Taiga Receives $75,000 Cash Payment for Fisher Option, Purchases NSR
Cranbrook, B.C., October 29th, 2018: Taiga Gold Corp (CSE:TGC) (“Taiga”) has recently received a $75,000 cash payment from option partner SGO Mining Inc. (“SGO”), a wholly-owned subsidiary of SSR Mining Inc. (formerly Silver Standard Resources Inc.) (TSX: SSRM) (NASDAQ: SSRM) pursuant to an option agreement relating to the Fisher Property, owned 100% by Taiga. SGO is in the third year of a five-year option agreement whereby SGO may earn up to an 80% interest in the 34,000 ha property by completing $4M in exploration expenditures and making a total of $3.3M in cash payments (of which $225,000 has been paid). The Fisher Project is contiguous to the north, south and east with SGO’s Seabee Gold Operation.
After a pause following the completion of approximately 10,000m in 18 holes, drilling at the Fisher property resumed in early October. Fieldwork including geochemical sampling, geological mapping and prospecting have been ongoing throughout the summer months. Results for Phase 1 drilling are pending and will be released once they have been compiled and interpreted.
Purchase of Fisher NSR
Taiga also announces that it has entered into an agreement with Eagle Plains Resources Ltd (TSX-V: EPL) (“Eagle Plains”) (a company related through common directors) whereby Taiga has agreed to purchase the conditional right to be granted in the future, a variable 0.5% to 2.5% net smelter returns royalty (“NSR”) currently held by Eagle Plains relating to any future production at the Fisher gold property located in Saskatchewan. The NSR will be acquired from Eagle Plains for purchase consideration of $110,000, payable through the issuance of 1,000,000 common shares of Taiga Gold at a deemed price of $0.11 per share. Closing of the purchase and sale transaction, which is expected to occur in late October 2018, is subject to certain conditions, including approval of the TSX Venture Exchange and the Canadian Securities Exchange. This transaction follows the plan of arrangement completed effective April 12, 2018 whereunder Taiga Gold was spun-out of Eagle Plains, and is an exempt ‘related party transaction’ under Multilateral Instrument 61-101.
About Taiga Gold Corp
Taiga Gold Corp was created through a plan of arrangement with Eagle Plains Resources Ltd. and owns 5 projects targeting gold in the area near the Seabee Gold Operation, owned and operated by SGO. Taiga’s flagship “Fisher” property is currently being explored by SGO under option from Taiga.
Taiga’s objective is to focus on the exploration and development of its gold projects located adjacent to the Seabee Gold Operation and along the Tabbernor Fault structure in eastern Saskatchewan, a highly-prospective mining jurisdiction which was recently recognized by the Fraser Institute as the second best place in the world in terms of Investment Attractiveness. Throughout the exploration and development process, our mission is to help maintain prosperous communities by exploring for and discovering resource opportunities while building lasting relationships through honest and respectful business practices.
On behalf of the Board of Directors
“Tim J. Termuende”
President and CEO
Cautionary Note Regarding Forward-Looking Statements
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 including but not limited to comments regarding the timing and content of upcoming work programs, geological interpretations, receipt of property titles, potential mineral recovery processes, etc. Forward-looking statements address future events and conditions and therefore, involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.