1911 Gold Corporation (TSX-V: AUMB) (OTC: AUMBF) is pleased to announce that it has entered into a purchase agreement with Fulcrum Metals PLC (LON: FMET) for the sale of its 100% interest in eleven mining claims and a mining lease located northeast of Timmins, Ontario.
Pursuant to the terms of the purchase agreement, the Company will receive total consideration comprised of C$800,000 in cash and a 1.5% net smelter returns royalty on the Tully property. Fulcrum will have the option to repurchase up to 1% of the NSR with cash payments of C$300,000 for each 0.5% repurchased.
“The sale of our Tully property, along with the recently announced agreement with Grid Metals Corp, will provide capital needed to continue exploration activities Rice Lake, our core property located in Manitoba.” stated Shaun Heinrichs, President and CEO of 1911 Gold. “Our focus in the near term will be on obtaining and incorporating the results from our last drill program at Central Manitoba and prepare for the next phase of exploration on this past producer. We will also continue to pursue opportunities to optimize and enhance the existing True North underground resource through additional exploration and land acquisitions.”
About Tully Property
The Tully property, 458 hectares in area, is located 30 kilometres northeast of Timmins, Ontario and includes the Tully (Timmins North) deposit, which has been the focus of several drilling campaigns since its discovery in 1969. The Tully deposit is located 2 kilometres southwest of the Bradshaw Gold Project of Gowest Gold Ltd., currently in development. The property is accessed by an all-weather gravel road that extends 15 kilometres to the east off of highway 655.
About 1911 Gold Corporation
1911 Gold is a junior explorer that holds a highly prospective, consolidated land package totalling more than 63,000 hectares within and adjacent to the Archean Rice Lake greenstone belt in Manitoba, and also owns the True North mine and mill complex at Bissett, Manitoba. 1911 Gold believes its land package is a prime exploration opportunity, with potential to develop a mining district centred on the True North complex. The Company also owns the Apex project near Snow Lake, Manitoba and the Denton-Keefer project near Timmins, Ontario, and intends to focus on organic growth and accretive acquisition opportunities in North America.
1911 Gold’s True North complex and exploration land package are located within the traditional territory of the Hollow Water First Nation, signatory to Treaty No. 5 (1875-76). 1911 Gold looks forward to maintaining open, co-operative and respectful communication with the Hollow Water First Nation, and all local stakeholders, in order to build mutually beneficial working relationships.
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