Mr. Ron Netolitzky reports
EROS RESOURCES CORP. PROVIDES CORPORATE UPDATES
Eros Resources Corp. is pleased to provide an update on the continuing transaction regarding the Bell Mountain project located in Churchill county, Nevada.
On Nov. 9, 2023, the company announced the agreement to sell all assets that comprise the Bell Mountain project to Lincoln Gold Mining Inc. The transaction received conditional approval from the TSX Venture Exchange on Nov. 24, 2023. The terms of the transaction are as disclosed in the company's press release of May 6, 2024.
Eros and Lincoln are currently working to meet the conditions set by the TSX-V. Once these conditions are fulfilled, the transaction will close in seven to 10 business days. To further develop the Bell Mountain project, Lincoln has executed a non-brokered private placement for aggregate gross proceeds of $862,500. These funds will be used to advance the Bell Mountain project, including the preparation of an updated preliminary economic assessment respecting the Bell Mountain project, as required by the TSX-V. Closing of the transaction is subject to final TSX-V acceptance.
Eros is also pleased to provide an update on the option agreement with MAS Gold Corp. which granted Eros the right to earn a 17.5-per-cent interest in certain La Ronge gold belt properties in Saskatchewan owned by MAS. Eros has met all the requirements under the option agreement with MAS and has earned its 17.5-per-cent interest in MAS Gold's Preview Lake, Greywacke, Elizabeth Lake and North Lake properties, totaling an area of approximately 33,860 hectares. MAS owns the remaining 82.5-per-cent interest in the properties, which are subject to certain existing royalties held by third parties. In accordance with the terms of the option agreement, Eros did not earn an interest in the Preview SW property held by MAS. Eros continues to believe that the La Ronge gold belt has the potential to develop into a large-scale gold district and is pleased to hold a significant interest in the belt as its flagship asset.
About Eros Resources Corp.
Eros Resources is a Canadian public company listed on the Toronto Venture Exchange. The company's business objective is the identification, acquisition and exploration of advanced-stage projects with a North American focus. In addition, the company plans to make strategic investments with a global focus on a diverse commodity base. Eros management's expertise supports this strategy.
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