Gold X Announces Termination of Arrangement Agreement With Gran Colombia Gold Corp.
May 25 2020 - 1:58PM
Gold X Mining Corp. (TSX-V: GLDX, OTCQX: SSPXF)
(“
Gold X” or the “
Company”)
announces that, further to its news release dated May 11, 2020,
Gran Colombia Gold Corp. (“Gran Colombia”) has decided to no longer
pursue the acquisition of all of the issued and outstanding common
shares of Guyana Goldfields Inc. As a result, Gran Colombia
and Gold X have agreed to terminate the Plan of Arrangement between
Gran Colombia and Gold X dated May 11, 2020.
Paul Matysek, Chairman and CEO stated “While we
believe that the Gran Colombia Gold proposal to combine one of the
largest gold resources in the Americas with Aurora’s operating mine
and process facility created many synergies that would result in
significant value creation for the shareholders of all three
companies, we respect Gran Colombia’s decision not to increase its
offer price under the current circumstances. Gold X and Gran
Colombia have therefore decided to withdraw from this arrangement
and allow Gold X to pursue other avenues to achieve the value we
see in the Toroparu Project. We maintain that there are ample
options to develop the Toroparu Project under the most favorable
precious metals market in the last 8-10 years.”
On behalf of the Board of Directors of
Gold X Mining Corp.
“Paul Matysek”Director and Chief Executive
Officer
About Gold X Mining Corp.
Gold X Mining Corp. is a Canadian junior mining
company developing the Toroparu Gold Project in Guyana, South
America. Gold X has spent more than US$150 million on the Project
to date to both classify 7.35 million ounces of Measured and
Indicated and 3.15 M-oz of Inferred Gold Resources, develop
engineering studies for use in a feasibility study, and define a
number of exploration targets around Toroparu on its 53,844 hectare
(538 km2) 100% owned Upper Puruni Concession. Gold X has 38 M
issued and outstanding common shares with more than 40% of the
shares closely held by Insiders and the company’s executive
management team.
Visit Gold X’s website at www.goldxmining.com.
Contact Gold X Mining Corp.
Telephone: +1 (604) 609-6132Email: investors@goldxmining.com
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 release.
Forward-looking Statements
This press release includes certain
forward-looking statements concerning future performance and
operations of the Company, including the expected positive results
from the Toroparu Project based on the estimates and findings
contained in the PEA, as summarized herein, as well as management's
objectives, strategies, beliefs and intentions. Forward-looking
statements are frequently identified by such words as "may",
"will", "plan", "expect", "anticipate", "estimate", "intend" and
similar words referring to future events and results.
Forward-looking statements are based on the current opinions and
expectations of management at the time such statements are made.
All forward-looking statements and information are inherently
uncertain and subject to a variety of assumptions, risks and
uncertainties, including the speculative nature of mineral
exploration and development, fluctuating commodity prices, changes
in project parameters as plans continue to be refined,
uncertainties of project cost overruns or unanticipated costs and
expenses, uncertainties inherent in conducting operations in a
foreign country, uncertainties related to the availability and
costs of financing needed in the future, the risk that the
conclusion of pre-production studies may not be accurate, the
Company's successful advancement of the Toroparu Project toward
feasibility and obtaining positive results from ongoing evaluation
and testing of multiple gold targets located in the Company's
landholdings in Guyana and Colombia, among other risks as described
in our public filings available at www.sedar.com. Actual events or
results may differ materially from those projected in the
forward-looking statements and we caution against placing undue
reliance thereon. Gold X Mining Resources Ltd. has an ongoing
obligation to disclose material information, as it becomes
available.
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