TSX-V: VEIN | FSE: N071
TORONTO, Nov. 15, 2017 /CNW/ - Enforcer Gold Corp.
("Enforcer" or the "Company") (TSX-V: VEIN – FSE: N071) is pleased
to announce it has signed an amendment agreement (the "Amendment
Agreement") with Globex Mining Enterprises Inc. ("Globex") (TSX:
GMX) amending the terms of the option agreement on the Montalembert
Gold Property dated November 16, 2016
(the "Option Agreement").
The Amendment Agreement provides for a $100,000 reduction in the cash payment on the
second-year anniversary date of the Option Agreement, a
$100,000 increase in the cash payment
on the third-year anniversary date and a $5,000,000 reduction in the aggregate exploration
expenditures on the property over the five-year term of the Option
Agreement. The Effective Date of the Amendment Agreement is
November 10, 2017.
Pursuant to the Amendment Agreement, the Company must pay the
following cash payments to Globex:
- $500,000 on or before 24 months
of the Effective Date of the Option Agreement;
- $1,600,000 on or before 36 months
of the Effective Date of the Option Agreement;
and, incur aggregate exploration expenditures of $10,000,000 on the Montalembert Property as
follows:
- $1,000,000 in exploration
expenditures to be completed on or before the 1st anniversary of
the Effective Date of the Option Agreement;
- an additional $1,000,000 in
exploration expenditures to be completed on or before the 2nd
anniversary of the Effective Date of the Option Agreement;
- an additional $1,000,000 in
exploration expenditures to be completed on or before the 3rd
anniversary of the Effective Date of the Option Agreement;
- an additional $2,000,000 in
exploration expenditures to be completed on or before the 4th
anniversary of the Effective Date of the Option Agreement; and
- an additional $5,000,000 in
exploration expenditures to be completed on or before the 5th
anniversary of the Effective Date of the Option Agreement.
Except as provided above, all other terms and conditions of the
Option Agreement shall continue to have the same effect and force
as though the parties had not entered into this Amendment
Agreement.
Enforcer has paid the first-year anniversary cash payment of
$300,000 to Globex and is issuing
2,000,000 common shares of Enforcer to Globex pursuant to the
Agreement.
About Enforcer Gold Corp
Enforcer Gold Corp is earning a 100% interest in the
Montalembert Gold Project from Globex Mining Enterprises Inc. (TSX:
GMX, FSE: GIMN, OTCQX: GLBXF). The 7,300-hectare property is
located 125 km west of Chibougamau
in Quebec's prolific Abitibi
greenstone belt. The property lies 5 km from a paved highway and
hydro-electric power and has easy access to skilled labour, fuel,
accommodation and other industry-related services, allowing for
relatively low exploration costs.
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.
This news release contains "forward-looking statements" that are
based on expectations, estimates, projections and interpretations
as at the date of this news release. Forward-looking statements are
frequently characterized by words such as "plan", "expect",
"project", "intend", "believe", "anticipate", "estimate",
"suggest", "indicate" and other similar words or statements that
certain events or conditions "may" or "will" occur, and include,
without limitation, statements regarding the Company's plans with
respect to the exploration of its Montalembert Project, the
exploration potential and analogous deposit potential of the
Montalembert Project and the timing of the Company's exploration
programs. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such risks and other factors may include, but are not
limited to, the results of exploration activities; the ability of
the Company to complete further exploration activities; the ability
of the Company to complete transactions on terms announced; timing
and availability of external financing on acceptable terms and
those risk factors outlined in the Company's Management Discussion
and Analysis as filed on SEDAR. Enforcer Gold does not undertake to
update any forward-looking information except in accordance with
applicable securities laws.
SOURCE Enforcer Gold