Viva Gold Announces Results of Annual General Meeting

Rhea-AI Summary

Viva Gold Corp (TSXV:VAU; OTCQB:VAUCF) announced that shareholders approved all proposals during its Annual General Meeting on October 25, 2022. The board of directors remains intact with five members, including Christopher Herald and James Hesketh. Shareholders also endorsed the amended New Option Plan, aligning with TSX Venture Exchange Policy 4.4. This plan allows for a maximum of 10% of outstanding common shares, currently totaling up to 9,160,789 shares. The company's Tonopah Gold Project shows promising results, supported by positive metallurgical findings and upcoming drill results.

Positive

• Shareholders approved the New Option Plan, aligning with TSX Venture Exchange requirements.
• The Tonopah Gold Project continues to yield positive metallurgical results.

Negative

• None.

VANCOUVER, BC / ACCESSWIRE / October 26, 2022 / Viva Gold Corp. (TSXV:VAU)(OTCQB:VAUCF) (the "Company" or "Viva") is pleased to announce that shareholders approved all items for voting at its Annual General Meeting held October 25^th, 2022.

The number of directors was fixed at five (5). Christopher Herald, James Hesketh, Edward Mahoney, David Whittle and Andrew Bolland were all retained on the Board of Directors. The appointment of DMCL Chartered Professional Accountants was approved and the Directors of Viva Gold were authorized to fix their remuneration.

In addition, the Company's shareholders approved an amended stock option plan (the "New Option Plan") as described in, an attached as Schedule "A" to, the Company's management information circular for the Meeting dated September 15, 2022. The amendments were directed principally at conforming the terms of the previous version to the requirements of the TSX Venture Exchange's revised Policy 4.4 that came into effective on November 24, 2021. The New Option Plan, like its predecessor, is a "rolling" plan, providing that the maximum aggregate number of shares reserved for issuance under it and, as applicable, all of the Company's other previously established and outstanding incentive stock options, is 10% of the Company's issued and outstanding Common Shares at the time of the grand of a stock option, presently being up to a maximum of 9,160,789 shares. At this time, there are 3,473,500 stock options outstanding with exercise prices of between $0.095 and $0.335, per Common Share.

James Hesketh, President and CEO, commented, "I would like to thanks our shareholders for their continued support, especially by electing the Board for another year and passing all motions. The Tonopah project continues to deliver positive results with the recently released metallurgical results and we anticipate drill results from the current drilling program in the coming weeks."

About Viva Gold Corp:
Viva Gold Corp's (TSXV: VAU; OTCQB:VAUCF; Frankfurt :7PB) principal asset is its 100% ownership in the Tonopah Gold Project (Tonopah), a large land position on the world class Walker Lane Mineral Trend in western Nevada, located about 30 minutes' drive south-east of the Kinross Round Mountain gold mine. The project is well advanced with a positive Preliminary Economic Assessment (PEA) describing a potential open pit, heap leach gold recovery operation and a pit confined measured and indicated gold mineral resources containing 394,000 ounces at 0.78 grams/tonne and 206,000 ounces of Inferred resource at 0.87 grams/tonne. The principal mineral trends on the property remain open for extension and the company has a track record of steadily increasing gold resource over the last four years. Viva is building market awareness as it advances Tonopah towards feasibility study and permitting and has made a significant commitment to ESG and de-risking the project through open community disclosure and near completion of a number of baseline environmental and technical studies. Viva has a strong capital structure with 91.6 million shares outstanding and a strong management team and board who can claim both gold exploration and production experience. For additional information on Viva Gold and the Tonopah Gold Project, please visit our website: www.vivagoldcorp.com.

For further information please contact:
James Hesketh, President & CEO
(720) 291-1775
jhesketh@vivagoldcorp.com

Anne Hite, Director Investor Relations
(303) 519-5149
ahite@vivagoldcorp.com

SOURCE: Viva Gold Corp.

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FAQ

What were the results of Viva Gold Corp's Annual General Meeting on October 25, 2022?

Shareholders approved all proposals, including the New Option Plan and the retention of board members.

What is the New Option Plan approved by Viva Gold Corp?

The New Option Plan allows for a maximum of 10% of the company's issued shares to be reserved for stock options.

What is the significance of the Tonopah Gold Project for Viva Gold Corp?

The Tonopah Gold Project has a positive Preliminary Economic Assessment and continues to show increasing gold resources.

How many stock options are currently outstanding for Viva Gold Corp?

There are 3,473,500 stock options outstanding, with exercise prices between $0.095 and $0.335.

Who are the members of the board of directors for Viva Gold Corp?

The board consists of Christopher Herald, James Hesketh, Edward Mahoney, David Whittle, and Andrew Bolland.