Signal Gold Puts Its self up for sale Not surprising , it's almost bankrupt .
My view is that they won't get much for a stranded asset like Goldboro but a POG above $2200 will help .
Terrible lifestyle management .
Signal still owns some attractive residual properties around the Nugget Pond mill ..presumably available on the cheap...
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ORIGINAL: Signal Gold Initiates Strategic Process to Advance the Goldboro Project
2024-03-21 07:02 ET - News Release
TORONTO, ON / ACCESSWIRE / March 21, 2024 / Signal Gold Inc. ("Signal Gold" or the "Company") (TSX:SGNL)(OTCQX:SGNLF) is pleased to announce that the Company has initiated a process with BMO Capital Markets as its financial advisor to evaluate potential strategic alternatives to advance the Goldboro Project ("Goldboro" or the "Project").
Signal Gold has successfully progressed Goldboro through several technical studies and permitting milestones while significantly growing the mineral resource and demonstrating the growth upside of the Project. The Company received the environmental assessment approval for Goldboro in August 2022. The Company has now submitted all key remaining permit applications, including the Industrial Approval, Fisheries Act Authorization and Schedule 2 Amendment, and the Mining and Crown Land Leases, and remains committed to working to obtain all remaining key Project permits within the next 12 months.
As outlined in the Feasibility Study dated January 11, 2022, Goldboro is a robust, high-grade project with significant leverage in an increasing gold price environment. However, in this challenging market environment in which management believes Goldboro's intrinsic value is being substantially discounted, the Company is focused on being capital efficient, with an emphasis on minimizing shareholder dilution and maximizing value. Signal Gold recognizes that a larger, better capitalized, or cash flow generating company could be better positioned to advance or assist in the advancement of Goldboro over the development timeline.
Strategic Alternatives Review
The strategic alternatives review could include, among other things, a joint venture transaction, a sale of the Company, the Project, or all the assets of the Company, a merger or other business combination, or another form of strategic transaction. The Company has not made any decisions related to any strategic alternatives at this time and there can be no assurance that the exploration of strategic alternatives will lead to any transaction or any other change or outcome.
The Company does not intend to provide announcements or updates unless or until it determines that further disclosure is appropriate or necessary. During this time the Company will continue to focus on value creation through exploration initiatives on the expanded land package and ongoing work to obtain all remaining key Project permits.
The Company has engaged BMO Capital Markets to assist in its review of strategic alternatives.
ABOUT SIGNAL GOLD
Signal Gold is advancing the Goldboro Gold Project in Nova Scotia, a significant growth project subject to a positive Feasibility Study which demonstrates an approximately 11-year open pit life of mine with average gold production of 100,000 ounces per annum and an average diluted grade of 2.26 grams per tonne gold. (Please see the ‘NI 43-101