VANCOUVER, Nov. 28, 2017 /CNW/ - NXGOLD LTD. ("NxGold" or the "Company"), (NXN:TSXV) advises that it has delivered notice of a force majeure event under the amended and restated earn‐in agreement made as of February 3, 2017 between the Company and Meliadine Gold Ltd., due to the continued delay in the renewal of the existing Land Use Licences, KVL311B01 and KVRW12E01 pertaining to the Kuulu project. As previously announced the Company holds all other required licenses and permits to permit the drill testing of high priority gold targets at the Kuulu Project and has received a positive decision from the Nunavut Impact Review Board regarding the Kuulu Project.
The Company continues to pursue all avenues with the Kivalliq Inuit Association and other community groups in the vicinity of the Kuulu Project in its efforts to secure renewal of the Land Use Licences.
About NxGold
NxGold is a Vancouver-based exploration company. NxGold has entered into an earn-in agreement with Meliadine Gold Ltd. to earn up to a 70% interest in the Kuulu Project (formerly known as the Peter Lake Gold Project). Additionally, the Company has entered into an earn-in agreement to earn up to a 100% interest in the Chicobi Project located within the prolific Abitibi Greenstone Belt in Quebec.
