Big Ridge Gold Corp. (TSX-V: BRAU) is pleased to provide an update on its previously announced warrant acceleration and the handover of the Hope Brook Gold Project, located in Newfoundland and Labrador, from First Mining Gold Corp. (TSX: FF) to Big Ridge.
Warrants Fully Exercised
On June 22, 2021 the Company announced that it had elected to accelerate the expiry date of the 22,325,000 Warrants issued July 8, 2020, in connection with the subscription receipt offering completed by the Company under its predecessor name, Alto Ventures Ltd. The Company is pleased to confirm that 100% of the 22,325,000 warrants have been exercised for gross proceeds of $4,465,000.
Big Ridge has a strong cash position of approximately $11.4 million and is in great shape to work toward the initial Phase I earn-in to acquire 51% in the Hope Brook Gold Project by spending $10 million over the next three years.
Hope Brook Gold Project
Big Ridge has received all necessary permits to open and operate the Hope Brook camp and all exploration and water permits are in place to commence the summer exploration program. Initial work will include re-sampling of historic core, prospecting, geophysics and a drill program expected to commence this quarter.
Michael Bandrowski, President & CEO of Big Ridge commented, “With more than $11 million of cash in our treasury, we are excited about the start of our first phase program designed to unlock the full potential of the former producing Hope Brook Gold Project.”
Mr. Bandrowski continues, “The known mineralization at Hope Brook provides a great resource to build on and the highly prospective targets in and around the deposit provide an opportunity to make further discoveries and potentially find the source of Hope Brook mineralization.”
About Big Ridge Gold Corp.
Big Ridge Gold Corp. is an exploration and development company managed by a disciplined and experienced team of officers and directors. The Company is committed to the development of advanced stage mining projects using industry best practices combined with strong social license from our local communities. Big Ridge owns 100% interest in the highly prospective Oxford Gold Project located in Manitoba, 100% interest in the Destiny Gold Project in Quebec where Clarity Gold Corp. is earning up to a 100% interest and is exploring in the Beardmore-Geraldton gold belt in Ontario.
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We acknowledge the [financial] support of the Government of Canada.