TORONTO, April 11, 2022 /CNW/ - Treasury Metals Inc. (TSX: TML) (OTCQX: TSRMF) (“Treasury” or the “Company”) is pleased to announce that it has closed its previously announced royalty agreement with an affiliate of Sprott Resource Streaming and Royalty Corp. (“SRSR” or “Sprott”) in relation to the Company’s 100% owned Goliath Gold Complex (“GGC”, or the “Project”), which comprises the Goliath, Goldlund and Miller Gold Projects.
Under the terms of the agreement, SRSR paid Treasury consideration of US$20 million for a 2.2% net smelter returns royalty (the “Royalty”) covering all minerals produced from the GGC for the life of the Project. For details on the transaction, please see the Company’s press release from February 14, 2022. The proceeds from the financing will be used to advance the Project to a construction decision, including all economic studies, permitting, consultations and corporate G&A costs.
Jeremy Wyeth, President and CEO, commented: “We are extremely pleased to announce the closing of this transaction with our partners at Sprott, which will allow us to move the Goliath Gold Complex forward toward construction and operation. The Company is well funded with this US$20 million (approx. C$25 million at current exchange rate) financing, in addition to the cash resources we have on hand, providing Treasury with the necessary funding and financial flexibility to take us through studies, permitting and community consultations as we advance to a construction decision.”
Treasury Metals Inc. is a gold focused company with assets in Canada. Treasury’s Goliath Gold Complex, which includes the Goliath, Goldlund and Miller deposits, is located in Northwestern Ontario. The deposits benefit substantially from excellent access to the Trans-Canada Highway, related power and rail infrastructure, and close proximity to several communities including Dryden, Ontario. The Company also owns several other projects throughout Canada, including Weebigee-Sandy Lake Gold Project JV, and grassroots gold exploration property Gold Rock. Treasury Metals is committed to inclusive, informed and meaningful dialogue with regional communities and Indigenous Nations throughout the life of all our Projects and on all aspects, including: creating sustainable economic opportunities, providing safe workplaces, enhancing of social value, and promoting community well-being.
For information on the Goliath Gold Complex, please refer to the preliminary economic assessment, prepared in accordance with NI43‑101, entitled “NI 43‐101 Technical Report & Preliminary Economic Assessment of the Goliath Gold Complex” and dated March 10, 2021 with an effective date of January 28, 2021, led by independent consultants Ausenco Engineering Canada Inc. The technical report is available on SEDAR at www.sedar.com, on the OTCQX at www.otcmarkets.com and on the Company website at www.treasurymetals.com.
To view further details about Treasury, please visit the Company’s website at www.treasurymetals.com.
This release includes certain statements that may be deemed to be “forward-looking information” or “forward-looking statements” pursuant to applicable laws, including, but not limited to, theuse of the proceeds of the financing and the Company’s development activities. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expect, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “plans”, “projects”, “intends”, “estimates”, “envisages”, “potential”, “possible”, “strategy”, “goals”, “objectives”, or variations thereof or stating that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved, or the negative of any of these terms and similar expressions. Actual results or developments may differ materially from those in forward-looking statements. Treasury disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, save and except as may be required by applicable securities laws.
Since forward-looking information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, exploration and production for precious metals; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of resource estimates; health, safety and environmental risks; worldwide demand for gold and base metals; gold price and other commodity price and exchange rate fluctuations; environmental risks; competition; incorrect assessment of the value of acquisitions; ability to access sufficient capital from internal and external sources; and changes in legislation, including but not limited to tax laws, royalties and environmental regulations.
Actual results, performance or achievement could differ materially from those expressed in, or implied by, the forward-looking information and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits may be derived therefrom and accordingly, readers are cautioned not to place undue reliance on the forward-looking information.
SOURCE Treasury Metals Inc.
Jeremy Wyeth, President & CEO, T: +1 416 214 4654, Orin Baranowsky, CFO, T: +1 416 214 4654, Email: email@example.com, Twitter @TreasuryMetals