Company Sells Colombia Assets and Exercises Options to Advance Ontario Project

Newrange Gold reported it has completed the sales of its assets in Colombia and will utilize the proceeds to fund development at its Ontario and Nevada operations.

In a news release, Newrange Gold Corp. (NRG:TSX.V; NRGOF:OTC) announced that "it has exercised its option to acquire a 100% interest in the H Lake Property, which forms the western portion of its North Birch Project east of Red Lake, Ontario."

Newrange Gold advised that as stipulated in the terms of the option agreement it entered into on January 13, 2020, with Bounty Gold Corp. "it has paid a total of $50,000 in cash and issued 400,000 shares for a 100% interest in H Lake, subject to a 2% net smelter returns (NSR) royalty."

The firm advised further that it recently made the previously agreed upon first anniversary cash payment and share issuance on the Western Fold property. The company noted that there is still one year remaining on the option to purchase a 100% interest in the Western Fold property, which encompasses the eastern portion of North Birch and that the acquisition is also subject to a 2% NSR royalty.

The company noted that the sale of its subsidiary's ownership interest in the Yarumalito property in Colombia to GoldMining Inc. (GOLD:TSX; GLD:NYSE) has been finalized and the Colombian government has transferred the property title. The firm noted that with the completion of the transaction 559,179 of GoldMining's shares have been released from escrow to Newrange Gold.

The company added that it has completed sale of its Colombian subsidiary and the El Dovio Project to Andean Mining Corp. and that it received a direct payment of US$750,000 from that sale. Newrange indicated that it presently retains NSR royalties of 1% on the Yarumalito project and 2% on the El Dovio project

Newrange Gold's CEO Robert Archer commented, "We are pleased that all of this corporate activity has culminated within a very short period of time...The acquisition of a 100% interest in the H Lake Property and the advancement of the Western Fold option demonstrate our commitment to the North Birch Project. The closing of the two deals in Colombia is key to the monetization of our assets there as it provides non-dilutive funding for our ongoing exploration programs. We can now focus entirely on our active projects in Nevada and Ontario, two of the world's premier mining jurisdictions."

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1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: GoldMining Inc. He or members of his household are paid by the following companies mentioned in this article: None.
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