VANCOUVER, Oct. 26, 2017 /CNW/ - David H. Brett, President & CEO, EnGold Mines Ltd., (TSX-V: EGM, "EnGold" or the "Company") reports that the Company has signed an agreement (the "Agreement") with Peach Lake Resources Ltd. ("PLR") to reduce from $3 million to $2 million the total payable to PLR relating to its 1% net smelter royalty ("NSR") on mineral claims acquired from PLR by EnGold under an option and joint venture agreement originally entered into by the parties in 1992.
The PLR claims underlie EnGold's Spout Deposit and other prospective areas. The PLR claims are also subject to a 3% NSR, capped at $500,000, payable to the original vendor of the claims to PLR. The PLR claims in question do not underlie the Company's recent copper-gold-silver discovery, which is not subject to any underlying royalties.
Under the Agreement, which is subject to the approval of the TSX Venture Exchange, EnGold will pay PLR $10,000 and 350,000 shares of EnGold.
About EnGold
EnGold (www.engold.ca) is focused on exploring its 100% owned mineral property located near the town of Lac La Hache in BC's prolific Cariboo mining region. EnGold's corporate philosophy rests on three interdependent pillars: Environment, Engagement and Gold. Through sound environmental stewardship, commitment to transparent engagement with local communities, the Company is dedicated to driving exceptional shareholder and stakeholder value by discovering and developing mineral resources.
