REC Record Resources Inc

Reliant Gold Corp. ("Reliant" or the "Corporation") (TSX VENTURE:REC) is pleased
to announce that it has today successfully entered into a formal joint venture
agreement with respect to its previously announced joint venture (the "Joint
Venture") with Probe Mines Limited (TSX VENTURE:PRB) ("Probe") relating to
Reliant's Borden Lake South Property (the "Property"), located in Chapleau,
Ontario. 


The principal commercial terms of the Joint Venture are as follows:



--  Probe and Reliant have an initial 51% interest and a 49% interest,
    respectively, in the Joint Venture; 
--  Probe made a cash payment of $200,000 and issued 100,000 common shares
    of Probe to Reliant upon the execution of the Joint Venture agreement; 
--  Probe is responsible for maintaining the Property in good standing until
    the date (the "Joint Funding Date") which is the earlier of (i) the
    completion of a bankable feasibility study with respect to the Property;
    and (ii) March 12, 2019; 
--  Probe is responsible for funding 100% of the Joint Venture until the
    Joint Funding Date; 
--  On delivery of a positive bankable feasibility study with respect to the
    Property by Probe to Reliant on or prior to March 12, 2019, Probe will
    earn an additional 24% interest in the Joint Venture increasing its
    interest to 75% and, thereafter, Probe and Reliant will be responsible
    for the costs of maintaining the Property in good standing and funding
    the Joint Venture as to 75% and 25%, respectively; and 
--  if a positive bankable feasibility study with respect to the Property is
    not delivered by Probe to Reliant on or prior to March 12, 2019, the
    interests of the parties in the Joint Venture will be fixed at 51% and a
    49% for Probe and Reliant, respectively, and, thereafter, the parties
    will be responsible for the costs of maintaining the Property in good
    standing and funding the Joint Venture in those percentages.



The Joint Venture was entered into as a variation to the existing relationship
between Probe and Reliant with respect to the Property under an option agreement
made effective as of the 12th day of March, 2012 pursuant to which Probe had an
option to acquire up to a 70% interest in the Property.


ABOUT RELIANT

Reliant is a junior mineral exploration company with an experienced management
team engaged in the acquisition, exploration and development of properties for
the mining of precious and base metals. The Borden Lake South Property,
comprised of 20 mining claims representing 294 claim units covering
approximately 4,704 hectares, is located 10 kilometres east of the Town of
Chapleau, Ontario. The common shares of Reliant trade on the TSX Venture
Exchange under the stock symbol "REC". 


FORWARD-LOOKING STATEMENTS

Certain statements in this press release may constitute "forward-looking"
statements which involve known and unknown risks, uncertainties and other
factors which may cause actual results, performance or achievements of Reliant
or the industry in which it operates to be materially different from any future
results, performance or achievements expressed or implied by such
forward-looking statements. When used in this press release, the words
"estimate", "believe", "anticipate", "intend", "expect", "plan", "may",
"should", "will", the negative thereof or other variations thereon or comparable
terminology are intended to identify forward-looking statements. Such statements
reflect the current expectations of the management of Reliant with respect to
future events based on currently available information and are subject to risks
and uncertainties that could cause actual results, performance or achievements
to differ materially from those expressed or implied by those forward-looking
statements. These risks and uncertainties are detailed from time to time,
including, without limitation, under the heading "Risk Factors", in Reliant's
prospectus and in other continuous disclosure documents that are filed by
Reliant from time to time with the Ontario, Alberta or British Columbia
Securities Commissions which are available at www.sedar.com and to which readers
of this press release are referred for additional information concerning
Reliant, its prospects and the risks and uncertainties relating to Reliant and
its prospects. New risk factors may arise from time to time and it is not
possible for management to predict all of those risk factors or the extent to
which any factor or combination of factors may cause actual results, performance
and achievements of Reliant to be materially different from those contained in
forward-looking statements. Although the forward-looking statements contained in
this press release are based upon what management believes to be reasonable
assumptions, Reliant cannot assure investors that actual results will be
consistent with these forward-looking statements. Given these risks and
uncertainties, investors should not place undue reliance on forward-looking
statements as a prediction of actual results.


The forward-looking information contained in this press release is current only
as of the date hereof. Reliant does not undertake or assume any obligation,
except as required by law, to release publicly any revisions to these
forward-looking statements to reflect events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.


No securities commission or regulatory authority has approved or disapproved the
contents of this press release. 


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.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Reliant Gold Corp.
Kabir Ahmed
President, Chief Executive Officer and Director
(416) 365-6580
(416) 946-1951 (FAX)
info@reliantgold.com


Reliant Gold Corp.
40 King Street West
Suite 3100
Scotia Plaza,
Toronto, Ontario, M5H 3Y2

Record Resources (TSXV:REC)
Historical Stock Chart
From Jun 2024 to Jul 2024

Record Resources (TSXV:REC)
Historical Stock Chart
From Jul 2023 to Jul 2024