Canadian Gold Corp.: Approval of $300,000 Grant From Manitoba Mineral Development Fund (MMDF) Increases Company's Exploration Funding

Rhea-AI Summary

Canadian Gold Corp. (TSXV: CGC) has received a $300,000 grant from the Manitoba Mineral Development Fund to support its exploration program at the Tartan Mine near Flin Flon, Manitoba. This grant, combined with the Company's treasury and pending final tranche closing of the current financing, will increase Canadian Gold's total capital to approximately $3.5 million. The funding will help advance the ongoing 2,500 metre diamond drill program for the 2023/24 period, and the MMDF has a significant impact on mineral exploration in Manitoba, boosting economic development and regional investment across the province.

Positive

• Canadian Gold Corp. has secured a substantial grant from the MMDF, enhancing its financial position and supporting its exploration efforts. The funding is expected to lower the cost of capital for the Company when raising equity and help limit dilution, preserving shareholder ownership.

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• None.

Toronto, Ontario--(Newsfile Corp. - November 13, 2023) - Canadian Gold Corp. (TSXV: CGC) ("Canadian Gold" or the "Company") is pleased to announce that it has been approved for a $300,000 grant from the Manitoba Mineral Development Fund ("MMDF") as announced at the CCMEC Mineral Conference held in Winnipeg, Manitoba last week. This grant, when combined with the Company's treasury and pending final tranche closing of the current financing, will increase Canadian Gold's total capital to approximately $3.5 million.

Canadian Gold CEO Ed Huebert said, "We wish to thank the MMDF for supporting our exploration program at the Tartan Mine near Flin Flon, Manitoba. This funding will help advance the ongoing (2023/24) 2,500 metre diamond drill program." (Click HERE to see the Company's news release dated November 8, 2023 for further details).

Canadian Gold Corp. acknowledges the significant impact that the MMDF has on mineral exploration in Manitoba, which augments economic development and regional investment across the province. The MMDF program and the Manitoba Mineral Exploration Tax Credit ("MMETC") make Manitoba a strong destination for mineral exploration. Manitobans may avail themselves of unique tax incentives when investing in eligible Manitoba mineral exploration projects, such as the Tartan Mine.

The MMETC provides Manitoba residents with some of the most advantageous tax credits in Canada, when compared to other provinces. Being able to access this funding for future exploration programs should allow the Company to lower its cost of capital when raising equity, and to help limit dilution, thereby better preserving each shareholder's percentage ownership in Canadian Gold. Additional details regarding MMETC tax credits for Manitoba residents can be found on the Prospectors & Developers Association of Canada ("PDAC") website by clicking HERE.

About Canadian Gold Corp.

Canadian Gold Corp. is a Toronto-based mineral exploration and development company whose objective is to expand the high-grade gold resource at the past producing Tartan Mine, located in Flin Flon, Manitoba. The Company holds a 100% interest in greenfields exploration properties in Ontario and Quebec adjacent to some of Canada's largest gold mines and development projects, specifically, the Canadian Malartic Mine (QC), the Hemlo Mine (ON) and Hammond Reef Project (ON). The Company is 38.8% owned by Robert McEwen, who was the founder and CEO of Goldcorp and is Chairman and CEO of McEwen Mining.

On behalf of the Canadian Gold Corp. Board of Directors.

For Further Information, Please Contact:
Ed Huebert
Chief Executive Officer
Canadian Gold Corp.
(204) 771-2180
info@canadiangold.com

Jennifer Boyle
Director
Canadian Gold Corp.
(416) 904-2714
jennifer@capexgroupinc.com

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/187143

FAQ

What grant did Canadian Gold Corp. receive from the Manitoba Mineral Development Fund?

Canadian Gold Corp. received a $300,000 grant from the MMDF to support its exploration program at the Tartan Mine near Flin Flon, Manitoba.

How will the grant impact Canadian Gold Corp.'s total capital?

The grant, combined with the Company's treasury and pending final tranche closing of the current financing, will increase Canadian Gold's total capital to approximately $3.5 million.

What is the purpose of the grant?

The funding will help advance the ongoing 2,500 metre diamond drill program for the 2023/24 period, supporting Canadian Gold Corp.'s exploration efforts at the Tartan Mine near Flin Flon, Manitoba.

What is the significance of the MMDF in mineral exploration in Manitoba?

The MMDF has a significant impact on mineral exploration in Manitoba, boosting economic development and regional investment across the province.

What tax incentives are available for Manitoba residents investing in mineral exploration projects?

Manitobans may avail themselves of unique tax incentives, including the Manitoba Mineral Exploration Tax Credit (MMETC), which provides some of the most advantageous tax credits in Canada when investing in eligible Manitoba mineral exploration projects such as the Tartan Mine.