Graycliff Exploration Closes the Sale of its Baldwin and Lunge Projects

Rhea-AI Summary

Graycliff Exploration Limited announces the closing of the Purchase and Sale Agreement for the sale of Baldwin and Lunge Projects to EV Minerals Corporation. EV Minerals purchased a 100% interest in the projects for 2,000,000 common shares and a cash payment of $25,000. Graycliff will now focus on its Shakespeare Project with visible gold identified in multiple holes.

Toronto, Ontario--(Newsfile Corp. - March 1, 2024) - Graycliff Exploration Limited (CSE: GRAY) (OTC Pink: GRYCF) (the "Company" or "Graycliff") announces the closing of its Purchase and Sale Agreement ("PSA") for the sale of its Baldwin and Lunge Projects to EV Minerals Corporation ("EV Minerals") previously announced on February 26, 2024. Pursuant to the terms of the PSA, EV Minerals purchased a 100% interest in two packages of claims known as the Baldwin and Lunge Projects for a total of 2,000,000 common shares in the capital of EV Minerals. EV Minerals has made a one-time cash payment in the amount of $25,000 upon signing of the LOI.

Graycliff will focus on its Shakespeare Project consisting of 1,468 hectares where it has drilled over 12,500 metres, with visible gold identified in multiple holes.

About Graycliff Exploration Limited

Graycliff Exploration is a mineral exploration company focused on its 1,468 hectares of prospective ground, located roughly 80 kilometres west of Sudbury on the prolific Canadian Shield. The Company's Shakespeare Project consists of one crown patented lease, two crown leases and 40 claims on a property associated with the historic Shakespeare Gold Mine. Graycliff to date has drilled over 12,500 metres at Shakespeare, with visible gold identified in multiple holes.

Learn more on the website: https://graycliffexploration.com/.

On Behalf of the Board of Directors,

James Macintosh
President and CEO

For more information, please contact the Company at:

416.862.7003
jm@graycliffexploration.com

Neither the Canadian Securities Exchange nor its regulation services provider has reviewed or accepted responsibility for the adequacy or accuracy of this press release

This press release may include forward-looking information within the meaning of Canadian securities legislation, concerning the business of the Company. Forward-looking information is based on certain key expectations and assumptions made by the management of the Company. Although the Company believes that the expectations and assumptions on which such forward-looking information is based on are reasonable, undue reliance should not be placed on the forward-looking information because the Company can give no assurance that they will prove to be correct. Forward-looking statements contained in this press release are made as of the date of this press release. The Company disclaims any intent or obligation to update publicly any forward-looking information, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/200057

FAQ

What projects did Graycliff Exploration Limited sell to EV Minerals Corporation?

Graycliff Exploration Limited sold its Baldwin and Lunge Projects to EV Minerals Corporation.

What did EV Minerals purchase as part of the agreement?

EV Minerals purchased a 100% interest in the projects for 2,000,000 common shares and made a one-time cash payment of $25,000.

What project will Graycliff focus on now?

Graycliff will now focus on its Shakespeare Project.

What was identified in multiple holes at the Shakespeare Project?

Visible gold was identified in multiple holes at the Shakespeare Project.