Newrange Receives Option Payment for El Dovio Project
TSX VENTURE: NRG
VANCOUVER, BRITISH COLUMBIA - TheNewswire - September 5, 2019 - (TSXV:NRG), (OTC:NRGOF), (Frankfurt:X6C) - Newrange Gold Corp. ("Newrange" or the "Company") is pleased to announce that the first anniversary payment of US$250,000 pursuant to the El Dovio Option Agreement has been received from the optionor, Andean Mining Corporation Pty Ltd. ("Andean"). As announced in Newrange Press Release of June 5, 2019, Newrange and Andean have entered into a 'Heads of Agreement' for the sale of the Company's wholly owned Colombian subsidiary, Corporacion Minera de Colombia ("CMC") together with the El Dovio and Anori exploration projects but exclusive of the Yarumalito gold porphyry project. However, due to extra time needed to complete this agreement, the El Dovio option agreement remains in force and the amount of the first anniversary payment will be deducted from the purchase price of CMC. The companies are still working towards completing that agreement as soon as possible.
"This payment is a sign of good faith on the part of both companies as we move towards completing the sale of Newrange's Colombian subsidiary including the El Dovio and Anori Projects," stated Robert Archer, CEO. "All other terms of the agreement remain the same as previously announced."
About Newrange Gold Corp.
Newrange is an aggressive exploration and development company focused on near to intermediate term production opportunities in favorable jurisdictions including Nevada, Colorado and Colombia. With numerous drill intercepts of near surface oxide gold mineralization up to 340 grams gold per metric tonne, the Company's flagship Pamlico Project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.
Signed: "Robert Archer"
CEO & Director
Sharon Hebgin Dave Cross
Corporate Communications Chief Financial Officer and Corporate Secretary
Phone: 760-898-9129 Phone: 604-669-0868
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.
Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.