Pacton Gold Enters Into Definitive Agreement to Acquire Mining Leases in Western Australia's Pilbara Mining Region
VANCOUVER, Oct. 4, 2018 /CNW/ - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the "Company" or "Pacton") is pleased to announce that further to its news release of August 7, 2018, it has entered into a sale agreement (the "Agreement") to acquire 100% of both the Yandicoogina and Boodalyerrie exploration licenses and mining leases from Gardner Mining Pty Ltd ("Gardner Mining"). Two granted mining leases and three granted exploration licenses comprise a total of 146.80 km2 (the "Projects").
Under the terms of the Agreement, the Company will purchase a 100% ownership interest in Projects by issuing 3,000,000 common shares on closing of the transaction.
Transfer of the Projects was subject to FIRB approval, which the Company has now received.
This transaction is subject to the acceptance of the TSX Venture Exchange, which the Company will be seeking forthwith.
About Pacton Gold
Pacton Gold (PAC: TSXV; PACXF: US) is a well-financed Canadian junior with key strategic partners focused on the exploration and development of conglomerate-hosted gold properties located in the district-scale Pilbara gold rush in Western Australia. The Company currently controls the third largest conglomerate-hosted gold property portfolio totaling ~2,500 sq. km, and continues to aggressively review additional accretive acquisitions.
On Behalf of the Board of Pacton Gold Inc.
Alec Pismiris
Interim President & CEO
This news release contains or refers to forward-looking information based on current expectations, including, but not limited to the Company acquiring an interest in properties controlled by Gardner Mining and completion of the proposed transaction described herein, the prospect of the Company achieving success in exploring the Projects and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to sample results from nearby projects are for information purposes only and there are no assurances the Company will achieve similar results at the Projects.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.
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SOURCE Pacton Gold Inc.
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