/NOT FOR DISTRIBUTION TO UNITED
STATES' NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
TORONTO, Nov. 18, 2014
/CNW/ - Atlanta Gold Inc. (TSXV: ATG; OTCQX: ATLDF)
announces the sale by Atlanta Gold Inc. (the "Company") of
its interest in 40 mineral claims comprising the Company's Abitibi
gold property located in western Quebec (the "Abitibi Property") to
Vantex Resources Ltd. ("Vantex").
Two agreements have been reached:
(i) The Company sold its 100% ownership interest in 13
claims comprising the Bousquet portion of the Abitibi Property in
exchange for 1,250,000 Common Shares of Vantex and a one percent
(1%) Net Smelter Returns Royalty.
(ii) The Company sold a 60% ownership interest in 27
claims comprising the Normar portion of the Abitibi Property
interest in exchange for 2,455,000 Common Shares of Vantex
and a one percent (1%) Net Smelter Returns Royalty,
applicable on the portion owned by the Company. Breakwater
Resources Ltd. ("Breakwater") (now wholly-owned by Nyrstar)
holds the remaining 40% ownership.
The Company obtained the consent from Breakwater to the transfer
of those claims and the grant of the one percent (1%) additional
royalty to the Company on the 27 claims pursuant to an Option
Agreement dated as of September 29,
2008 as amended, among Atlanta, Breakwater and Niogold Mining
Corp.
At the time of the acquisition of its 60% interest in the Normar
claims, the Company assumed obligations under pre-existing royalty
agreements (the "Existing Royalties") on a pro-rata basis.
Barrick Gold Corporation currently holds a one percent (1%) net
smelter return royalty and Delfer Gold Mines, Inc. currently holds
a five percent (5%) net profits royalty. Vantex agreed that it
shall promptly provide notice in writing to the holders of the
royalties under the Existing Royalties.
The issuance of Common Shares of Vantex shall be under a
prospectus exemption and will be subject to a four-month statutory
restricted period on resale and it is subject to the approval of
the TSX Venture Exchange.
"Sale of lower exploration properties allows the Company to
focus on developing the Atlanta Project, Neal Property and other
properties, rather than incur further expenditures necessary to
maintain the claims." said Ernest
Simmons, President and CEO of the Company.
About the Company
Atlanta Gold Inc. holds through its 100% owned
subsidiary, Atlanta Gold Corporation, leases, options or ownership
interests in its Atlanta
properties which comprise approximately 2,159 acres (8.74 square
kilometres) located 90 air kilometers east of Boise, in Elmore
County, Idaho. A long history of mining makes Atlanta very suitable for development of new
mining projects. The Company is focused on advancing its core
asset, Atlanta, towards mine
development and production.
Forward-Looking Information
This news release contains forward-looking information and
forward-looking statements (collectively "forward-looking
statements") within the meaning of applicable securities laws with
respect to the issuance of shares in satisfaction of interest and
the amendments to the terms of the warrants, gold options and
Notes. Such are based upon the assumption that the Company will
receive the requisite approvals of the TSX Venture Exchange, and
are made as of the date hereof. The Company undertakes no
obligation to update publicly or revise any forward-looking
statements contained herein or in any other documents filed with
securities regulatory authorities, whether as a result of new
information, future events or otherwise, except in accordance with
applicable securities laws.
To receive Company news via email, contact jeanny@chfir.com and
mention "Atlanta Gold News" in the subject line.
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.
SOURCE Atlanta Gold Inc.