TomaGold completes earn-in to acquire the Obalski property
MONTREAL, Sept. 09, 2020 (GLOBE NEWSWIRE) -- TOMAGOLD CORPORATION (TSXV: LOT) (“TomaGold” or the “Corporation”) is pleased to report that it has completed its earn-in to acquire a 100% interest in the Obalski property by making a final payment of $100,000 to David Malouf and 2736-1179 Quebec Inc. On May 31, 2016, TomaGold entered into an agreement to acquire the property in exchange for the issuance of 4 million shares of the Corporation and cash payments totalling $500,000 over four years.
“We are now the proud sole owners of the Obalski property, which holds tremendous high-grade gold and copper potential as it has basically only been explored near surface to date,” said David Grondin, President and Chief Executive Officer of TomaGold. “With the help of more effective tools and greater knowledge available today, we believe that we’ll be able to unlock the property’s gold-copper potential. In the coming weeks, we will share our exploration plan for 2020-21. The Obalski property will be a main exploration project for us this fall.”
In other news, TomaGold announces the resignation of Jean Martineau as a member of its board of directors. The Corporation wishes to thank Mr. Martineau for his valuable contribution over the last few years.
About TomaGold Corporation
TomaGold Corporation is a Canadian mineral exploration Corporation engaged in the acquisition, assessment, exploration and development of gold mineral properties. It currently has joint venture agreements with IAMGOLD Corporation for the Monster Lake project and with Evolution Mining Ltd and New Gold Inc. for the Baird property. TomaGold has interests in seven gold properties near the Chibougamau mining camp in northern Quebec: Monster Lake, Winchester, Lac à l'eau jaune, Monster Lake East, Monster Lake West, Obalski and Lac Doda. It also holds a 24.5% interest in the Baird property near the Red Lake mining camp in Ontario, and has a 70% interest in the Hazeur property, at the southern edge of the Monster Lake group of properties.
Contact:
David Grondin
President and Chief Executive Officer
(514) 583-3490
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