VANCOUVER, British Columbia, March 09, 2023 (GLOBE NEWSWIRE) -- West Red Lake Gold Mines Ltd. (“West Red Lake Gold” or “WRLG” or the “Company”) (TSXV:WRLG) is pleased to announce that further to its news release of February 23, 2023, the Company has closed the acquisition to increase its ownership in the Rowan Property from 72% to 100% by purchasing the remaining 28% interest from Evolution Mining Limited (“Evolution") (the “Acquisition”). The Rowan Property is the most advanced property within the West Red Lake Gold Project, a 3,100-hectare area consisting of three properties (Mount Jamie, Red Summit, and Rowan). The Rowan Property is located north of Red Lake and borders Evolution's Red Lake gold complex.
In consideration for the Acquisition, the Company paid CAD $250,000 and issued 3,645,000 common shares of WRLG to Evolution. Evolution will retain a 2.5% NSR on the Rowan Property. The Company also issued an aggregate of 182,250 common shares to certain third parties as a success fee. On closing, Evolution holds a 6.53% interest in West Red Lake Gold.
Insiders and Evolution hold an aggregate of 39.15% of the issued and outstanding common shares of the Company, including Frank Giustra who holds 18.10% and Accilent Capital Management Inc. which holds 13.56%.
All securities issued in connection with the Acquisition and success fees are subject to a four month and one day statutory hold period expiring on July 9, 2023.
ABOUT WEST RED LAKE GOLD MINES
West Red Lake Gold Mines Ltd. is a mineral exploration company that is publicly traded and dedicated to creating value for its shareholders by discovering new gold mines in the highly productive Red Lake Gold District of Northwest Ontario, Canada. This district has yielded 30 million ounces of gold from high-grade zones and hosts some of the world's richest gold deposits. WRLG holds an extensive property position spanning 3,100 hectares in West Red Lake, including three former gold mines - Rowan, Mount Jamie, and Red Summit - that are wholly owned by the Company. The West Red Lake Project covers a 12-kilometer strike length along the Pipestone Bay St. Paul Deformation Zone, and WRLG plans to continue exploring this property along strike and to depth aggressively in 2023.
ON BEHALF OF WEST RED LAKE GOLD MINES LTD.
“Tom Meredith”
Tom Meredith
Chief Executive Officer
FOR FURTHER INFORMATION, PLEASE CONTACT:
Tel: 416-203-9181 ext 4600
Email: investors@westredlakegold.com or visit our website at https://www.westredlakegold.com
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.
The TSX Venture Exchange has neither approved nor disapproved the contents of this news release. Certain statements contained in this news release constitute "forward-looking statements". When used in this document, the words "anticipated", "expect", "estimated", "forecast", "planned", and similar expressions are intended to identify forward-looking statements or information. These statements are based on current expectations of management, however, they are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this news release. Readers are cautioned not to place undue reliance on these statements. West Red Lake Gold Mines Ltd. does not undertake any obligation to revise or update any forward- looking statements as a result of new information, future events or otherwise after the date hereof, except as required by securities laws.
