NANAIMO, British Columbia, Sept. 22, 2020 (GLOBE NEWSWIRE) -- Bessor Minerals Inc. (TSXV:BST) ("Bessor" or the "Company") is pleased to provide a corporate update. Planned exploration activities were impacted in the wake of COVID-19 precautions. However, the Company has been able to negotiate changes to the Redhill Option Agreement that will facilitate ongoing exploration and has been granted a two-year extension to its MYAB exploration permit. Additionally, Artemis Gold Inc. acquired the Blackwater Gold project from New Gold Inc., and with it, Bessor’s 1% Net Smelter Return (“NSR”) on certain claims in the project.
Redhill Project
Bessor and Homegold Resources Inc. have agreed to modify certain terms of the 2015 Redhill project Option Agreement which will facilitate ongoing exploration in conjunction with the two-year extension to the MYAB exploration permit. The modifications are: $5,000 and 300,000 common shares of the Company upon TSX-V acceptance of the September 15, 2020 amendment; $17,500 and 500,000 common shares of the Company on or before July 8, 2021; $15,000 and 500,000 common shares of the Company on or before July 8, 2022 and $150,000 of exploration expenditures before November 15, 2022. The amendments are subject to TSX Venture Exchange approval.
Key Project NSR
Bessor holds a 1% NSR on certain claims within the Blackwater Gold Project, British Columbia, recently purchased by Artemis Gold Inc. Artemis purchased the Blackwater Gold Project from New Gold Inc. for an upfront cash payment of C$190 million and an 8% gold stream on the initial 280,000 ounces of gold production, reducing to 4% on all further production. In August 26, 2020, Artemis announced the results of a PreFeasibility Study based on a revised development approach to the Blackwater Gold Project (www.artemisgoldinc.com).
Golden Eagle Project
Bessor plans to resume exploration in 2021.
BESSOR MINERALS INC.
Kieran Downes, Ph.D., P.Geo.
President, CEO & Director
For further information, contact:
Investor Relations
Tel: 250-729-0453
Email: info@bessorminerals.com
Website: www.bessorminerals.com