GoldMining Announces Receipt of Key Approval for its Acquisition of the Yellowknife Gold Project and Big Sky Property
VANCOUVER, June 13, 2017 /CNW/ - GoldMining Inc. ("GoldMining" or the "Company") (TSX-V: GOLD; OTCQX: GLDLF) is pleased to announce that, further to its news release dated May 10, 2017, the Supreme Court of British Columbia has issued an order approving the agreement (the "Agreement") between GoldMining, its wholly-owned subsidiary and the receiver appointed in respect of Tyhee N.W.T. Corp. under the Bankruptcy and Insolvency Act, pursuant to which the Company will acquire 100% of the Yellowknife Gold Project ("YGP" or the "Project") and nearby Big Sky Property ("Big Sky").
The Company's acquisition of YGP and Big Sky remain subject to customary closing conditions, including completion of asset transfers. The Company currently expects the transaction will complete in late-June 2017.
As previously announced, the total consideration payable by GoldMining under the transaction consists of 4,000,000 common shares of the Company, which will be subject to customary escrow provisions and released over an eight-month period. Please refer to the Company's news release dated May 10, 2017 for further information regarding the Agreement and the transaction contemplated thereunder.
About YGP and Big Sky
The YGP has been the subject of substantial drilling, underground development and historic gold production. Big Sky represents an earlier stage exploration property package located south of the YGP and 17 km north of the city of Yellowknife.
The YGP includes a 50-person winterized camp and fuel storage and is accessible by winter road from Yellowknife or by air to a 1,000 m long gravel airstrip located on site. The YGP is comprised of five deposits — Nicholas, Ormsby, Bruce, Goodwin and Clan Lake — located 50 to 90 km north of the city of Yellowknife in the Northwest Territories.
Over 230,000 metres of diamond drilling has been completed to date at the YGP, including 141 holes (27,590 m) drilled at the Nicholas Lake deposit, 707 holes (157,570 m) drilled at the Ormsby and Bruce deposits, 28 holes (5,934 m) drilled at the Goodwin Lake deposit, and 185 holes (40,515 m) drilled at the Clan Lake deposit.
Paulo Pereira, President of GoldMining has reviewed and approved the technical information contained in this news release. Mr. Pereira holds a Bachelors degree in Geology from Universidade do Amazonas in Brazil, is a Qualified Person as defined in National Instrument 43-101 and is a member of the Association of Professional Geoscientists of Ontario.
About GoldMining Inc.
GoldMining is a public mineral exploration company focused on the acquisition and development of gold projects in Colombia and other regions of the Americas. GoldMining is advancing its Titiribi and La Mina Gold-Copper Projects located in the Department of Antioquia, Colombia, its Cachoeira and São Jorge Gold Projects located in the State of Pará, northeastern Brazil, its Whistler Gold-Copper Project located in the State of Alaska, United States of America, and its Rea Uranium Project in the western Athabasca Basin in northeast Alberta, Canada.
This document contains certain forward-looking statements that reflect the current views and/or expectations of GoldMining with respect to its business and future events, including expectations respecting the Project and Big Sky, the closing of the transaction and any future exploration programs and other work on the Project and Big Sky. Forward-looking statements are based on the then-current expectations, beliefs, assumptions, estimates and forecasts about the business and the markets in which GoldMining operates, including that the parties will satisfy or waive all conditions required to complete the transactions under the Agreement, including receipt of all required regulatory and court approvals, that GoldMining will confirm historical exploration results. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including: the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drill results and other exploration data, the potential for delays in exploration or development activities, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with GoldMiningꞌs expectations, accidents, equipment breakdowns, title and permitting matters, labour disputes or other unanticipated difficulties with or interruptions in operations, fluctuating metal prices, unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future, including to fund any exploration programs on the Project and Big Sky, that the parties may not satisfy all conditions required under the Agreement and that GoldMining may not be able to confirm historical exploration results or complete a current resource estimate for the Project. These risks, as well as others, including those set forth in GoldMiningꞌs filings with Canadian securities regulators, could cause actual results and events to vary significantly. Accordingly, readers should not place undue reliance on forward-looking statements and information. There can be no assurance that forward-looking information, or the material factors or assumptions used to develop such forward-looking information, will prove to be accurate. GoldMining does not undertake any obligations to release publicly any revisions for updating any voluntary forward-looking statements, except as required by applicable securities law.
Neither the TSX Venture Exchange, the Toronto Stock Exchange nor their Regulation Services Providers (as that term is defined in the policies of the TSX Venture Exchange and the Toronto Stock Exchange) accepts responsibility for the adequacy or accuracy of this news release.
SOURCE GoldMining Inc.
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