Goldplay Exercises Put Option to Sell Interest Earned in BC Golden Triangle Properties

Rhea-AI Summary

Goldplay Mining has exercised its put option to sell its 3.75% interest in the Golden Triangle properties back to Scottie Resources Corp for $900,000. This decision follows Goldplay's strategy to concentrate on its properties in Portugal, perceived to have higher exploration potential. Initially, Goldplay incurred $1,580,000 in flow-through exploration expenses to acquire this interest. The sale aims to free up cash for ongoing exploration and administrative expenses.

Positive

• Goldplay received $900,000 in cash from the sale of its interest.
• Strategic focus shift to higher-potential properties in Portugal.

Negative

• Initial investment of $1,580,000 in the properties resulted in a loss of some investment value.

VANCOUVER, BC / ACCESSSWIRE / November 15, 2022 / (TSXV:AUC)(OTCQB:AUCCF)(Frankfurt:9FY), (the "Company" or "Goldplay"), wishes to announce that it has exercised the put option and sold back the interest earned in the British Columbia Golden Triangle properties (the "Properties") of Scottie Resources Corp (TSXV: SCOT) ("Scottie").

Terms of the Agreement

Pursuant to the initial option agreement, Goldplay acquired a 3.75% interest in the Properties by incurring $1,580,000 in flow through exploration expenses. Subsequent to acquiring the interest in the Properties, Goldplay made the strategic decision to focus the Company's exploration efforts in the near future on its properties located in Portugal, which are seen by the Company as having a higher potential. In order to make cash available for exploration activities in Portugal and other general and administrative expenses, the Company has exercised the put option and sold back the 3.75% interest in the Properties to Scottie for a total of $900,000 that was paid in cash by Scottie to Goldplay.

About Goldplay Mining

Goldplay Mining is a Canadian public company listed on TSXV and in US on OTCQB. Goldplay holds several brownfield gold, and copper-gold projects located in Portugal with near term mining potential.

On behalf of the Board of Directors

"Chris Osterman"

CEO

For further information please contact:

Goldplay Mining Inc.
Mr. Chris Osterman
Suite 650 - 1021 West Hastings Street
Vancouver, BC V6E 0C3
E: chrisosterman@comcast.net
www.goldplaymining.ca

This news release contains "forward-looking information" within the meaning of applicable securities laws relating to the exploration potential of the Company's properties. Generally forward-looking statements can be identified by the use of terminology such as "anticipate", "will", "expect", "may", "continue", "could", "estimate", "forecast", "plan", "potential" and similar expressions. These forward-looking statements involve risks and uncertainties relating to, among other things, results of future exploration and development activities, uninsured risks, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, changes in commodity prices and unanticipated environmental impacts on operations. Although the Company believes current conditions and expected future developments and other factors that have been considered are appropriate and that the expectations reflected in this forward-looking information are reasonable, undue reliance should not be placed on them because the Company can give no assurance that they will prove to be correct or enduring. Readers are cautioned to not place undue reliance on forward-looking information. The statements in this press release are made as of the date of this release. Except as required by law, the Company does not undertake any obligation to update publicly or to revise any forward-looking statements that are contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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.

SOURCE: Goldplay Mining Inc.

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https://www.accesswire.com/725835/Goldplay-Exercises-Put-Option-to-Sell-Interest-Earned-in-BC-Golden-Triangle-Properties

FAQ

What was the amount received by Goldplay Mining for selling its interest in the BC properties?

Goldplay Mining received $900,000 in cash for selling its 3.75% interest.

Why did Goldplay Mining decide to sell its interest in the Golden Triangle properties?

Goldplay decided to sell its interest to focus its exploration efforts on properties in Portugal, which are viewed as having greater potential.

How much did Goldplay Mining originally invest to acquire the Golden Triangle interest?

Goldplay Mining incurred $1,580,000 in flow-through exploration expenses to acquire the 3.75% interest.

What is the stock symbol for Goldplay Mining?

The stock symbol for Goldplay Mining is AUCCF on the OTCQB.