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KELOWNA, BC, July 22, 2019 /CNW/ - Rockwealth Resources Corp.
(TSXV: RWR) ("RWR" or the "Company") is pleased to
announce that it has entered into an exclusivity agreement (the
"Exclusivity Agreement") with Realgold Resources Corp.
("Realgold") whereby the Company will have until
October 17, 2019 to conduct due
diligence on Realgold, with a view to negotiating the terms of a
letter of intent and, if applicable, a definitive agreement in
order to complete a transaction with Realgold regarding its
properties (the "Potential Transaction").
About Realgold Resources Corp.
Realgold has assembled an extensive land portfolio in the
Kyrgyz Republic that includes 16
projects in 28 licenses covering 274,124 ha within the highly
prolific Tien Shan gold belt. The Carlin type
potential in southwestern Kyrgyz
Republic was recognized by Doug
Kirwin, Realgold's President and CEO, and ground was
subsequently acquired by staking.
The Tien Shan belt is an extensive 2,500km long east-west
trending geological province containing >200 million ounces of
gold and is host to several giant gold deposits, including the
world's single largest operating gold mine (Muruntau in
Uzbekistan) to the west and the
giant Kumtor mine in eastern Kyrgyzstan to the east end of the belt.
Carlin type deposits are the most important source of gold in
the United States and the Tien
Shan belt within the Kyrgyz
Republic is now recognized as hosting the
2nd largest confirmed Carlin terrain in the
world. Realgold licences cover 90% of newly recognized and
unexplored Carlin type gold belt.
Recent exploration successes on Realgold's properties
include:
- A drill hole discovery of high-grade gold mineralization at
Uluktau including 21m @ 33.7 g/t Au
from surface; and
- A new discovery of significant Carlin type gold mineralization
at Alai including 22m @ 3.6 g/t in
surface hand-trench in silicified carbonaceous sediments and
Jasperoid and including a hand sample that returned 50 g/t Au.
Private Placement
The Company is pleased to announce that it intends to
complete a non-brokered private placement (the "Private
Placement") of up to 5,000,000 common shares (each a
"Share") at a price of $0.20
per Share for gross proceeds of up to $1,000,000.
The Private Placement is subject to TSX Venture Exchange
approval and all securities are subject to a four month hold
period. Finder's fees may be payable in connection with the Private
Placement, all in accordance with the policies of the TSX Venture
Exchange and applicable securities laws.
The proceeds from the Private Placement will be used for due
diligence costs related to the Potential Transaction, costs to
maintain its existing projects in good standing, other deal
sourcing initiatives and general corporate and working capital
purposes.
Further Information
Further details regarding the Potential Transaction will be
provided in a future news release, if and when RWR and Realgold
execute a letter of intent in respect thereof. There can be no
assurance that the Potential Transaction will be completed.
Qualified Person
The scientific and technical information contained in this news
release as it relates to Realgold has been reviewed and approved by
Ross McElroy, a "Qualified Person"
as defined in National Instrument 43-101 – Standards of
Disclosure for Mineral Projects.
ON BEHALF OF THE BOARD OF DIRECTORS
"Dev Randhawa"
Dev Randhawa
President and Director
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.
This news release does not constitute an offer to sell or a
solicitation of an offer to buy nor shall there be any sale of any
of the securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful, including any of the
securities in the United States of
America. The securities have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "1933 Act") or any state securities laws and
may not be offered or sold within the
United States or to, or for account or benefit of, U.S.
Persons (as defined in Regulation S under the 1933 Act) unless
registered under the 1933 Act and applicable state securities laws,
or an exemption from such registration requirements is
available.
Forward-Looking Statements
This news release may contain forward-looking statements
including but not limited to comments regarding the signing of a
letter of intent, the Potential Transaction, the Private Placement,
statements about Realgold and its intentions, and other matters.
Forward-looking statements address future events and conditions and
therefore involve inherent risks and uncertainties. Actual results
may differ materially from those currently anticipated in such
statements and the Company undertakes no obligation to update such
statements, except as required by law.
There can be no assurance that the Potential Transaction or
Private Placement will be completed.
Forward-looking statements are based on the then-current
expectations, beliefs, assumptions, estimates and forecasts about
the business and the industry and markets in which the Company
operates, including that: general business and economic conditions
will not change in a material adverse manner; and financing will be
available if and when needed on reasonable terms. Forward-looking
statements are not guarantees of future performance and involve
risks, uncertainties and assumptions which are difficult to
predict. Investors are cautioned that all forward-looking
statements involve risks and uncertainties, including: that the
Company may not be able to raise additional funds when necessary;
fluctuations in currency exchange rates; and other risks and
uncertainties listed in the Company's public filings. These risks,
as well as others, could cause actual results and events to vary
significantly. Accordingly, readers should not place undue reliance
on forward-looking statements and information, which are qualified
in their entirety by this cautionary statement. There can be no
assurance that forward-looking information, or the material factors
or assumptions used to develop such forward looking information,
will prove to be accurate. The Company does not undertake any
obligations to release publicly any revisions for updating any
voluntary forward-looking statements, except as required by
applicable securities law.
SOURCE Rockwealth Resources Corp.