VANCOUVER, British Columbia, Sept. 28, 2022 (GLOBE NEWSWIRE) -- GOLD’N FUTURES MINERAL CORP. (CSE: FUTR) (FSE: G6M), (OTC: GFTRF) (the "Company” or “Gold’n Futures”) is pleased to report that Argonaut Gold Inc. (TSX: AR) (“Argonaut”) and the Company have amended the option agreement (the “Option”) respecting the Hercules gold property (the “Property”). Details of the Option prior to these amendments were disseminated in the press release of the Company on October 26, 2020. Under the amended terms of the Option, the Company has restructured and deferred future payments to be made to Argonaut and exploration obligations against the Property. The new schedule for the option payments and the completion dates for the exploration commitments are presented below.
Stephen Wilkinson, CEO of Gold’n Futures, commented: “We are very pleased with the more favorable terms in this amendment to the original option agreement. Our team is looking forward to capitalizing on all of our previous work and to beginning on the next stage of developing new gold resources from the Golden Mile high grade zones and the excellent new targets we have discovered.”
The Amended Option Terms
Under the restated terms, Gold’n Futures has the option to acquire, on or before June 30, 2025 an initial 50% Earned Interest (as defined in the Option) in the Property by: (a) paying to Argonaut $3,500,000 of which the Company has paid $1,250,000 in cash (b) by incurring further Exploration Expenditures of $6,500,000 on the Property; and (c) granting a one percent Royalty on the following schedule:
(a) the Company will make cash option payments to Argonaut of:
(i) $400,000 which must be paid before April 1, 2023;
(ii) $600,000 which must be paid before September 1, 2023;
(iii) $500,000 which must be paid before January 31, 2024; and
(iv) $750,000 which must be paid before June 30, 2024.
All payments shall be made in cash or, at the sole discretion of Argonaut, in common shares of Gold’n Futures such number of common shares issuable to Argonaut being equal to the applicable payment amount divided by the 5 day VWAP immediately prior to the date of payment;
(b) the Company will incur or fund the Exploration Expenditures aggregating not less than $6,500,000 on the Property, of which an amount of:
(i) $1,500,000 must be incurred or funded before June 30, 2023;
(ii) $2,000,000 must be incurred or funded before June 30, 2024; and
(iii) $3,000,000 must be incurred or funded before June 30, 2025;”
Subject to Gold’n Futures having exercised the First Option, Argonaut has also granted to the Company the Second Option to increase its interest by acquiring a further 40% Earned Interest in the Property bringing its total Earned Interest to 90% by paying to Argonaut an additional amount of (a) $5,000,000, in cash or, at the sole discretion of Argonaut, Gold’n Futures common shares, and (b) by delivering a NI43-101 compliant pre-feasibility study on the Property on or before December 31, 2027.
The scientific and technical content of this press release has been prepared, reviewed, and approved by Mr. Walter Hanych, P. Geo., who is a Qualified Person under NI43-101 regulations and is a director of the Company.
About Gold’n Futures Mineral Corp.
Gold’n Futures Mineral Corp. (CSE: FUTR) (FSE: G6M) (OTC: GFTRF) is a Canadian based exploration company focused on advancing its Hercules gold project. The Hercules is located 200 kilometres northeast of Thunder Bay, Ont., in the townships of Elmhurst and Rickaby, within the Thunder Bay North Mining District. The Project is in the heart of the Beardmore – Geraldton gold mining camp, the 4th largest gold camp in Ontario and is 40 km west of the Hardrock-Greenstone gold mine. The Property comprises 475 contiguous claim cells (10,052 ha). From the historical work completed on the property, the Company has built an extensive database including reconnaissance grab samples; channel samples; a variety of geophysical surveys; and a drill hole database that includes historical drilling totalling in the order of 570 holes. With surface grab samples grading up to 10,374 g/t and channel samples up to 32.96 g/t across 11.6 m, the Hercules gold zones offer top tier targets for the expansion of its historical resources.
For more information, please visit our website at: www.goldnfuturesmineralcorp.com
On behalf of the Board of Directors
For further information
President and CEO,
The Canadian Securities Exchange accepts no responsibility for the adequacy or accuracy of this release.
This news release may contain forward-looking statements based on assumptions and judgments of management regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. There is no assurance the private placement, property option, change of board or reinstatement of trading referred to above will close on the terms as stated, or at all. The Company disclaims any intention or obligation to revise or update such statements.