Sabre Gold Announces Exercise of Option on SER Property

Rhea-AI Summary

Sabre Gold Mines Corp. announces that Rackla Metals has exercised its option to acquire a 100% interest in the SER property.

Vancouver, British Columbia--(Newsfile Corp. - October 18, 2023) - Sabre Gold Mines Corp. (TSX: SGLD (OTCQB: SGLDF) ("Sabre Gold" or the "Company") is pleased to announce that its partner, Rackla Metals ("Rackla"), has exercised its option to acquire a 100% interest, subject to a 2.5% NSR royalty, in the SER property. Pursuant to the SER Option Agreement dated September 29, 2022, Rackla has completed the following:

1. paid $50,000 cash to Sabre upon signing of the agreement,
2. within 12 months of signing, paid an additional $300,000 final payment in a combination of 655,021 common shares of Rackla and $150,000 cash to Sabre.

The shares issued to the Company are subject to a resale restriction which expires on February 17, 2024.

"We are pleased to see Rackla making excellent progress on their collection of properties in the Yukon," commented CEO & President Andrew Elinesky, "The Company looks forward to seeing further exploration results for SER and the surrounding area and creating value for our royalty interest. Along with the Company's other recent transactions we are excited to be streamlining our assets and putting our sole focus on working towards gold production at the fully permitted Copperstone Mine in Arizona."

For more information on SER and the surrounding exploration properties held by Rackla please see https://racklametals.com/projects/.

All figures in Canadian Dollars.

About Sabre Gold Mines Corp.

Sabre Gold is a near-term gold producer in North America which holds 100% ownership of the fully licensed and permitted Copperstone gold mine located in Arizona, United States. Management intends to restart production at Copperstone in the near term. Sabre Gold also holds other investments and projects at varying stages of development.

Copperstone has approximately 300,000 ounces of gold in the Measured and Indicated categories, and approximately 197,000 ounces of gold in the Inferred category. Additionally, Copperstone has considerable existing operational infrastructure as well as significant exploration upside. Sabre Gold is led by an experienced team of mining professionals with backgrounds in exploration, mine building and operations.

For further information please visit the Sabre Gold Mines Corp. website: (www.sabre.gold).

Andrew Elinesky
CEO and President
416-904-2725

Cautionary Note Regarding Forward-Looking Statements

This news release contains forward-looking information under Canadian securities legislation including statements concerning the proposed debt and stream restructuring and the potential effect on Company's financial condition, the Company's views on exploration upside at Rackla's properties and potential corresponding value of the Company's NSR on the SER Property, the Company's views on exploration upside and the potential that resources at Copperstone can be expanded through additional exploration drilling, and intentions regarding the development of and restart of production at Copperstone. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to: the proposed debt and stream restructuring being completed on the terms disclosed, the assumptions used in the preparation of the PEA for the Copperstone project, basing a construction decision on the results of a PEA and not on a feasibility study of mineral reserves, demonstrating economic and technical viability; the price of gold; operational, funding, and liquidity risks; reliance on third parties, exploration risk, failure to upgrade resources, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; the degree to which factors which would make a mineral deposit commercially viable are present, and the risks and hazards associated with underground operations and other risks involved in the mineral exploration and development industry. Risks and uncertainties about Sabre Gold's business are more fully discussed in the Company's disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Sabre Gold assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/184357

FAQ

Who has exercised the option to acquire a 100% interest in the SER property?

Rackla Metals.

What is the final payment made by Rackla?

An additional $300,000 in a combination of common shares and cash.

What is the resale restriction on the shares issued to Sabre Gold?

The resale restriction expires on February 17, 2024.

What is the focus of Sabre Gold Mines Corp.?

Working towards gold production at the Copperstone Mine in Arizona.