Arbor Metals increases iInterest in Rakounga Gold Project
March 16, 2020 – Vancouver, British Columbia – Arbor Metals Corp. (the “Company”) (TSXV:ABR) announces that its wholly-owned subsidiary, Kruger Gold Corp. (“Kruger”), has reachedan agreement to expand the scope of its existing right to acquire a seventy-five percent interestin and to the Rakounga Gold Project (the “Project”), located in Burkina Faso, West Africa.
Under the revised terms, Kruger now was the right to acquire up to a one-hundred percentinterest in and to the Project, subject only to pre-existing royalty obligations. Kruger has controlover operations conducted on the Project, and can acquire a ninety-percent interest in theProject by completing a series of cash payments totaling $1,000,000, and incurring explorationexpenditures of at least $1,250,000 in the development of the Project over a five-year term.Following completion of these payments and expenditures, Kruger can acquire the remainingten-percent interest in the Project by completing a one-time cash payment of $1,000,000.
The Project is subject to a one-percent net smelter returns royalty in favour of an underlyingowner, as well as a further one-percent royalty in favour of Sandstorm Gold Ltd. Followingacquisition of the Project, Kruger would assume responsibility for these existing royaltyobligations.
The Company continues to explore further opportunities for strategic acquisitions in theexploration-stage mineral sector. At this time, the Company does not intend to devote themajority of its resources to the development of the Project in the next twelve months, nor does itexpect the Project to represent the majority of its assets going forward.
For further information, contact Mark Ferguson, Chief Executive Officer, at
firstname.lastname@example.org, or visit the Company’s website at www.arbormetalscorp.com.
On behalf of the Board,
Arbor Metals Corp.
Mark Ferguson, Chief Executive Officer
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSXVenture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain “Forward-Looking Statements” within the meaning of the United States PrivateSecurities Litigation Reform Act of 1995 and applicable Canadian securities laws. When or if used in this newsrelease, the words “anticipate”, “believe”, “estimate”, “expect”, “target, “plan”, “forecast”, “may”, “schedule” and similarwords or expressions identify forward-looking statements or information. These forward-looking statements orinformation may relate to a review of potential strategic acquisition opportunities, and other factors or information.Such statements represent the Company’s current views with respect to future events and are necessarily basedupon a number of assumptions and estimates that, while considered reasonable by the Company, are inherentlysubject to significant business, economic, competitive, political and social risks, contingencies and uncertainties.Many factors, both known and unknown, could cause results, performance or achievements to be materially differentfrom the results, performance or achievements that are or may be expressed or implied by such forward-lookingstatements. The Company does not intend, and does not assume any obligation, to update these forward-lookingstatements or information to reflect changes in assumptions or changes in circumstances or any other eventsaffecting such statements and information other than as required by applicable laws, rules and regulations.
be informed about New Articles & Press Releases!
Register for our free newsletter service to be informed about new press releases, articles & project updates.