Harvest Gold (HVG-V) sells Suriname projects for $150K (U.S.)
July 20, '18 - NR
Harvest Gold Corp. has sold its Suriname mineral projects by selling the shares of CanaSur Gold Ltd. to its agent in Suriname for $150,000 (U.S.). The full amount is payable as to $10,000 (U.S.) on closing and the balance by way of a promissory note for $140,000 (U.S.) payable in 90-day increments beginning July 31, 2018, with the final payment due on or before Nov. 1, 2019. The obligations of the purchaser under the note are secured by a pledge of the shares of CanaSur.
Rick Mark, president and chief executive officer of Harvest Gold, states: "After much consideration, the board has sold its Suriname assets. We simply were not able to get the financing to get our most promising property, Tibiti, to a drill-ready stage in these challenging junior gold markets. Further, the three Suriname properties were costing approximately $10,000 a month to maintain. That drain to the company treasury ended in April when negotiations began. We plan to use the incremental payments to carry our basic public company operating costs, thus allowing almost all the new money we are raising to go directly to developing our main asset, the high-grade gold/silver project in Mexico, Cerro Cascaron.
"The purchaser, Mr. Jbara, who lives in Suriname, has worked with us over many years to manage the properties and owns the surface rights at Tibiti. He is uniquely situated to make this business opportunity work, and we thank him for his loyalty over the years and wish him well."
About Harvest Gold Corp.
Harvest Gold is a mineral exploration company presently advancing its Cerro Cascaron high-grade gold/silver project in Chihuahua state, Mexico, where an initial 3,000-metre drill program is planned for 2018.
Rick Mark
President and CEO
Harvest Gold Corporation
For more information please contact:
Rick Mark or Jan Urata
@ 604.682.2928 or info@harvestgoldcorp.com |
