VANCOUVER, BC, Sept. 3, 2024 /PRNewswire/ - Elevation Gold Mining Corporation (TSXV: ELVT.H) (the "Company" or "Elevation Gold") announces that its wholly-owned subsidiary Eclipse Gold Mining Corporation ("Eclipse") has closed the disposition (the "Disposition") of its Hercules Property by way of the sale of all of the issued and outstanding common shares of its wholly-owned subsidiary Alcmene Mining Inc. ("Alcmene") to StrikePoint Gold Inc. ("StrikePoint") in consideration for $250,000, pursuant to the terms of a share purchase agreement dated as of August 29, 2024 between Strikepoint, Eclipse and Alcmene.
Alcmene holds one hundred percent (100%) of the membership interests of Hercules Gold USA, LLC ("Hercules USA"), a Nevada-based company that holds the Hercules Property, comprised of (i) one thousand two hundred and seven (1207) unpatented mining claims and 4 patented mining claims situated in Lyon County, Nevada, and (ii) the one hundred and sixteen (116) unpatented mining claims owned by Minquest Inc., situated in Lyon County, Nevada, which are subject to an option agreement dated August 9, 2019 among Great Basin Resources, Inc., Iconic Minerals, Ltd., Eclipse and Hercules USA.
The Disposition remains subject to the final approval of the TSX Venture Exchange (the "Exchange"). StrikePoint is not a Non-Arm's Length Party to the Company. No finder's fee is payable in connection with the Disposition. The Disposition is acceptable under the amended and restated initial court order dated August 12, 2024 (the "Order") of the Supreme Court of British Columbia under the Companies' Creditors Arrangement Act, and the Disposition has been consented to by KSV Restructuring Inc., the court-appointed monitor of the Company, as it was in compliance with terms of the Order.
ON BEHALF OF THE BOARD OF ELEVATION GOLD MINING CORPORATION
"Tim J. Swendseid"