TORONTO, Nov. 27, 2020 /CNW/ - Nubian Resources Ltd.
(TSXV: NBR) ("Nubian" or the "Company") is pleased to announce that
further to the Company's press release of November 23, 2020, the Company has completed its
acquisition of a 60% interest in the Yandoit Gold Project (the
"Project"), situated in the historic Daylesford gold corridor of
central Victoria, Australia.
The Project consists of approximately 38 square kilometre
(3,800 ha) of property interest held under one Mining Licence and
two Exploration Licences, containing six historic gold
mines. In connection with the acquisition, the Company's
wholly-owned subsidiary Blackwood Prospecting Pty Ltd
("Blackwood"), paid Ballarat Investment Management Pty Ltd
("BIPM"), the owners of the Project, A$370,000 (C$X) and issued 4,695,093 common
shares in the capital of the Company at a deemed price of
C$0.15 per share. The common
shares issued are subject to the statutory four month hold period
in accordance with securities laws.
In connection with closing, the Company also issued a promissory
note that provides for the payment by the Company of the
consideration to acquire the remaining 40% of the Project within 18
months of closing, or the return of 35% of the shares of BIPM,
reducing the Company's ownership in BIPM to 25%, in the event the
Company does not wish to proceed with the acquisition of 100% of
the Project. The Company also entered into a shareholders'
agreement with respect to the ownership of the shares of BIPM and
the governance of BIPM. Both agreements are more fully
described in the Company's press release of October 27, 2020.
ABOUT NUBIAN
Nubian Resources Ltd. is a public traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. Nubian's main asset is the Esquilache
Silver-Zinc Project located within the Tintaya porphyry copper belt
of southern Peru. In May
2020, Nubian entered into an agreement to acquire and
develop the Yandoit Gold Project in central Victoria, Australia.
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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Nubian's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. Various assumptions or factors are
typically applied in drawing conclusions or making the forecasts or
projections set out in forward-looking information. Those
assumptions and factors are based on information currently
available to Nubian. Although such statements are based on
reasonable assumptions of Nubian's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate.
Forward-looking information contained in this news release is
based on certain factors and assumptions regarding, among other
things, the Project and other similar matters. While Nubian
considers these assumptions to be reasonable based on information
currently available to them, they may prove to be
incorrect. Forward looking information involves known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking information. Such
factors include risks inherent in the exploration and development
of mineral deposits, including risks relating to changes in project
parameters as plans continue to be redefined, risks relating to
variations in grade or recovery rates, risks relating to changes in
mineral prices and the worldwide demand for and supply of minerals,
risks related to the COVID-19 pandemic and current global
financial conditions, increased competition, access and supply
risks, reliance on key personnel, operational risks regulatory
risks, including risks relating to the acquisition of the necessary
licenses and permits, financing, capitalization and liquidity
risks, title and environmental risks.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Nubian Resources Ltd.