Canadian GoldCamps Enters into LOI to Acquire up to 70% interest in Murphy Lake Property located in the Athabasca Basin, Saskatchewan

TORONTO, Feb. 26, 2024 (GLOBE NEWSWIRE) -- Canadian GoldCamps Corp. (“Canadian GoldCamps”, or the “Company”) (CSE: CAMP) (FSE: A68) is pleased to announce that it has entered into a non-binding letter of intent dated February 13, 2024 (the "LOI") with F3 Uranium Corp. (“F3”) whereby the Company will enter into a definitive option agreement with F3's wholly-owned subsidiary F4 Uranium Corp. ("F4") to earn up to a 70% interest in F4’s Murphy Lake Property (the "Property") in the Athabasca Basin, Saskatchewan. The Property is located in the north-eastern corner of the Athabasca Basin, 30 km north-west of Orano's McLean Lake deposits, 5 km south of ISOEnergy's Hurricane Uranium Deposit and covers approximately 6.1 square kilometers of land.

To earn an initial 50% in and to the Property, the Company must make the following cash payments, share issuances and property expenditures:

1. $100,000 within 7 calendar days of signing the LOI;
2. $200,000 upon entering into of a definitive agreement;
3. $150,000 on or before the six-month anniversary of the definitive agreement;
4. $150,000 on or before the 12-month anniversary of the definitive agreement;
5. $150,000 on or before the 18-month anniversary of the definitive agreement;
6. $150,000 on or before the 24-month anniversary of the definitive agreement;
7. following the next equity financing completed by the Company for gross proceeds of not less than $6 million, the Company will issue 9.9% of its then issued and outstanding common shares to F4;
8. $5M on or before the 1-year anniversary of signing the definitive agreement; and
9. $5M on or before the 2-year anniversary of signing the definitive agreement.
   

Upon the Company earning a 50% interest in the Property, both parties agree to participate in a joint venture for the further exploration and development of the Property, and, if deemed warranted, to bring the Property or a portion thereof into commercial production by establishing and operating a mine.

To earn an additional 20% interest in and to the Property (for a total 70% interest in and to the Property), the Company must make the following cash payments and property expenditures:

1. $250,000 on or before the 30-month anniversary of signing the definitive agreement;
2. $250,000 on or before the 36-month anniversary of signing the definitive agreement; and
3. $8M on or before the 3-year anniversary of signing the definitive agreement.
   

Upon the Company exercising the option, F4 shall receive a 2% net smelter royalty (“NSR Royalty”), provided that the Company shall be responsible only for the percentage of the NSR Royalty equal to its percentage interest in the Property. Therefore, if the Company obtains the initial 50% interest, it shall be responsible for 50% of the NSR Royalty; and if the Company obtains the full 70% interest, it shall be responsible for 70% of the NSR Royalty.