ADJACENT TO PATRIOT
BATTERY METAL LITHIUM'S DISCOVERY IN
THE JAMES BAY REGION
ROUYN-NORANDA, QC
,
Aug. 4, 2022
/CNW Telbec/ -
Visible Gold Mines Inc.
(TSXV: VGD)
(FRANKFURT: 3V41) is pleased to announce that it has entered into a mineral option agreement
(the "Agreement") with EEE Exploration Corporation ("EEE"), a company listed on the CSE,
pursuant to which EEE has an option to acquire a 50% undivided interest in the MegaLi Property
(the "Property"). The MegaLi Property is comprised of a total of 78 mining claims covering a total
area of 3,996.67 hectares and is located in the James Bay Region in the Province of Québec.
Under the Agreement, EEE has the option (the "Option") to acquire a 50% interest in the Property
by: making aggregate cash payments of
$325,000
to Visible Gold Mines (
$25,000
on execution of
the Agreement,
$50,000
on the first anniversary of the Agreement,
$100,000
on the second
anniversary of the Agreement, and
$150,000
on the third anniversary of the Agreement); issuing an
aggregate of 3,000,000 Class A common shares of EEE (each, a "Share") to Visible Gold Mines
(500,000 Shares on execution of the Agreement, 700,000 Shares on the first anniversary of the
Agreement, 800,000 Shares on the second anniversary of the Agreement, and 1,000,000 Shares on
the third anniversary of the Agreement); and incurring at least an aggregate amount of
$1,850,000
in
exploration expenditures on the Property (at least
$350,000
on or before the first anniversary of the
Agreement, at least an additional
$500,000
on or before the second anniversary of the Agreement,
and at least an additional
$1,000,000
on or before the third anniversary of the Agreement). The
Shares issued under the Agreement will be subject to a four month hold period pursuant to
applicable securities laws.
On successful exercise of the Option, EEE will have acquired a 50% undivided interest in the
Property and the parties will be deemed to have formed a joint venture for the purposes of the
continued exploration of the Property. Under the joint venture, EEE will be the first operator on the
Property and each party will be required to contribute its proportionate share of all Property
expenditures or be diluted accordingly. If a party is diluted to a 2% or lower joint venture interest in
the Property, then that party's interest in the Property will convert into a 2% net smelter returns
royalty.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the prolific
Abitibi Gold Belt
and the
James
Bay
region in the province of
Quebec
. Visible Gold Mines has 33,827,039 common shares
outstanding.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the
release.
Forward-Looking Statements
This news release contains statements that may constitute "forward-looking information" within the
meaning of applicable Canadian securities legislation. Forward-looking information may include,
among others, statements regarding the future plans, costs, objectives or performance of Visible
Gold Mines, or the assumptions underlying any of the foregoing. In this news release, words such as
"may", "would", "could", "will", "likely", "believe", "expect", "anticipate", "intend", "plan", "estimate"
and similar words and the negative form thereof are used to identify forward-looking statements.
Forward-looking statements should not be read as guarantees of future performance or results, and
will not necessarily be accurate indications of whether, or the times at or by which, such future
performance will be achieved. No assurance can be given that any events anticipated by the
forward-looking information will transpire or occur, including the consumption of the Option by EEE,
the future value of the Shares to be issued to Visible Gold Mines under the Agreement, and the
receipt and timing of additional payments required to be made by EEE pursuant to the Agreement.
Forward-looking information is based on information available at the time and/or management's
good-faith belief with respect to future events and are subject to known or unknown risks,
uncertainties, assumptions and other unpredictable factors, many of which are beyond Visible Gold
Mines' control. These risks, uncertainties and assumptions include, but are not limited to, those
described under "Financial Risks" and "Risk Factors" in Visible Gold Mines' Annual Report for the
fiscal year ended
July 31, 2021
, a copy of which is available on SEDAR at
www.sedar.com
, and
could cause actual events or results to differ materially from those projected in any forward-looking
statements. Visible Gold Mines does not intend, nor does Visible Gold Mines undertake any
obligation, to update or revise any forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or otherwise, except if required by
applicable laws.
SOURCE
Visible Gold Mines Inc.
View original content:
http://www.newswire.ca/en/releases/archive/August2022/04/c1823.html
%SEDAR: 00025339E
For further information:
Martin Dallaire, President and Chief Executive Officer, Telephone: 819-
762-0107, Fax: 819-762-0097; E-mail: [email protected]; Website:
www.visiblegoldmines.com
CO: Visible Gold Mines Inc.
CNW 08:00e 04-AUG-22