Ethos Amends Iron Point and Perk-Rocky Project Earn-In Agreements
June 16, 2020
Vancouver, British Columbia--(Newsfile Corp. - June 16, 2020) - Ethos Gold Corp. (TSXV: ECC) (OTCQB: ETHOF) ("Ethos" or the "Company") is pleased to announce amendments to its earn-in agreements for the Iron Point, Nevada and Perk-Rocky, British Columbia exploration projects. These amendments were negotiated in part to allow additional time to complete the earn-in agreements while the COVID-19 pandemic is active.
Iron Point Earn-in Agreement Amendment
On May 17, 2019 Ethos announced it had executed an agreement to earn in to a 50% undivided interest in the gold and silver rights at the Iron Point project 22 miles east of Winnemucca, Nevada, by spending CDN$ 5 million over three years, including a minimum expenditure of CDN $1.0 million in the first year. An amendment to this agreement has now been executed whereby the term on the earn-in has been increased from three years to five years, and the minimum annual work expenditures starting in the second year of the earn-in are now set at US$250,000. Ethos has met its obligation to spend CDN $1.0 million in the first year of the agreement. All other terms of the original earn-in agreement remain unchanged.
Perk-Rocky Earn-in Agreement Amendment
On May 16, 2019 Ethos announced it had entered into an option agreement to acquire a 100% interest in the Perk-Rocky copper-gold porphyry project located 225 km west of Williams Lake, British Columbia. Based on the first year of work on the property Ethos has now met the full expenditure requirements for the option agreement and recently completed the required first anniversary cash and share payments. An amendment to the option agreement has now been executed to defer the second year cash and share payment from May 10, 2021 to August 16, 2021. This will allow Ethos additional time in the summer of 2021 to complete and assess project work programs including a possible drill program before making a decision regarding the second anniversary option payment.
Ethos Gold Corp.
Per: "Craig Roberts"
Craig Roberts, P.Eng., President & CEO
Forward-Looking Statement Cautions:
This press release contains certain "forward-looking statements" within the meaning of Canadian securities legislation, including, but not limited to, statements regarding the Company's plans with respect to the Iron Point and Perk Rocky projects and the timing related thereto. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Forward-looking statements are statements that are not historical facts; they are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "aims," "potential," "goal," "objective," "prospective," and similar expressions, or that events or conditions "will," "would," "may," "can," "could" or "should" occur, or are those statements, which, by their nature, refer to future events. The Company cautions that Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made and they involve a number of risks and uncertainties. Consequently, there can be no assurances that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Except to the extent required by applicable securities laws and the policies of the TSX Venture Exchange, the Company undertakes no obligation to update these forward-looking statements if management's beliefs, estimates or opinions, or other factors, should change. Factors that could cause future results to differ materially from those anticipated in these forward-looking statements include the risk of accidents and other risks associated with mineral exploration operations, the risk that the Company will encounter unanticipated geological factors, or the possibility that the Company may not be able to secure permitting and other agency or governmental clearances, necessary to carry out the Company's exploration plans, risks and uncertainties related to the COVID-19 pandemic, and the risk of political uncertainties and regulatory or legal changes in the jurisdictions where the Company carries on its business that might interfere with the Company's business and prospects. The reader is urged to refer to the Company's reports, publicly available through the Canadian Securities Administrators' System for Electronic Document Analysis and Retrieval (SEDAR) at www.sedar.com for a more complete discussion of such risk factors and their potential effects
Neither 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.
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