Reunion Gold Announces Exercise of Options to Acquire the Oko West Project In Guyana
LONGUEUIL, Quebec, Feb. 24, 2023 (GLOBE NEWSWIRE) -- Reunion Gold Corporation (TSXV: RGD; OTCQB: RGDFF) (the “Company”) is pleased to announce that it has exercised the two options to acquire all of the rights to its Oko West Project that were originally held by two local miners, for no additional consideration. Reunion Gold is now the 100% registered and beneficial owner of the Oko West Project and Prospecting Licence.
As stated in the Company’s February 13, 2023 news release, the Oko West Project was excluded from the Alliance by Barrick Gold Corporation (“Barrick”) in January 2020. Barrick transferred back to the Company all of its rights in Oko West under a transfer agreement and has no back-in rights on Oko West.
The Company, having met all the conditions under the two agreements with the local miners, including satisfying all annual option payments, has now exercised the two options. In accordance with one of the option agreements, the optionor will be entitled to receive a contingent consideration of US$5.00 per ounce of gold to be produced from his former permits area (representing approximately 86.5% of the Oko West Project licence area).
The Oko West Project comprises one Prospecting License issued to Reunion Gold Inc., the Company’s 100%-owned Guyanese subsidiary, on September 23, 2022. The licence is valid for an initial period of three years and has a surface area of approximately 10,890 acres.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accept responsibility for the adequacy or accuracy of this press release.
About Reunion Gold Corporation
Reunion Gold Corporation is a leading gold explorer in the Guiana Shield, South America. In 2021 the Company made an exciting new gold discovery at its Oko West project in Guyana, where to date, it has outlined continuous gold mineralization at the Kairuni zone over 2,000 meters of strike and to a depth of 575 meters. In addition to Kairuni, there are several additional priority exploration targets in the Oko West project area. The Company’s common shares are listed on the TSX Venture Exchange under the symbol ‘RGD’ and trade on the OTCQB under the symbol ‘RGDFF’.
Additional information about the Company is available on SEDAR (www.sedar.com) and the Company’s website (www.reuniongold.com).
For further information, please contact:
REUNION GOLD CORPORATION
Rick Howes, President, CEO and Director
Doug Flegg, Business Development Advisor
Telephone: +1 450.677.2585