Nexus Gold Signs Letter of Intent with Hawkmoon Resources to Evaluate Potential Joint Venture Opportunity of Canadian Project
TSX VENTURE: NXS
Vancouver, Canada - TheNewswire - August 23, 2019 - Nexus Gold Corp. ("Nexus" or the "Company") (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce that it has signed a letter of intent with Hawkmoon Resources Corp. ("Hawkmoon") to evaluate an acquisition or potential joint venture for the development of one of the Company's Canadian-based gold projects.
Under the terms of the letter of intent, the Company and Hawkmoon intend to evaluate a potential transaction in which Hawkmoon would acquire outright, or acquire an interest in, one of the Company's Canadian gold projects in exchange for funding the ongoing development of that project.
The Company's project portfolio in Canada includes a series of five exploration-stage gold projects located in Ontario, British Columbia and Newfoundland. Please see the project section of the Nexus Gold website - www.nexusgoldcorp.com - for details on the Company's current Canadian holdings. Nexus management intends to add project generation as a supplemental component to its current exploration model.
Hawkmoon is a Canadian mining exploration company, currently focused on the development of the Romeo Project, located within the Urban-Barry Gold Camp in western Quebec. Hawkmoon is privately held and intends to pursue a going public transaction in the near future.
"We're pleased Hawkmoon is serious about potentially taking an interest in one or more of our Canadian projects," said Nexus president and CEO, Alex Klenman. "We feel adding project generation is a strategically important move for Nexus. This letter of intent with Hawkmoon is a first step in establishing this as a viable addition to the current exploration business model," continued Mr. Klenman.
Readers are cautioned that the letter of intent entered into with Hawkmoon does not set forth definitive terms for the potential transaction, nor have such terms been negotiated or finalized. Completion of any transaction with Hawkmoon is subject to a number of conditions including, but not limited to, satisfactory completion of due diligence, negotiation of definitive agreements in respect of such a transaction, the availability of financing on acceptable terms, and receipt of any required regulatory approvals. A transaction cannot be completed until these conditions are satisfied, and there can be no assurance that a transaction will be completed at all.
About the Company
Nexus Gold is a Vancouver-based gold exploration and development company with a portfolio of active projects in West Africa and Canada. The Company is concentrating its efforts on establishing a compliant resource at one or more of it's four current West African-based projects which total over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends, while also conducting ongoing developmental work on its five 100%-owned Canadian projects, namely the McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in BC's historic Bridge River Mining Camp, and three prospective gold-copper projects (3,300-ha) in the province of Newfoundland. For more information please visit www.nexusgoldcorp.com.
On behalf of the Board of Directors of
NEXUS GOLD CORP.
President & CEO
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. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.