Toronto, Ontario--(Newsfile Corp. - December 9, 2024) - Sabre Gold Mines Corp. (TSX: SGLD) (OTCQB: SGLDF) ("Sabre Gold" or the "Company") is pleased to announce that subject to the terms of the Option to Purchase Agreement of the Marg VMS project ("Marg Project") located in Central Yukon with Azarga Metals Corp. ("Azarga"), Azarga has issued to Sabre Gold 670,000 shares.
Prior to completion of the share issuance, Sabre Gold owned 3,388,664 common shares of Azarga, representing approximately 9.32% of the issued and outstanding shares on a non-diluted basis.
Pursuant to the Option Agreement, Azarga issued 670,000 shares to Sabre Gold at a deemed price of C$0.05 per share, for an aggregate deemed consideration of C$33,500.
Subsequently, Sabre Gold now owns 4,058,664 common shares of Azarga, representing approximately 10.04% of the issued and outstanding shares on a non-diluted basis.
If Azarga does not complete all the option maintenance payments as previously disclosed and does not exercise the option to purchase the Marg Project the option to purchase will expire and the title to the Marg Property will be transferred back to Sabre Gold by Azarga Metals.
All currency amounts are in Canadian dollars unless specified otherwise.
About Sabre Gold Mines Corp.
Sabre Gold is a near-term gold producer in North America which holds 100% ownership of both the fully licensed and permitted Copperstone gold mine located in Arizona, United States. Management intends to restart production at Copperstone in the near term. Sabre Gold also holds other investments and projects at varying stages of development.
Copperstone has approximately 300,000 ounces of gold in the Measured and Indicated categories, and approximately 197,000 ounces of gold in the Inferred category. Additionally, Copperstone has considerable existing operational infrastructure as well as significant exploration upside. Sabre Gold is led by an experienced team of mining professionals with backgrounds in exploration, mine building and operations.
For further information please visit the Sabre Gold Mines Corp. website: (www.sabre.gold).
Andrew Elinesky
CEO and President
416-904-2725
Cautionary Note Regarding Forward-Looking Statements
This news release contains forward-looking information under Canadian securities legislation including statements concerning the debt and stream restructuring and the potential effect on Company's financial condition, the Company's views on exploration upside and the potential that resources at Copperstone can be expanded through additional exploration drilling, and intentions regarding the development of and restart of production at Copperstone. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to: the proposed debt and stream restructuring being completed on the terms disclosed, the assumptions used in the preparation of the PEA for the Copperstone project, basing a construction decision on the results of a PEA and not on a feasibility study of mineral reserves, demonstrating economic and technical viability; the price of gold; operational, funding, and liquidity risks; reliance on third parties, exploration risk, failure to upgrade resources, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; the degree to which factors which would make a mineral deposit commercially viable are present, and the risks and hazards associated with underground operations and other risks involved in the mineral exploration and development industry. Risks and uncertainties about Sabre Gold's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedarplus.ca and readers are urged to read these materials. Sabre Gold assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233065