VANCOUVER, BC, Sept. 3,
2024 /CNW/ - Elevation Gold Mining Corporation
(TSXV: ELVT.H) (the "Company" or "Elevation
Gold") announces that its wholly-owned subsidiary Eclipse
Gold Mining Corporation ("Eclipse") has closed the
disposition (the "Disposition") of its Hercules Property by
way of the sale of all of the issued and outstanding common shares
of its wholly-owned subsidiary Alcmene Mining Inc.
("Alcmene") to StrikePoint Gold Inc. ("StrikePoint")
in consideration for $250,000,
pursuant to the terms of a share purchase agreement dated as of
August 29, 2024 between Strikepoint,
Eclipse and Alcmene.
Alcmene holds one hundred percent (100%) of the membership
interests of Hercules Gold USA,
LLC ("Hercules USA"), a
Nevada-based company that holds
the Hercules Property, comprised of (i) one thousand two hundred
and seven (1207) unpatented mining claims and 4 patented mining
claims situated in Lyon County,
Nevada, and (ii) the one hundred and sixteen (116)
unpatented mining claims owned by Minquest Inc., situated in
Lyon County, Nevada, which are
subject to an option agreement dated August
9, 2019 among Great Basin Resources, Inc., Iconic Minerals,
Ltd., Eclipse and Hercules USA.
The Disposition remains subject to the final approval of the TSX
Venture Exchange (the "Exchange"). StrikePoint is not a
Non-Arm's Length Party to the Company. No finder's fee is payable
in connection with the Disposition. The Disposition is acceptable
under the amended and restated initial court order dated
August 12, 2024 (the "Order")
of the Supreme Court of British
Columbia under the Companies' Creditors Arrangement Act, and
the Disposition has been consented to by KSV Restructuring Inc.,
the court-appointed monitor of the Company, as it was in compliance
with terms of the Order.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING
CORPORATION
"Tim J. Swendseid"
Tim J. Swendseid, President of
Elevation Gold Mining Corporation
About Elevation Gold Mining Corporation
Elevation Gold is a publicly listed gold and silver producer,
engaged in the acquisition, exploration, development and operation
of mineral properties located in the United States. Elevation
Gold's common shares are currently listed on the Exchange's NEX
Board in Canada under the ticker
symbol ELVT.H. The Company's principal operation is the 100%
owned Moss Mine in the Mohave
County of Arizona.
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.
Cautionary Statement on Forward-Looking Information
Certain of the statements made and information contained
herein is "forward-looking information" within the meaning of
applicable Canadian securities laws. All statements other than
statements of historical facts included in this document constitute
forward-looking information, including but not limited to
statements regarding the final approval of the Exchange. Words such
as "believe", "expect", "anticipate", "contemplate", "target",
"plan", "goal", "aim", "intend", "continue", "budget", "estimate",
"may", "will", "can", "could", "should", "schedule" and similar
expressions identify forward-looking statements.
Forward-looking information is necessarily based upon various
estimates and assumptions including, without limitation,
management's expectations with regards to receipt of the final
approval of the Exchange; and assumptions related to the factors
set forth below. While these factors and assumptions are considered
reasonable by the Company as at the date of this document in light
of management's experience and perception of current conditions and
expected developments, these statements are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Known and unknown factors could cause actual results
to differ materially from those projected in the forward-looking
statements and undue reliance should not be placed on such
statements and information. Such factors include, but are not
limited to: risks related to not receiving the Exchange's final
approval, and other risks and uncertainties including but not
limited to those described the Company's public disclosure
documents which are available on SEDAR at www.sedar.com under the
Company's profile. All of the forward-looking statements made in
this document are qualified by these cautionary statements.
Although the Company has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking information, there may be other
factors that cause results not to be as anticipated, estimated,
forecast or intended and readers are cautioned that the foregoing
list is not exhaustive of all factors and assumptions which may
have been used. Should one or more of these risks and uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in
forward-looking information. Accordingly, there can be no assurance
that forward-looking information will prove to be accurate and
forward-looking information is not a guarantee of future
performance. Readers are advised not to place undue reliance on
forward-looking information. The forward-looking information
contained herein speaks only as of the date of this document. The
Company disclaims any intention or obligation to update or revise
forward–looking information or to explain any material difference
between such and subsequent actual events, except as required by
applicable law.
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SOURCE Elevation Gold Mining Corp.
