Origen Resources Completes Sale of the LGM Project

Rhea-AI Summary

Origen Resources has completed the sale of its LGM Project, located in the Golden Triangle of northern British Columbia, to Kingfisher Metals Corp. This transaction was previously announced on June 6, 2024. Kingfisher has transferred 3,000,000 common shares to Origen and made a cash payment of C$75,000. The LGM Project is adjacent to Kingfisher's HWY 37 project, enhancing a combined land package to 630 km² in a mineral-rich region. The sale marks a strategic milestone for Origen, positioning it as a significant equity partner in a major exploration area, thus enhancing shareholder value.

Positive

• Origen received 3,000,000 Kingfisher shares.
• Origen received C$75,000 in cash.
• Strategic milestone enhancing shareholder value.
• Origen becomes a significant equity partner in a large exploration play.

Negative

• None.

Vancouver, British Columbia--(Newsfile Corp. - July 10, 2024) - Origen Resources Inc. (CSE: ORGN) (FSE: 4VXA) (the "Company" or "Origen") is pleased to announce that it has completed the sale of its 100% interest in the LGM project located in the Golden Triangle in northern B.C. to Kingfisher Metals Corp. ("Kingfisher") as previously announced on June 6, 2024. Under the terms of the definitive agreement, Kingfisher issued 3,000,000 common shares to Origen and paid C$75,000 in cash in exchange for the transfer of the LGM project claims on closing.

The LGM project lies immediately south of Kingfisher's HWY 37 project and is contiguous to its southern claim boundary. The LGM project holds significant discovery potential and the combination of Kingfisher's Hwy 37 project with the LGM project will create a dominant 630 km² land package in one of the most mineral endowed regions of British Columbia.

"Closing of this transaction is another milestone for Origen and another step towards its goal of creating value for its shareholders through the monetization of its assets. The strategic sale of the LGM project to Kingfisher has positioned Origen as significant equity partners in one of the largest exploration plays in the Golden Triangle not held by a major company," states Gary Schellenberg, CEO.

On behalf of Origen,

Thomas Hawkins
Managing Director

For further information, please contact Gary Schellenberg, Chief Executive Officer, at 604-681-0221.

Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this press release.

Certain of the statements made and information contained herein may constitute "forward-looking information." In particular references to the private placement and future work programs or expectations on the quality or results of such work programs are subject to risks associated with operations on the property, exploration activity generally, equipment limitations and availability, as well as other risks that we may not be currently aware of. Accordingly, readers are advised not to place undue reliance on forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information, whether as a result of new information, future events or otherwise.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/216087

FAQ

What did Origen Resources receive from the sale of the LGM Project?

Origen Resources received 3,000,000 common shares of Kingfisher Metals Corp. and C$75,000 in cash.

When was the sale of Origen Resources' LGM Project announced?

The sale was previously announced on June 6, 2024.

What is the significance of the LGM Project sale for Origen Resources?

The sale enhances Origen's shareholder value and positions it as a significant equity partner in a major exploration area.

What is the combined land package size after Kingfisher's acquisition of the LGM Project?

The combined land package size is 630 km² in the Golden Triangle region of British Columbia.

What is the stock symbol of Origen Resources?

The stock symbol of Origen Resources is OGGNF.