VANCOUVER, Jan. 30, 2019 /CNW/ - Pacton Gold Inc. (TSXV: PAC, OTC: PACXF) (the "Company" or "Pacton") is pleased to announce that it has entered into an acquisition agreement with Frontline Gold Corporation (TSXV: FGC) to acquire additional mineral claims in the Red Lake District, Ontario (the "Property"). The Property is comprised of 88 mineral claims totaling 1,760 Ha.
Figure 1. Location map of mineral claims acquired by Pacton Gold.
Under the terms of the agreement, Pacton will purchase 100% of the Property by issuing 192,310 common shares on receipt of TSX Venture Exchange acceptance to the transaction. The Property is subject to net smelter return royalties totaling 2.25%. The Company has the option to buy back a portion of the royalties for $250,000.
The transaction is subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold is a well-financed Canadian explorer with key strategic partners focused on the exploration and development of high grade conglomerate and orogenic gold properties located in the district-scale Pilbara gold rush in Western Australia and the Red Lake District, Ontario.
The technical content of this news release has been reviewed and approved by Peter Caldbick, P.Geo., a director of the Company and a Qualified Person pursuant to National Instrument 43-101. The qualified person has not yet verified the data disclosed, including sampling, analytical, and test data underlying the information or opinions contained in the written disclosure.
On Behalf of the Board of Pacton Gold Inc.
R. Dale Ginn
Executive Chairman
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited to the Company achieving success in exploring its properties and the impact on the Company of these events, including the effect on its share price. Forward-looking information is subject to significant risks and uncertainties, as actual results may differ materially from forecasted results. Forward-looking information is provided as of the date hereof and we assume no responsibility to update or revise such information to reflect new events or circumstances. References to other issuers with nearby projects is for information purposes only and there are no assurances the Company will achieve similar results.
Neither TSX Venture Exchange, the Toronto Stock Exchange nor their 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.
