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Vancouver, British Columbia / TheNewswire / February 22, 2024 ‑ Harvest Gold Corporation (TSXV:HVG) (“ Harvest Gold ” or the “ Company ”) is pleased to announce that, further to its news releases of December 18, 2023 and January 23, 2024, it has received final approval from the TSX Venture Exchange (the “ Exchange ”) to the Option Agreement (the “ Agreement ”) entered into with Vior Inc. (“ Vior ”) for the Mosseau Gold Project and has made the initial payment and share issuance under the Agreement.
Harvest Gold President and CEO, Rick Mark, states: “We are very excited to now begin to create value for our shareholders in Quebec. The Harvest Gold team spent over a year finding a gold bearing preoprty with a compelling value proposition in the right jurisdiction. Our technical team was unanimous in their support for moving forward with Mosseau. Further, I believe the fact that Osisko and Goldfields have partnered to be active exploders in the Urban Barry belt will help bring attention to our work at Mosseau. And Osisko owns 14% of our new partner Vior. 2024 will be a busy year and we look forward to keeping the market abreast of our plans and accomplishments.”
As set out in our December 18, 2023 news release, pursuant to the Agreement, Harvest Gold can earn up to a 100%* interest in the Mosseau Gold Project by completing the following:
Deadline | Payment | Work Commitment(2)(3) | Harvest Interest Earned(1) (4) |
Cash(1) | Common Shares | | |
Within three (3) business days of regulatory approval | $50,000 | 2,000,000 | Nil | Nil |
Earlier of (i) the completion of a minimum $500,000 financing; or (ii) February 28, 2024* | $50,000 | 2,000,000 | Nil | Nil |
On or before December 31, 2024 | $100,000 | 2,000,000 | $250,000 | Nil |
On or before December 31, 2025 | $100,000 | 2,000,000 | $1,250,000 | Nil |
On or before December 31, 2026 | $100,000 | 2,000,000 | Nil | Nil |
On or before December 31, 2027 | $100,000 | 2,000,000 | $1,500,000 | 80%(5) |
If Harvest determines to acquire a 100% interest, on or before June 30, 2028 | $1,500,000 | Nil | Nil | 100% |
Total: | 2000000 | 12000000 | 3000000 | 100% |
Notes:
(1)* Subject to varying 0.5 to 2.0% net smelter returns royalties (the “ NSR ”) due to underlying vendors of claim located over the historic Morono resource and Soquem claims located in the northwest corner of the Mousseau Project.
(2) All dollar amounts referred to are stated in Canadian Dollars.
(3) All work in excess of the yearly minimum amount will be applied to the following year’s Work Commitment.
(4)* Subject to a 1% NSR royalty to Vior of which 0.5% maybe purchased by Harvest Gold for $1,000,000 at anytime after the publication of a 43-101 compliant mineral resource.
(5) If Harvest Gold does not elect to earn a 100% interest, either by failing to complete the required $1,000,000 payment on or before June 30, 2028 or by notifying Vior in writing of its intent prior to such deadline, Harvest Gold and Vior will form a joint venture pursuant to which Harvest Gold and Vior will respectively hold an undivided 80% and 20% interest (the “ Joint Venture ”). Thereafter, Harvest Gold and Vior will each fund all work expenditures on Mosseau in proportion to their respective interests in the Mosseau Project and, if either party fails to pay its share of funding, a standard dilution calculation will apply.
* Vior and Harvest Gold have agreed to defer the cash payment of $50,000 to April 30, 2024.
The Company has issued the initial 2,000,000 common shares (the “ Shares ”) at a deemed price of $0.02 per Share (being the current market price of Shares on the Exchange), representing a total deemed value of $40,000, to Vior and has made the initial $50,000 cash payment.
The Shares are subject to a statutory hold period of four months plus a day from the date of issuance in accordance with applicable securities legislation and the Exchange Hold Period.
About Harvest Gold Corporation
Harvest Gold is focused on exploring for near surface gold deposits and copper-gold porphyry deposits in politically stable mining jurisdictions. Harvest Gold’s board of directors, management team and technical advisors have collective geological and financing experience exceeding 400 years.
Harvest Gold acknowledges that the Mosseau Gold Project straddles the Eeyou Istchee-James Bay and Abitibi territories. Harvest Gold is committed to developing positive and mutually beneficial relationships based on respect and transparency with local Indigenous communities.
ON BEHALF OF THE BOARD OF DIRECTORS
Rick Mark
President and CEO
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata
@ 604.737.2303 or info@harvestgoldcorp.com
Neither 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
This news release includes certain statements that may be deemed "forward looking statements". All statements in this news release, other than statements of historical facts, that address events or developments that Harvest Gold expects to occur, are forward looking statements. Forward looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur.
Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward looking statements include market prices, exploitation and exploration successes, and continued availability of capital and financing, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date the statements are made. Except as required by securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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