$BMXI Brookmount Explorations Announces Definitive
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Posted On: 06/15/2021 1:49:35 PM
$BMXI Brookmount Explorations Announces Definitive Agreement to Acquire Canadian Based Gold Project
https://www.globenewswire.com/news-release/20...oject.html
Reno, Nevada, June 15, 2021 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC Pink: BMXI) (“Brookmount”) is pleased to announce that it has entered into a binding agreement with Gennex Gold Corp. pursuant to which Gennex Gold will sell to Brookmount its entire interest in the Moosehorn Gold Project in Yukon, Canada, situated approximately 20km south of the Trans Alaska Highway, near Dawson City. The project covers approximately 6,000 hectares, and includes an accommodation camp, airstrip, fuel depot and a comprehensive inventory of heavy equipment including excavators, diggers, ore trucks and a large ball mill.
The acquisition also includes all relevant and exploration and production related licenses and permits. Existing gold reserves have been partially surveyed under 43-101 requirements, resulting in an initial estimated total resource of 39,000 oz Au. Preliminary estimates indicate a total resource for the area of approximately 1 million oz. Au.
In exchange for 100% of Moosehorn, Gennex will receive shares in Brookmount equivalent to 25% of the issued and outstanding shares of the Company calculated on a fully diluted basis and issued at closing. In addition, the Company has agreed to inject a total of $1.650,000 into Gennex’ operations over a period of approximately 18 months, to meet additional cash obligations arising from the purchase and to provide funds to continue a drilling program to increase Moosehorn’s confirmed resource as well as bring the project to production capability. Following the closing, Errin Kimball, principal of Gennex and a highly experienced geological engineer with extensive experience in remote gold projects in arctic and sub arctic environments, will be appointed as a Director of Brookmount and retained by the Company as Project Manager.
In announcing these initiatives Nils Ollquist, CEO of the Company commented as follows: “This agreement with Gennex represents a major breakthrough for our Company. It is our first successful acquisition as part of the Company’s strategic initiative to diversify its gold reserve and production platform into developed markets. The Moosehorn project is based in a highly productive area of the Yukon gold belt, it currently has confirmed reserves of close to 40,000 oz. Au. with a possible 1 million oz.au to be proven up with further drill testing, and existing infrastructure which will enable it to be brought into production relatively quickly. We anticipate closing on the acquisition by the end of June.
https://www.globenewswire.com/news-release/20...oject.html
Reno, Nevada, June 15, 2021 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC Pink: BMXI) (“Brookmount”) is pleased to announce that it has entered into a binding agreement with Gennex Gold Corp. pursuant to which Gennex Gold will sell to Brookmount its entire interest in the Moosehorn Gold Project in Yukon, Canada, situated approximately 20km south of the Trans Alaska Highway, near Dawson City. The project covers approximately 6,000 hectares, and includes an accommodation camp, airstrip, fuel depot and a comprehensive inventory of heavy equipment including excavators, diggers, ore trucks and a large ball mill.
The acquisition also includes all relevant and exploration and production related licenses and permits. Existing gold reserves have been partially surveyed under 43-101 requirements, resulting in an initial estimated total resource of 39,000 oz Au. Preliminary estimates indicate a total resource for the area of approximately 1 million oz. Au.
In exchange for 100% of Moosehorn, Gennex will receive shares in Brookmount equivalent to 25% of the issued and outstanding shares of the Company calculated on a fully diluted basis and issued at closing. In addition, the Company has agreed to inject a total of $1.650,000 into Gennex’ operations over a period of approximately 18 months, to meet additional cash obligations arising from the purchase and to provide funds to continue a drilling program to increase Moosehorn’s confirmed resource as well as bring the project to production capability. Following the closing, Errin Kimball, principal of Gennex and a highly experienced geological engineer with extensive experience in remote gold projects in arctic and sub arctic environments, will be appointed as a Director of Brookmount and retained by the Company as Project Manager.
In announcing these initiatives Nils Ollquist, CEO of the Company commented as follows: “This agreement with Gennex represents a major breakthrough for our Company. It is our first successful acquisition as part of the Company’s strategic initiative to diversify its gold reserve and production platform into developed markets. The Moosehorn project is based in a highly productive area of the Yukon gold belt, it currently has confirmed reserves of close to 40,000 oz. Au. with a possible 1 million oz.au to be proven up with further drill testing, and existing infrastructure which will enable it to be brought into production relatively quickly. We anticipate closing on the acquisition by the end of June.
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