TomaGold Acquires Skyharbour Resources’ Baird Property Interest in the Red Lake Mining Camp
Corporation enters into existing JV with Goldcorp and New Gold
MONTREAL, QUEBEC–(Marketwired – Oct. 26, 2016) – TOMAGOLD CORPORATION (TSX VENTURE:LOT) (“TomaGold” or the “Corporation”) is pleased to report the closing of its acquisition of Skyharbour Resources Ltd.’s interest in the Baird property in exchange for 600,000 shares of the Corporation at a deemed price of $0.15 per share which was announced by press release on September 29, 2016. As a result, TomaGold holds a 24.5% interest in the property, with New Gold Inc. holding a 24.5% interest and Goldcorp Inc., as operator, owning the remaining 51% interest. The property is currently subject to a 2.0% net smelter return. A finder’s fee of 60,000 shares of TomaGold was payable to Transcend Capital Inc.
TomaGold has also closed the acquisition of six additional claims with high-grade gold values covering 112.45 hectares from Torino Power Solutions Inc. in exchange for 1.2 million shares of the Corporation at a deemed price of $0.15 per share, which was announced by press release on September 26, 2016. These claims are located in the middle of the block of claims held by TomaGold and Visible Gold, on the same mineralized structure that the Company believes hosts the Philibert deposit.
The shares issued pursuant to both acquisitions are subject to a hold period of four months following the closing date, except those issued to Skyharbour Resources Ltd. which are subject to a hold period of six months. Those arm’s length acquisitions are subject to the final regulatory approval.
About TomaGold Corporation
TomaGold Corporation is a Canadian-based mining exploration company whose primary mission is the acquisition, exploration and development of gold projects in Canada and abroad.
President and Chief Executive Officer
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release. The statements in this news release that are not historical facts are “forward-looking statements”. Readers are cautioned that any such statements are not guarantees of future performance, and that actual developments or results may vary materially from those described in such “forward-looking” statements.