TORONTO, Dec. 16, 2020 /CNW/ - Nubian Resources Ltd.
(TSX-V: NBR) ("Nubian" or the "Company") is pleased to announce
that the Company has closed its acquisition of the Fosterville East
project, located in Victoria,
Australia and the Lefroy
and Mathinna projects, located in Tasmania, Australia. The Fosterville
East Project (83 km2) is located within the Bendigo
Structural Zone approximately 10 km east of Kirkland Lake Gold's Fosterville Gold Mine and
immediately east of a recently lifted exploration moratorium
area. The Lefroy Project (28 km2) consists of one
Retention Licence which covers the historical Pinafore and Chum
mines, and one Exploration Licence which covers the majority of the
remaining historical Lefroy Goldfield. The Mathinna Project
(142 km2) consists of four Exploration Licences that
cover about 30 km of structural trend within the historical
Alberton-Mathinna Goldfield.
As consideration for the acquisitions, the Company paid
AU$2,500,000 comprising AU$100,000 (CA$94,900) in cash as a deposit
and issued 5,050,000 common shares of the Company in accordance
with the letter of intent signed in July
2020 (see press release dated July
15, 2020). The common shares issued are subject to a
statutory hold period of four months and one day in accordance with
securities laws.
In connection with the acquisitions, the Company's subsidiary,
Blackwood Prospecting Pty Ltd., entered into a share Purchase
Agreement with Van Diemens Gold Limited and Stavely Minerals
Limited ("Stavely") for the purchase of all of the issued and
outstanding shares of Stavely Tasmania Pty Ltd, the owner of the
Fosterville East project and the Lefroy and Mathinna projects, and a share
purchase agreement with Lantech Developments Pty Ltd, Long Weekend
(QLD) Pty Ltd and a private individual for the purchase of all of
the issued and outstanding shares of Bestlevel Holdings Pty Ltd
("Bestlevel"), the part owner of three of Mathinna Exploration
Licences. These three Exploration Licences in the Mathinna project
had been held by Bestlevel and Stavely (as operator) pursuant to a farm-in
agreement.
Martin Walter, President &
CEO of Nubian, commented, "The finalization of the Stavely acquisitions concludes what has been a
very good year for Nubian in acquiring and expanding its
exploration footprint into Australia. The combination of the
Fosterville East and the Yandoit Gold Project, located in
Central Victoria, with the
Lefroy and Mathinna projects that
have similar geology, provide Nubian with a good combination of
early exploration and more advanced development stage
projects. The Company is looking forward to 2021, a year that
will focus on exploration activities of these highly prospective
properties."
In connection with the acquisitions, the Company issued 126,832
common shares in the capital of the Company to Peter Huljich as a
finder's fee. Also, in connection with its previously
announced acquisition of the Yandoit Gold Project, which was
completed on November 26, 2020, the
Company issued 333,333 common shares in the capital of the Company
to Launchpad (Aus) Pty Ltd as a finder's fee.
ABOUT NUBIAN
Nubian Resources Ltd. is a publicly traded precious and base
metals exploration company listed on the TSX Venture Exchange. The
Company is managed by a team of experienced mining and geological
professionals. Nubian's projects are focused in key
mining jurisdictions in central Victoria,
Australia, Tasmania,
Peru and USA.
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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Nubian's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. Although such statements are
based on reasonable assumptions of Nubian's management, there can
be no assurance that any conclusions or forecasts will prove to be
accurate.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in parameters of the Projects
as plans continue to be redefined, risks relating to variations in
grade or recovery rates, risks relating to changes in mineral
prices and the worldwide demand for and supply of minerals, risks
related to the COVID-19 pandemic and current global financial
conditions, increased competition, access and supply risks,
reliance on key personnel, operational risks, regulatory risks,
including risks relating to licenses and permits, financing,
capitalization and liquidity risks and title and environmental
risks.
The forward-looking information contained in this release is
made as of the date hereof, and Nubian is not obligated to update
or revise any forward-looking information, whether as a result of
new information, future events or otherwise, except as required by
applicable securities laws.
Because of the risks, uncertainties and assumptions contained
herein, investors should not place undue reliance on
forward-looking information. The foregoing statements expressly
qualify any forward-looking information contained herein.
SOURCE Nubian Resources Ltd.