The Corporation increases its interest to 50%
by acquiring
the interest of Quinto Resources
Inc.
MONTREAL, Jan. 11, 2019 /CNW Telbec/ - TOMAGOLD
CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation")
is pleased to announce the signature of an agreement with Quinto
Resources Inc. (TSXV: QIT) ("Quinto") to acquire Quinto's 5%
interest in the Monster Lake property for a cash payment of
$500,000. Following this transaction,
TomaGold will own a 50% interest in the Monster Lake property, with
IAMGOLD Corporation ("IAMGOLD") holding the other 50%.
TomaGold has also entered into an agreement with Brunswick
Resources Inc. ("Brunswick") to acquire the Irene Lake property,
which consists of 14 claims immediately west of the Monster Lake
property, in exchange for a cash payment of $65,000. There is an existing 2% NSR on these
claims.
"The resource calculation reported by IAMGOLD on March 28 (see press release) shows that we have a
high-grade, high-value gold deposit with excellent exploration
potential," said David Grondin,
President and Chief Executive Officer of TomaGold. "We have decided
to make the most of this asset by consolidating our position in the
Monster Lake property and the surrounding area. The transactions
with Quinto and Brunswick are a first step in that direction."
The transactions are subject to closing of the required
financing and to regulatory approval. Both transactions are arm's
length transactions. The Corporation expects to close the
transactions on or about February 15,
2019.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration company
engaged in the acquisition, assessment, exploration and development
of gold mineral properties. It currently has joint venture
agreements with IAMGOLD Corporation for the Monster Lake project,
with Goldcorp Inc. for the Sidace Lake property, and with Goldcorp
Inc. and New Gold Inc. for the Baird property. TomaGold has
interests in seven gold properties near the Chibougamau mining camp in northern
Quebec: Monster Lake, Winchester,
Lac-à-l'Eau-Jaune, Monster Lake East, Monster Lake West, Obalski
and Lac Doda. It also holds interests of 39.5% in the Sidace Lake
property and 24.5% in the Baird property near the Red Lake mining camp in Ontario, and has an option to acquire a 70%
interest in the Hazeur property, at the southern edge of the
Monster Lake group of properties.
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 news release. The statements in this news release
that are not historical facts are "forward-looking statements".
Readers are cautioned that any such statements are not guarantees
of future performance, and that actual developments or results may
vary materially from those described in such "forward-looking"
statements.
SOURCE Corporation TomaGold
