Brookmount Explorations Finalises Acquisition of Canadian Based Gold Project

Rhea-AI Summary

Brookmount Explorations, Inc. (BMXI) has completed a significant acquisition by securing 100% ownership of the Moosehorn Gold project from Gennex Gold Corp. The project spans approximately 5,000 hectares in the Tintina Gold Belt, containing an estimated resource of 39,000 oz au, with plans to increase this to 100,000 oz by early next year. The company commits at least $1.5 million for drilling and production costs and $1.6 million in deferred cash obligations from the purchase. This acquisition positions Brookmount for potential growth in the North American gold market.

Positive

• Acquisition of the Moosehorn Gold project enhances asset portfolio.
• Current resource estimation of 39,000 oz au with plans to increase to 100,000 oz.
• Strategic location in the prominent Tintina Gold Belt.
• Commitment of at least $1.5 million for projected drilling and rollout costs.

Negative

• A minimum of $1.6 million in deferred cash obligations due to the acquisition may strain finances.
• Dependence on successfully arranging institutional funding lines for future operations.

Reno, NV, Oct. 05, 2021 (GLOBE NEWSWIRE) -- Brookmount Explorations, Inc. (OTC Pink: BMXI) (“Brookmount”) is pleased to announce that it has finalized, through partial cash payment, the acquisition of the Moosehorn Gold project from Gennex Gold Corp. Brookmount now owns 100% of the project which covers approximately 5,000 hectares, in the highly regarded Tintina Gold Belt which stretches from Alaska in the US to Yukon in Canada. Situated approximately 40 km north of the Trans Alaska Highway, near Dawson City. The project includes accommodation camp, airstrip, fuel depot and a comprehensive inventory of heavy equipment including excavators, diggers, ore trucks and a large ball mill.

The acquisition also includes all relevant and exploration and production related licenses and permits. Existing gold reserves have been partially surveyed under 43-101 requirements, resulting in a current estimated total resource of 39,000 oz au. Brookmount intends to continue the drill program early next year, to bring the estimated resource to 100,000 oz.au. and has assembled a preliminary budget and plan to bring the project into initial production by later in the year. To that end, The Company has committed to inject additional funding of a minimum $1.5 million to meet projected drilling and rollout costs in addition to approximately $1.6 million in deferred cash obligations arising from the purchase and is in the process of arranging for institutional funding lines to support this process.

About Brookmount Explorations, Inc:

Brookmount presently conducts gold mining and processing operations through its Indonesian subsidiary incorporated in Sulawesi Province, Republic of Indonesia, one of Asia’s most dynamic and rapidly expanding economies with extensive reserves of natural resources and minerals including timber, coal, gold, and hydrocarbons. The company is also in the process of building a platform of high-quality gold assets in major international markets such as North America, South Africa and Australia.

Forward-Looking Statements:

This current press release contains "forward-looking statements," as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations or intentions regarding the future, including but not limited to, any products sold or cash flow from operations.

Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, the inherent uncertainties associated with distribution and difficulties associated with obtaining financing on acceptable terms. These forward-looking statements are made as of the date of this news release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements. Although we believe that the beliefs, plans, expectations and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to our most recent annual report for our last fiscal year, our quarterly reports, and other periodic reports filed from time-to-time with the Securities and Exchange Commission.

For More Information:

Investor Relations:
Jon Olson Tel: (702)2179518
jon@milestonemanagementservicesllc.com

The Company:
nils.ollquist@brookmountgold.com
http://www.brookmountgold.com/

FAQ

What did Brookmount Explorations acquire from Gennex Gold Corp?

Brookmount acquired 100% ownership of the Moosehorn Gold project, covering approximately 5,000 hectares.

What is the estimated gold resource of the Moosehorn project?

The Moosehorn project has an estimated current resource of 39,000 oz au, with plans to increase it to 100,000 oz au.

How much funding has Brookmount committed for the Moosehorn project?

Brookmount has committed a minimum of $1.5 million for drilling and production costs related to the Moosehorn project.

Where is the Moosehorn Gold project located?

The Moosehorn Gold project is located in the Tintina Gold Belt, approximately 40 km north of the Trans Alaska Highway near Dawson City.

What is the strategic importance of the Moosehorn acquisition for Brookmount?

The acquisition enhances Brookmount's gold asset portfolio and positions the company for potential growth in the North American gold market.