GFG and Newcrest Extend Option Period on the Rattlesnake Hills Gold Project
SASKATOON, Saskatchewan, Feb. 20, 2020 (GLOBE NEWSWIRE) -- GFG Resources Inc. (TSX-V: GFG) (OTCQB: GFGSF) (“GFG” or the “Company”) announces that it has extended the option period
under the Rattlesnake Hills Gold Project option and earn-in Agreement (the “Agreement”) with Newcrest Resources Inc., a wholly-owned subsidiary of Newcrest Mining Limited (ASX: NCM) (“Newcrest”)
from March 9, 2020 to May 1, 2020.
The extension will allow Newcrest additional time to consider exercising its option to enter into the earn-in phase of the Agreement. The earn-in phase consists of three stages whereby Newcrest can earn up to 75% of the Project over an eight-year period. See news release dated September 8, 2018 “GFG Signs Option and Earn-In Agreement with Newcrest to Advance the Rattlesnake Hills Gold Project” for complete details of the Agreement.
About GFG Resources Inc.
GFG Resources is a North American precious metals exploration company focused on district scale gold projects in tier one mining jurisdictions, Ontario and Wyoming. In Ontario, the Company owns
100% of the Pen and Dore gold projects, two large and highly prospective gold properties west of the prolific gold district of Timmins, Ontario, Canada. The Pen and the Dore gold projects have the
same geological setting that hosts most of the gold deposits found in the Timmins Gold Camp which have produced over 70 million ounces of gold. In Wyoming, the Company has partnered with Newcrest
Mining Ltd. through an option and earn-in agreement to advance the Rattlesnake Hills Gold Project. The geologic setting, alteration and mineralization seen in the Rattlesnake Hills are similar to
other gold deposits of the Rocky Mountain alkaline province which, collectively, have produced over 50 million ounces of gold.
For further information, please contact:
Brian Skanderbeg, President & CEO
Phone: (306) 931-0930
or
Marc Lepage, Vice President, Business Development
Phone: (306) 931-0930
Email: info@gfgresources.com
Website: www.gfgresources.com
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within the meaning of applicable Canadian securities laws and “forward-looking statements” within the meaning of the United States Private Securities Litigation Reform Act of 1995 (referred to
herein as “forward-looking statements”). Forward-looking statements include, but are not limited to, the future price of gold, success of exploration activities and metallurgical test work,
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