ROUYN-NORANDA, QC, April 20, 2021 /CNW Telbec/ - Visible Gold
Mines Inc. (TSXV: VGD) (OTCQX: VGMIF) (FRANKFURT: 3V41) is pleased to announce
that it has entered into an option agreement with TomaGold Corp.
(the "Option Agreement") to sell its 30% ownership interest
in the mining claims comprising the Hazeur property, located 35 km
south east of Chapais. As
consideration pursuant to the Option Agreement, TomaGold will be
required to issue 2 million common shares to Visible Gold Mines
upon receipt of the TSX Venture Exchange approval for this
transaction, and pay an aggregate amount of $250,000 to Visible Gold Mines, to be paid in the
following instalments: $50,000 on or
before May 31, 2021, $100,000 on or before July
31, 2021, and $100,000 on or
before November 30, 2021.
Pursuant to the Option Agreement, Visible Gold Mines was
granted a 2% net smelter return (NSR) royalty on the mining claims
comprising the Hazeur property, 50% of which NSR Royalty may be
purchased by TomaGold at any time for an amount of $500,000.
Martin Dallaire, President and
Chief Executive Officer of Visible Gold Mines stated, "Visible Gold
Mines land package in this prospective area exceeds 100
km2. Our focus and budget in the near future will mostly
be allocated on our 100% owned royalty-free Horsefly, Doda and
Phooey Lake projects which is immediatly adjacent to the recently
updated Northern Superior Surprise Lake exploration project."
Qualified Person
Robert Sansfaçon, P.Geo, senior geologist and Visible Gold
Mines' vice-president exploration, is the qualified person for
Visible Gold Mines' properties under National Instrument 43-101 -
Standards of Disclosure for Mineral Projects, responsible
for the technical contents of this news release, and has approved
the disclosure of the technical information contained herein.
About Visible Gold Mines Inc.
Visible Gold Mines is a corporation focused on gold in the
prolific Abitibi Gold Belt and the
Bay James region in the province of Québec. Visible Gold Mines has
33,827,039 common shares outstanding.
Forward-Looking Statements
This news release contains statements that may constitute
"forward-looking information" within the meaning of applicable
Canadian securities legislation. Forward-looking information may
include, among others, statements regarding the future plans,
costs, objectives or performance of Visible Gold Mines, or the
assumptions underlying any of the foregoing. In this news release,
words such as "may", "would", "could", "will", "likely", "believe",
"expect", "anticipate", "intend", "plan", "estimate" and similar
words and the negative form thereof are used to identify
forward-looking statements. Forward-looking statements should not
be read as guarantees of future performance or results, and will
not necessarily be accurate indications of whether, or the times at
or by which, such future performance will be achieved. No assurance
can be given that any events anticipated by the forward-looking
information will transpire or occur, including the disposition of
Visible Gold Mines' interest in the Hazeur property and reception
of the consideration pursuant to the Option Agreement, or the
development of, and the benefit that Visible Gold Mines may receive
from, the Horsefly, Doda and Phooey Lake projects. Forward-looking
information is based on information available at the time and/or
management's good-faith belief with respect to future events and
are subject to known or unknown risks, uncertainties, assumptions
and other unpredictable factors, many of which are beyond Visible
Gold Mines' control. These risks, uncertainties and assumptions
include, but are not limited to, those described under "Risk
Factors" in the management's discussion and analysis of Visible
Gold Mines for the fiscal year ended July
31, 2020 and under "Financial Instrument Risks" in Visible
Gold Mines' Annual Report for the fiscal year ended July 31, 2020, copies of which is available on
SEDAR at www.sedar.com, and could cause actual events or results to
differ materially from those projected in any forward-looking
statements. Visible Gold Mines does not intend, nor does Visible
Gold Mines undertake any obligation, to update or revise any
forward-looking information contained in this news release to
reflect subsequent information, events or circumstances or
otherwise, except if required by applicable laws.
Neither 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 the release.
SOURCE Visible Gold Mines Inc.