Newrange Gold Corp. (TSX-V: NRG) (US: NRGOF) (Frankfurt: X6C) is pleased to announce it has negotiated a highly favorable, non-binding “Heads of Agreement” with private Australian company, Andean Mining Corporation Pty Ltd. for the sale of the Company’s wholly owned Colombian subsidiary, Corporacion Minera de Colombia together with the El Dovio and Anori exploration projects, and exclusive of the Yarumalito gold porphyry project which the Company will maintain ownership of for the time being. Subject to Due Diligence by Andean, Andean will pay Newrange $1 million US in staged payments within nine months together with certain other considerations.
Robert Carrington, Newrange Chairman stated, “This agreement provides near term non-dilutive financing, allows Newrange to focus its resources on the Company’s highly prospective Pamlico gold project in Nevada, eliminates the costs of maintaining the Colombian subsidiary and projects, and maintains exposure to the upside in each of these projects through share ownership and retained production royalties.”
About Pamlico Located 12 miles southeast of Hawthorne, Nevada, along US Highway 95, the project enjoys excellent access and infrastructure, a mild, year-round operating climate and strong political support from Mineral County, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines, as well as the nearby Good Hope, Gold Bar and Sunset mines.
Discovered in 1884, the district rapidly gained a reputation as being one of Nevada’s highest grade districts. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.
About Newrange Gold Corp.
Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Colombia. With numerous drill intercepts of near surface oxide gold mineralization to 340 grams gold per metric tonne the Company’s flagship Pamlico Project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.
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