SUDBURY, Ontario, April 05, 2018 (GLOBE NEWSWIRE) -- Manitou Gold Inc. (TSXV:MTU) (the “Company” or “Manitou”) is pleased to announce that it has closed its previously announced acquisition from Argo Gold Inc. (the “Vendor”) of the property known as the Rockstar Property, comprised of 16 unpatented mining claims located in Jacobson and Riggs Townships, Ontario (collectively, the “Property”).
In order to acquire its interest in the Property, the Company made a cash payment of $200,000 and issued an aggregate of 4,000,000 common shares to the Vendor. In addition, the Company has granted a 1% net smelter royalty to the Vendor at closing, one-half of which may be purchased by the Company for $500,000. The Property is also subject to an existing 2% net smelter royalty in favour of a third party, one-half of which may be purchased for $1,000,000. All securities issued in connection with the acquisition are subject to a statutory hold period expiring on August 5, 2018.
For further information on Manitou Gold Inc., contact:
Richard Murphy, CEO
Telephone: 1 (705) 698-1962
Pat Dubreuil, President
Telephone: 1 (705) 626-0666
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward Looking Statements – Certain information set forth in this news release may contain forward-looking statements that involve substantial known and unknown risks and uncertainties. These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond the control of Manitou, including with respect to the prospective nature of the Property. Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Source:Manitou Gold Inc.