GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE:
G6M), (OTC: GFTRF) (the "Company” or “Gold’n Futures”) is pleased
to report that Argonaut Gold Inc. (TSX: AR) (“Argonaut”) and the
Company have amended the option agreement (the “Option”) respecting
the Hercules gold property (the “Property”). Details of the Option
prior to these amendments were disseminated in the press release of
the Company on October 26, 2020. Under the amended terms of the
Option, the Company has restructured and deferred future payments
to be made to Argonaut and exploration obligations against the
Property. The new schedule for the option payments and the
completion dates for the exploration commitments are presented
below.
Stephen Wilkinson, CEO of Gold’n
Futures, commented: “We are very pleased with the more favorable
terms in this amendment to the original option agreement. Our team
is looking forward to capitalizing on all of our previous work and
to beginning on the next stage of developing new gold resources
from the Golden Mile high grade zones and the excellent new targets
we have discovered.”
The Amended Option Terms
Under the restated terms, Gold’n Futures has the
option to acquire, on or before June 30, 2025 an initial 50% Earned
Interest (as defined in the Option) in the Property by: (a) paying
to Argonaut $3,500,000 of which the Company has paid $1,250,000 in
cash (b) by incurring further Exploration Expenditures of
$6,500,000 on the Property; and (c) granting a one percent Royalty
on the following schedule:
(a) the Company will make cash option payments
to Argonaut of:
(i) $400,000
which must be paid before April 1, 2023;
(ii) $600,000
which must be paid before September 1, 2023;
(iii) $500,000
which must be paid before January 31, 2024; and
(iv) $750,000
which must be paid before June 30, 2024.
All payments shall be made in cash or, at the
sole discretion of Argonaut, in common shares of Gold’n Futures
such number of common shares issuable to Argonaut being equal to
the applicable payment amount divided by the 5 day VWAP immediately
prior to the date of payment;
(b) the Company will incur or fund the
Exploration Expenditures aggregating not less than $6,500,000 on
the Property, of which an amount of:
(i) $1,500,000
must be incurred or funded before June 30, 2023;
(ii) $2,000,000
must be incurred or funded before June 30, 2024; and
(iii) $3,000,000
must be incurred or funded before June 30, 2025;”
Subject to Gold’n Futures having exercised the
First Option, Argonaut has also granted to the Company the Second
Option to increase its interest by acquiring a further 40% Earned
Interest in the Property bringing its total Earned Interest to 90%
by paying to Argonaut an additional amount of (a) $5,000,000, in
cash or, at the sole discretion of Argonaut, Gold’n Futures common
shares, and (b) by delivering a NI43-101 compliant pre-feasibility
study on the Property on or before December 31, 2027.
Qualified Person
The scientific and technical content of this
press release has been prepared, reviewed, and approved by Mr.
Walter Hanych, P. Geo., who is a Qualified Person under NI43-101
regulations and is a director of the Company.
About Gold’n Futures Mineral
Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE:
G6M) (OTC: GFTRF) is a Canadian based exploration company focused
on advancing its Hercules gold project. The Hercules is located 200
kilometres northeast of Thunder Bay, Ont., in the townships of
Elmhurst and Rickaby, within the Thunder Bay North Mining District.
The Project is in the heart of the Beardmore – Geraldton gold
mining camp, the 4th largest gold camp in Ontario and is 40 km west
of the Hardrock-Greenstone gold mine. The Property comprises 475
contiguous claim cells (10,052 ha). From the historical work
completed on the property, the Company has built an extensive
database including reconnaissance grab samples; channel samples; a
variety of geophysical surveys; and a drill hole database that
includes historical drilling totalling in the order of 570 holes.
With surface grab samples grading up to 10,374 g/t and channel
samples up to 32.96 g/t across 11.6 m, the Hercules gold zones
offer top tier targets for the expansion of its historical
resources.
For more information, please visit our website
at: www.goldnfuturesmineralcorp.com
On behalf of the Board of
DirectorsFor further information
Stephen Wilkinson,President and CEO,(236)
886-8808
The Canadian Securities Exchange accepts
no responsibility for the adequacy or accuracy of this
release.
This news release may contain forward-looking
statements based on assumptions and judgments of management
regarding future events or results. Such statements are subject to
a variety of risks and uncertainties which could cause actual
events or results to differ materially from those reflected in the
forward-looking statements. There is no assurance the private
placement, property option, change of board or reinstatement of
trading referred to above will close on the terms as stated, or at
all. The Company disclaims any intention or obligation to revise or
update such statements.
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