Tudor Gold Corp. Confirms Arrangement for Replacement of Option Agreements
Vancouver, British Columbia--(Newsfile Corp. - September 6, 2018) - Tudor Gold Corp.) (TSXV: TUD) (FSE: TUC) ("Tudor" or the "Company") is pleased to announce that the Company has reached agreement with Teuton Resources Corp. ("Teuton") to replace the original option agreements (the "Original Option Agreements") on the Orion property, the Fairweather property, the Delta property and the High North property (the "Properties"), respectively, in which certain payment terms have been amended, the balance of payments, as well as all other terms of the Original Option Agreements remain as set out in the Original Option Agreements.
Pursuant to the amended payment terms of the Original Option Agreements, and subject to TSX Venture Exchange (the "Exchange") approval, the Company will issue an aggregate of 1,800,000 common shares (the "Shares") at $0.30 per Share to Teuton in lieu of certain cash payments as part of the consideration for the acquisition of 100% interest in the Properties. All prior payments to 2018 have been met accordingly.
Share issuance schedule per the amendment to the Original Option Agreements as follows:
Orion Property: 216,667 Shares at $0.30 per Share to be issued within five business days of Exchange approval, 50,000 Shares on or before June 1, 2019; 50,000 Shares on or before June 1, 2020, and 250,000 Shares on or before June 1, 2021, for a total of 566,667 Shares at $0.30 per Share.
Fairweather Property: 216,667 Shares at $0.30 per Share to be issued within two business days of Exchange approval, 50,000 Shares on or before December 15, 2018; 50,000 Shares on or before December 15, 2019, and 250,000 Shares on or before December 15, 2020, for a total of 566,667 Shares at $0.30 per Share.
Delta Property: 333,333 Shares at $0.30 per Share to be issued within five business days of Exchange approval.
High North Property: 333,333 Shares at $0.30 per Share to be issued within five business days of Exchange approval.
Tudor also wishes to rectify the assay values of silver ("Ag") and copper ("Cu") reported in the Company's news release dated August 24, 2018. The correct assay values for hole CB-18-32 are 1.7 grams for Ag and 0.011% for Cu from 194.7 meters to 316.5 meters respectively.
About Tudor Gold
Tudor Gold is a precious and base metals explorer in British Columbia's Golden Triangle, an area which hosts multiple past-producing mines and several large world-class deposits that are approaching potential development. The Company has a 60% interest in both the Electrum and Treaty Creek properties, and a 100% interest in several other mineral properties, all of which are located in the Golden Triangle area.
"Walter Storm"
Walter Storm
President and Chief Executive Officer
For further information, please visit the Company's website at www.tudor-gold.com or contact:
Aris Morfopoulos
Chief Financial Officer & Corporate Secretary
Tel: 604-721-2650
Email: aris@tudor-gold.com
Or
CHF Capital Markets
Cathy Hume
Chief Executive Officer
Tel: 416-868-1079 Extension 231
Email: cathy@chfir.com
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.
Forward-looking information
Certain statements contained in this news release constitute "forward-looking information" as such term is used in applicable Canadian securities laws. Forward-looking information is based on plans, expectations and estimates of management at the date the information is provided and is subject to certain factors and assumptions. In making the forward-looking statements included in this news release, the Company has applied several material assumptions, that the Company's financial condition and development plans do not change as a result of unforeseen events, that third party mineralized material to be milled by the Company will have properties consistent with management's expectations, that the Company will receive all required regulatory approvals, and that future metal prices and the demand and market outlook for metals will remain stable or improve. Forward-looking information is subject to a variety of risks and uncertainties and other factors that could cause plans, estimates and actual results to vary materially from those projected in such forward-looking information. Factors that could cause the forward-looking information in this news release to change or to be inaccurate include, but are not limited to, the risk that any of the assumptions referred to prove not to be valid or reliable, which could result in lower revenue, higher cost, or lower production levels; delays and/or cessation in planned work; changes in the Company's financial condition and development plans; delays in regulatory approval; risks associated with the interpretation of data (including in respect of the third party mineralized material) regarding the geology, grade and continuity of mineral deposits; the possibility that results will not be consistent with the Company's expectations, as well as the other risks and uncertainties applicable to mineral exploration and development activities and to the Company as set forth in the Company's continuous disclosure filings filed under the Company's profile at www.sedar.com. There can be no assurance that any forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, the reader should not place any undue reliance on forward-looking information or statements. The Company undertakes no obligation to update forward-looking information or statements, other than as required by applicable law.