$ELYGF company is pleased to announce that it has granted its consent for Fremont Gold Corp. (TSXV: FRE) ("Fremont"
to sell its option to acquire a 100% interest in the Gold Canyon Claims, located in Eureka County, Nevada (the "Option Agreement" to McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) ("McEwen". The purchase price paid to Fremont for the Option Agreement, was 300,000 McEwen shares. Ely Gold did not receive any compensation for consenting to the sale.
The Gold Canyon Claims are located within McEwen's Gold Bar Mining Complex on the Battle Mountain-Eureka Trend. McEwen achieved commercial production at Gold Bar on May 23, 2019 (see news release, May 23, 2019). The property was previously operated by Atlas Gold Mining Corp from 1986 to 1994. The Gold Canyon Claims are located only 900 meters northwest of the Gold Ridge ore body and on trend with the larger Gold Pick ore body. Gold Pick and Gold Ridge contain the majority of the reserves at Gold Bar. (Refer to Form 43-101 F1 Technical Report Feasibility Study Eureka County, Nevada filed on Gold Bar, March 30, 2018 available on SEDAR and at www.mcewenmining.com)
Trey Wasser, Ely Gold's President & CEO commented, "We are pleased to see our exciting Gold Canyon property in the hands of McEwen Mining. This adds to our portfolio of properties and royalties that are "in and around" producing mines that are owned by the high-quality operators of those mines. We wish to thank Fremont for advancing the project and congratulate them on a successful transaction with McEwen."
to sell its option to acquire a 100% interest in the Gold Canyon Claims, located in Eureka County, Nevada (the "Option Agreement" to McEwen Mining Inc. (NYSE: MUX) (TSX: MUX) ("McEwen". The purchase price paid to Fremont for the Option Agreement, was 300,000 McEwen shares. Ely Gold did not receive any compensation for consenting to the sale. The Gold Canyon Claims are located within McEwen's Gold Bar Mining Complex on the Battle Mountain-Eureka Trend. McEwen achieved commercial production at Gold Bar on May 23, 2019 (see news release, May 23, 2019). The property was previously operated by Atlas Gold Mining Corp from 1986 to 1994. The Gold Canyon Claims are located only 900 meters northwest of the Gold Ridge ore body and on trend with the larger Gold Pick ore body. Gold Pick and Gold Ridge contain the majority of the reserves at Gold Bar. (Refer to Form 43-101 F1 Technical Report Feasibility Study Eureka County, Nevada filed on Gold Bar, March 30, 2018 available on SEDAR and at www.mcewenmining.com)
Trey Wasser, Ely Gold's President & CEO commented, "We are pleased to see our exciting Gold Canyon property in the hands of McEwen Mining. This adds to our portfolio of properties and royalties that are "in and around" producing mines that are owned by the high-quality operators of those mines. We wish to thank Fremont for advancing the project and congratulate them on a successful transaction with McEwen."
