G.E.T.T Gold: Update on sale of Rocmec and Denain Projects
thenewswire.com
Brossard (Quebec) – TheNewswire - February 26th, 2024 - G.E.T.T Gold Inc. (“GETT”) (TSXV:GETT), is pleased to announce that it has completed the previously announced sale of its Rocmec 1 and Denain projects to Labyrinth Resources Limited(“LRL”). Reference is made to GETT’s news releases of September 1, 2021, November 9, 2022, April 11, 2023 and May 17, 2023 (the “Transaction”).
In addition to the cash consideration received by GETT in connection with the Transaction, which included an additional payment of CAD$614,455.00 as compensation for the extensions granted to LRL to complete payment of the purchase price, GETT retains its entitlement to receive the outstanding 4,300 ounces of physical gold to be delivered pursuant to an agreed upon schedule. If the properties are brought into production, the delivery of such physical gold will be used by GETT to deliver physical gold to its outstanding gold lenders. Following the transfer of the projects, LRL agreed to grant GETT a first ranking security over the projects to guarantee its gold deliveries to GETT.
Corporate Update
Management wishes to inform that in line with the company’s R&D program, rigorous performance and reliability testing of the thermal fragmentation unit, known as the Etract’Ore, are currently underway as the company prepares to conduct real-time underground testing of its exclusive and patented thermal fragmentation mining method in a mining operation located in Quebec.
About G.E.T.T Gold
G.E.T.T Gold is active in the exploration and the development of gold resources in Quebec. G.E.T.T Gold also has an exclusive license for the Thermal Fragmentation mining method.
The company’s growth strategy is based on:
• The commercialization and deployment of its thermal fragmentation technology.
• Increasing the value of its mining asset by prioritizing its exploration targets; and
• The development of its gold deposit with the objective of producing revenue from its operations.
Follow the link to view G.E.T.T Gold’s new website www.gettgold.com
For additional information:
John Stella, Investor relations (514) 718-7976 jstella@gettgold.com
Fabien Miller, President & CEO (514) 892-1935 fmiller@gettgold.com
Neither 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 press release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements that relate to the delivery schedule of physical gold production are forward looking statements. Although the Corporation believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include the ability of LRL to bring the properties into production.
G.E.T.T Gold inc. 7055 Taschereau Blvd., suite 500, Brossard (Québec) J4Z 1A7
Tel: (450) 510-4442 www.gettgold.com |
