Gold Bull completes sale of non-core Bulgarian assets
16 Mai 2022 - 1:00PM
Gold Bull Resources Corp. (TSX-V: GBRC) (“
Gold
Bull” or the “
Company”) is pleased to
report that it has completed the sale of its wholly-owned
subsidiary, Zelenrok EOOD ("
Zelenrok"), to Raiden
Resources Limited ("
Raiden") (ASX - RDN). Zelenrok
holds the rights to the Zlatusha and Kalabak projects, as well as
an additional mineral application, Draka, located in Bulgaria.
Highlights:
- Gold Bull has
received A$25,000 in cash and Gold Bull's wholly-owned subsidiary,
0955767 BC Ltd., has been issued 38,326,654 shares of Raiden
(approximately CDN$345,000 at current share price of A$0.01)
- Raiden will also
issue A$1,500,000 equivalent consideration/performance shares, for
each of the Zlatusha and Kalabak projects and the Draka
application, subject to certain technical achievements
- All rights and
obligations under option agreements executed in 2019 are
cancelled
- Gold Bull
retains a 2% NSR on each project, Zlatusha, Kalabak and Draka
Gold Bull CEO, Cherie Leeden commented:
We are pleased
to have divested our non-core assets in Bulgaria which allows us to
focus 100% on our Nevadan assets - which we are currently drilling.
In addition to becoming a shareholder of Raiden, Gold Bull has
ongoing exposure to the Bulgarian asset’s upside via performance
shares and a net smelter royalty. We wish the Raiden Resources team
exploration success and all the best in advancing these Bulgarian
assets.
Background
Gold Bull inherited the Bulgarian assets which
date back to 2013. With the shift in its focus to Gold Bull's 100%
owned projects located in the United States, Gold Bull entered into
separate option agreements with Raiden on its Zlatusha and Kalabak
projects in July 2019, whereby Raiden could earn up to a 75%
interest in each project, subject to certain cash payments and
exploration expenditures. With the sale of Zelenrok to Raiden, the
Company is able to focus on its core asset, the Sandman gold
project located in Nevada.
The consideration/performance shares are subject
to significant technical success as follows:
- 1Moz at or
above 2g/t gold (or gold Equivalent, being any of Cu, Ag, Mo, Pb
and Zn) for an underground resource, or 1g/t for an open pit
scenario and gold Equivalent (being any of Cu, Ag, Mo, Pb and Zn);
or
- 0.5Moz at or
above 4g/t gold (or gold Equivalent, being any of Cu, Ag, Mo, Pb
and Zn) for an underground resource, or 2g/t for an open pit
scenario; or
- 5Moz at or
above 0.5g/t gold (or gold Equivalent, being any of Cu, Ag, Mo, Pb
and Zn)
Raiden has the right to purchase the NSR on each
of the projects as follows:
- an initial 0.5%
of the total royalty for USD$2,500,000, prior to commencement of
commercial production (reducing the royalty from 2.0% to 1.5%)
- a further 1% of
the royalty for USD$5,000,000, prior to commencement of commercial
production (reducing the royalty from 1.5% to 0.5%)
About Gold Bull Resources
Corp.
Gold Bull’s core asset is the Sandman Project,
located in Nevada which has a 494,000 oz gold
resource as per the 2021 43-101 Resource Estimate. Sandman is
located 23 km south of the Sleeper Mine and boasts excellent
large-scale exploration potential. Drilling at Sandman is currently
underway.
Gold Bull’s mission is to grow into a US-focused
mid-tier gold development Company via rapidly discovering and
acquiring additional ounces. The Company’s exploration hub is based
in Nevada, USA, a top-tier mineral district that contains
significant historical production, existing mining infrastructure
and established mining culture. Gold Bull is led by a Board and
Management team with a track record of exploration and acquisition
success.
Gold Bull is driven by its core values and
purpose which include a commitment to safety, communication &
transparency, environmental responsibility, community, and
integrity.
Cherie LeedenPresident and CEO, Gold Bull Resources Corp.
For further information regarding Gold Bull
Resources Corp., please visit our website at www.goldbull.ca or
email admin@goldbull.ca.
Corporate Secretary Contact:Jennifer HansonPh:
778-899-3050
Cautionary Note Regarding Forward-Looking
StatementsNeither 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.
This news release contains certain statements
that may be deemed “forward-looking statements” with respect to the
Company within the meaning of applicable securities laws.
Forward-looking statements are statements that are not historical
facts and are generally, but not always, identified by the words
“expects”, “plans”, “anticipates”, “believes”, “intends”,
“estimates”, “projects”, “potential”, “indicates”, “opportunity”,
“possible” and similar expressions, or that events or conditions
“will”, “would”, “may”, “could” or “should” occur. Although Gold
Bull believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance, are subject to risks and
uncertainties, and actual results or realities may differ
materially from those in the forward-looking statements. Such
material risks and uncertainties include, but are not limited to,
the Company’s ability to raise sufficient capital to fund its
obligations under its property agreements going forward, to
maintain its mineral tenures and concessions in good standing, to
explore and develop its projects, to repay its debt and for general
working capital purposes; changes in economic conditions or
financial markets; the inherent hazards associates with mineral
exploration and mining operations, future prices of copper and
other metals, changes in general economic conditions, accuracy of
mineral resource and reserve estimates, the potential for new
discoveries, the ability of the Company to obtain the necessary
permits and consents required to explore, drill and develop the
projects and if obtained, to obtain such permits and consents in a
timely fashion relative to the Company’s plans and business
objectives for the projects; the general ability of the Company to
monetize its mineral resources; and changes in environmental and
other laws or regulations that could have an impact on the
Company’s operations, compliance with environmental laws and
regulations, dependence on key management personnel and general
competition in the mining industry. Forward-looking statements are
based on the reasonable beliefs, estimates and opinions of the
Company’s management on the date the statements are made. Except as
required by law, the Company undertakes no obligation to update
these forward-looking statements in the event that management’s
beliefs, estimates or opinions, or other factors, should
change.
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