Evergold Shareholders Vote in Favour of DEM Property Option Agreement

TORONTO, Oct. 11, 2023 (GLOBE NEWSWIRE) -- Evergold Corp. (TSX-V: EVER, WKN: A2PTHZ) (“Evergold” or the “Company”) is pleased to announce that is has closed the previously announced DEM Property option agreement (the “Option Agreement”) (news, August 2, 2023). Disinterested shareholders of the Company present in person or by proxy at the Company’s special meeting held on October 10, 2023 have voted greater than 98 percent in favour of, and the TSX Venture Exchange (“TSXV”) has provided its approval to close, the Option Agreement.

“These approvals are timely,” said Kevin Keough, President & CEO. “Coupled with the net proceeds of our recently completed $1.2 million financing (news, Sept. 29, 2023), we are now well positioned to commence the first-ever drilling of the large-scale DEM copper-gold-silver porphyry prospect. News of these plans will be forthcoming shortly.”

The 10,451 hectare DEM Property hosts the newly developed, never drilled DEM copper-gold-silver porphyry prospect, a roughly 4km2 target area exhibiting strong multi-element geochemical anomalism in soils, including highs to 2.1 ppm Au, 160 ppm Ag, >10,000 ppm As, and 651 ppm Cu, directly associated with an underlying large scale donut-shaped magnetic anomaly and exceptionally strong, deep-running IP chargeability, suggesting high discovery potential. Further details on the DEM prospect may be found on the Company’s website at www.evergoldcorp.ca/projects/dem-property/ and in a NI 43-101 technical report entitled “Technical Report on the DEM Property” dated August 30, 2023, posted thereon and on the Company’s issuer profile at SEDAR+.

The Company has the right to earn a 100% ownership interest in the DEM Property from vendors Charles Greig and Alex Walcott (“the Optionors”), in exchange for staged cash payments over four years cumulatively totaling $980,000, in addition to escalating work commitments totaling $5,000,000 over the same time frame. The Optionors retain a 2% Net Smelter Returns royalty, subject to the right of the Company to buy back 1.5% for $4.5 million, inflation adjusted to 2023. For further details on the Option Agreement, please see the Company’s management information circular dated August 25, 2023.