TSX-V: VEIN | FSE: N071
TORONTO, Nov. 15, 2017 /CNW/ - Enforcer Gold Corp. ("Enforcer"
or the "Company") (TSX-V: VEIN – FSE: N071) is pleased to announce it has signed an amendment agreement (the "Amendment
Agreement") with Globex Mining Enterprises Inc. ("Globex") (TSX: GMX) amending the terms of the option agreement on the
Montalembert Gold Property dated November 16, 2016 (the "Option Agreement").
The Amendment Agreement provides for a $100,000 reduction in the cash payment on the second-year
anniversary date of the Option Agreement, a $100,000 increase in the cash payment on the third-year
anniversary date and a $5,000,000 reduction in the aggregate exploration expenditures on the
property over the five-year term of the Option Agreement. The Effective Date of the Amendment Agreement is November 10, 2017.
Pursuant to the Amendment Agreement, the Company must pay the following cash payments to Globex:
- $500,000 on or before 24 months of the Effective Date of the Option Agreement;
- $1,600,000 on or before 36 months of the Effective Date of the Option Agreement;
and, incur aggregate exploration expenditures of $10,000,000 on the Montalembert Property as
follows:
- $1,000,000 in exploration expenditures to be completed on or before the 1st anniversary of
the Effective Date of the Option Agreement;
- an additional $1,000,000 in exploration expenditures to be completed on or before the 2nd
anniversary of the Effective Date of the Option Agreement;
- an additional $1,000,000 in exploration expenditures to be completed on or before the 3rd
anniversary of the Effective Date of the Option Agreement;
- an additional $2,000,000 in exploration expenditures to be completed on or before the 4th
anniversary of the Effective Date of the Option Agreement; and
- an additional $5,000,000 in exploration expenditures to be completed on or before the 5th
anniversary of the Effective Date of the Option Agreement.
Except as provided above, all other terms and conditions of the Option Agreement shall continue to have the same effect and
force as though the parties had not entered into this Amendment Agreement.
Enforcer has paid the first-year anniversary cash payment of $300,000 to Globex and is issuing
2,000,000 common shares of Enforcer to Globex pursuant to the Agreement.
About Enforcer Gold Corp
Enforcer Gold Corp is earning a 100% interest in the Montalembert Gold Project from Globex Mining Enterprises Inc. (TSX: GMX,
FSE: GIMN, OTCQX: GLBXF). The 7,300-hectare property is located 125 km west of Chibougamau in
Quebec's prolific Abitibi greenstone belt. The property lies 5 km from a paved highway and
hydro-electric power and has easy access to skilled labour, fuel, accommodation and other industry-related services, allowing for
relatively low exploration costs.
Neither the 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 news release.
This news release contains "forward-looking statements" that are based on expectations, estimates, projections and
interpretations as at the date of this news release. Forward-looking statements are frequently characterized by words such as
"plan", "expect", "project", "intend", "believe", "anticipate", "estimate", "suggest", "indicate" and other similar words or
statements that certain events or conditions "may" or "will" occur, and include, without limitation, statements regarding the
Company's plans with respect to the exploration of its Montalembert Project, the exploration potential and analogous deposit
potential of the Montalembert Project and the timing of the Company's exploration programs. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements
of the Company to be materially different from any future results, performance or achievements expressed or implied by such
forward-looking statements. Such risks and other factors may include, but are not limited to, the results of exploration
activities; the ability of the Company to complete further exploration activities; the ability of the Company to complete
transactions on terms announced; timing and availability of external financing on acceptable terms and those risk factors
outlined in the Company's Management Discussion and Analysis as filed on SEDAR. Enforcer Gold does not undertake to update any
forward-looking information except in accordance with applicable securities laws.
SOURCE Enforcer Gold
View original content: http://www.newswire.ca/en/releases/archive/November2017/15/c7003.html