Pacton Gold Acquires Significant Land Package Extending Strategic Property Portfolio in Red Lake Mining District
Vancouver, British Columbia, May 24, 2017 – Pacton Gold Inc. (TSXV: PAC) (the “Company” or “Pacton”) is pleased to announce that it has entered into two separate option agreements to acquire a 100% interest in 44 mineral claims totaling 8,716.9 Ha (21,640 acres) in the Red Lake Mining District of Ontario, Canada. The option agreements are for 14 mineral claims for an area of approximately 2,282.4 Ha (5,640 acres) (the “Byshe/Ranger Agreement”) and for 30 mineral claims for an area of approximately 6,474.9 Ha (16,000 acres) (the “Red Lake Agreement”).
Dominic Verdejo, President and CEO of Pacton Gold commented, “The Red Lake Mining District is one of the richest mining camps in the world, and we are pleased to be able to add to our existing land portfolio, and increase our land position by nearly 200%. Our exploration team is currently reviewing the geological database and planning a focused exploration program for 2017. We now control strategic land positions immediately adjacent to some of the more active exploration and mining companies in the Red Lake Mining Camp, including Goldcorp, Pure Gold, and Premier Gold."
Under the terms of the Byshe/Ranger Agreement, the Company must pay CDN$70,000 and issue 300,000 common shares over a three-year period in order to earn a 100% interest in the property.
Under the terms of the Red Lake Agreement, the Company must pay CDN$200,000 and issue 2,500,000 common shares over a two-year period in order to earn a 100% interest in the property. The optionors will retain a 2.5% net smelter return royalty, 1% of which can be purchased by the Company for CDN$1,500,000.
The acquisitions are subject to the acceptance of the TSX Venture Exchange.
About Pacton Gold
Pacton Gold Inc. (TSXV: PAC) is a Canadian junior exploration company focused on mineral exploration in North America. The Company is currently advancing exploration activity on the Birch and Uchi Gold Properties adjacent to the Springpole Gold Deposit (controlled by First Mining Finance (FF: TSXV)) in the Red Lake Gold District of western Ontario and the Tully West Gold Property located northeast of Timmins, Ontario. The Company’s goal is to secure and explore quality mineral assets in the Americas.
All technical information in this press release has been reviewed and approved by Peter Caldbick, P.Geo. Mr. Caldbick is a Qualified Person for the purposes of National Instrument 43-101.
On Behalf of the Board of Pacton Gold Inc.
President and CEO
This news release may contain or refer to forward-looking information based on current expectations, including, but not limited the prospect of the Company achieving success in exploring the Red Lake Property and the impact on the Company of these event, including the effect on the share prices. 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.
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.