West Red Lake Gold Mines Ltd. Signs Definitive Agreement for Madsen Gold Project
May 18 2023 - 7:00AM
West Red Lake Gold Mines Ltd. (“
West Red
Lake” or “
WRLG”)
(TSXV:
WRLG)
(OTCQB: WRLGF) is pleased to
announce that further to its news release dated April 17, 2023 it
has entered into the Definitive Share Purchase Agreement with Pure
Gold Mining Inc. (“
Pure Gold”), and a fund managed
by Sprott Resource Lending Corp. in respect of the acquisition of
the Madsen Gold Project through the acquisition of all of the
issued and outstanding shares of Pure Gold (the
“
Acquisition”). Details of the Acquisition and the
Madsen Gold Project can be found in the Company’s April 17, 2023
news release, which is available on SEDAR.
Closing of the Acquisition is subject to various
conditions precedent including receipt of all required regulatory
approvals, including the approval of the TSX Venture Exchange, and
receipt of the reverse vesting order from the Supreme Court of
British Columbia in Pure Gold’s ongoing proceedings pursuant to the
Companies Creditors Arrangement Act. The court hearing for approval
for the sale of Pure Gold is set for May 29, 2023.
ABOUT WEST RED LAKE GOLD MINES
LTD.
West Red Lake Gold Mines Ltd. is a mineral
exploration company that is publicly traded and dedicated to
creating value for its shareholders by discovering new gold mines
in the highly productive Red Lake Gold District of Northwest
Ontario, Canada. This district has yielded 30 million ounces of
gold from high-grade zones and hosts some of the world's richest
gold deposits. WRLG holds an expansive property position spanning
3,100 ha in Red Lake, the Rowan Project, including three former
gold mines - Rowan, Mount Jamie, and Red Summit. The Rowan Project
covers a 12-km strike length along the Pipestone Bay St. Paul
Deformation Zone and WRLG plans to continue exploring this property
along strike and to depth aggressively in 2023.
ON BEHALF OF WEST RED LAKE GOLD MINES
LTD.
“Tom Meredith”
Tom
Meredith Chief
Executive Officer
For further information, please
contact:Jasvir KalotiCFO & Corporate
Secretary Tel:
(604) 609-6110
Amandip Singh, VP Corporate DevelopmentTel:
416-203-9181 Email: asingh@wrlgold.comor visit the Company’s
website at https://www.westredlakegold.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.
The TSX Venture Exchange has neither approved
nor disapproved the contents of this news release. Certain
statements contained in this news release constitute
"forward-looking statements". When used in this document, the words
"anticipated", "expect", "estimated", "forecast", "planned", and
similar expressions are intended to identify forward-looking
statements or information. These statements are based on current
expectations of management, however, they are subject to known and
unknown risks, uncertainties and other factors that may cause
actual results to differ materially from the forward-looking
statements in this news release. Readers are cautioned not to place
undue reliance on these statements. West Red Lake Gold Mines Ltd.
does not undertake any obligation to revise or update any forward-
looking statements as a result of new information, future events or
otherwise after the date hereof, except as required by securities
laws.
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