MONTREAL, QC / ACCESSWIRE / April 30, 2024 /VIOR INC. ("Vior" or the "Corporation") (TSXV:VIO)(OTCQB:VIORF)(FRA:VL51) is pleased to announce the execution of a definitive asset purchase agreement (the "Acquisition Agreement") for its acquisition ("the Acquisition") of two mining concessions (the "Concessions") that constitute the majority of the former Belleterre mine that produced more than 750,000oz @ 10.73g/t gold and 95,000oz @ 1.37g/t silver between 1936 and 1959 (source: Sigeom MERN). The Concessions are at the heart of Vior's flagship district-scale Belleterre Gold Project, located in the Abitibi-Temiskaming region of Quebec.
The Corporation and Concession owners had originally executed an Option Agreement (the "Option Agreement") pursuant to which, Vior had an exclusive option to purchase the Concessions and a series of mining claims for a total consideration of $2.1 million, of which $250,000 cash has already been paid (see the Corporation's news release, dated February 4, 2021). Under the Option Agreement, the Corporation previously completed the acquisition of the mining claims that now form part of Vior's flagship district-scale Belleterre Gold Project. Under the Acquisition Agreement, Vior will pay the Concession owners a cash payment of $1 million as consideration for the transfer of the vendor's 100% interest in the Concessions. The closing of the Acquisition is expected to occur on or about May 14, 2024.
Mark Fedosiewich, President and CEO of Vior Inc., commented, "We are pleased to announce the successful renegotiation of this important Acquisition Agreement for the Belleterre Concessions. This renegotiated Agreement demonstrates our ability to respond to changing market conditions and ensures that Vior owns 100% of this integral piece of our Belleterre Gold Project. We remain focused on executing our strategic plan at Belleterre with the aim of delivering significant value to our shareholders."
By securing the acquisition of the Concessions at a reduced cost, Vior continues its commitment to sound financial management, and aims to maximize value for its shareholders while advancing its growth objectives through its significant +60,000m drill program. The drill program is expected to begin by early Summer, 2024.
About the Belleterre Gold Project
The Project is located near the town of Belleterre in the Abitibi-Témiscamingue region of Quebec, 95km south of both Rouyn-Noranda and Val d'Or, QC. The property consists of 635 claims over an area of 348 km2, forming a district-scale exploration package that includes the former high-grade Belleterre gold mine. The property has been under-explored through the past 60 years and has never been the subject of such significant consolidation until now. The Belleterre Gold Project benefits from its advantageous location within close proximity to two major mining towns in Quebec, providing comprehensive and robust mining infrastructure that includes an extensive road network and access to power, as well as a readily available and skilled workforce. Vior holds a dominant land position in the region and controls a highly prospective multi-mineral exploration project that is expected to advance quickly with the planned 2024/2025 drill program.
About Vior Inc.
Vior is a junior mineral exploration corporation based in the province of Quebec, Canada, whose corporate strategy is to generate, explore, and develop high-quality mineral projects in the proven and favourable mining jurisdiction of Quebec. Through the years, Vior's management and technical teams have demonstrated their ability to discover several gold deposits and many high-quality mineral prospects.
Vior is rapidly advancing its flagship Belleterre Gold Project with the strategic support of Osisko Mining Inc. The Belleterre Gold Project is an exciting district-scale property that includes Quebec's past-producing high-grade Belleterre gold mine. Vior has conducted extensive exploration at the Belleterre property and is finalizing plans for a +60,000m drill program. Vior is also actively developing its promising Skyfall Project in partnership with SOQUEM Inc., as well as several other properties with multi-mineral potential.
For further information, please contact:
Mark Fedosiewich
President and CEO
613-898-5052
mfedosiewich@vior.ca
Laurent Eustache
Executive Vice-President
514-442-7707
leustache@vior.ca
www.vior.ca
SEDAR: Vior Inc.
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 release.
Forward-Looking Statements
This news release contains forward-looking statements. All statements, other than of historical facts, that address activities, events or developments that the Corporation believes, expects or anticipates will or may occur in the future including, without limitation, the closing of the Acquisition, the planned exploration program on the Belleterre project, the expected positive exploration results, the timing of the exploration results, the ability of the Corporation to continue with the exploration program and the availability of the required funds to continue with the exploration program. Forward-looking statements are generally identifiable by use of the words "will", "should", "continue", "expect", "anticipate", "estimate", "believe", "intend", "to earn", "to have', "plan" or "project" or the negative of these words or other variations on these words or comparable terminology. Forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the Corporation's ability to control or predict, that may cause the actual results of the Corporation to differ materially from those discussed in the forward-looking statements. Factors that could cause actual results or events to differ materially from current expectations include, among other things, delays in completing the required documentation to complete the Acquisition, failure to meet expected, estimated or planned exploration expenditures, the possibility that future exploration results will not be consistent with the Corporation's expectations, general business and economic conditions, changes in world gold markets, sufficient labour and equipment being available, changes in laws and permitting requirements, unanticipated weather changes, title disputes and claims and environmental risks as well as those risks identified in the Corporation's Management's Discussion and Analysis for the quarter ended December 31, 2023. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described and accordingly, readers should not place undue reliance on forward-looking statements. Although the Corporation has attempted to identify important risks, uncertainties and factors that could cause actual results to differ materially, there may be others that cause results not to be as anticipated, estimated or intended. The Corporation does not intend, and does not assume any obligation, to update these forward-looking statements except as otherwise required by applicable law.
SOURCE: Vior Inc.
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