Winston Gold Corp Enters Into Joint Venture With Bond Resources on the Hard Cash Property in Montana
Winston Gold Corp. (OTCQB: WGMCF) announces a joint Lease Agreement with Bond Resources Inc. for the Hard Cash property in Montana, covering 166 acres. This partnership aims to capitalize on historical mining potential, with both companies as equal partners. The Agreement includes a five-year term, an option to purchase for $1.5 million, and minimum annual expenditures of $75,000. Previous production from the Hard Cash vein yielded 1,032 ounces of gold from 1,007 tons. The partnership seeks to leverage shared expertise for immediate cash flow opportunities.
- Joint Lease Agreement with Bond Resources capitalizes on historical mining opportunities.
- Potential for cash flow from previously mined Hard Cash property.
- Strategic location near Winston's Paradine mill enhances operational efficiency.
- Minimum annual expenditure requirement of $75,000 could impact cash flow.
- Dependence on fluctuating gold prices for project viability.
WINNIPEG, MB / ACCESSWIRE / February 11, 2021 / Winston Gold Corp. (CSE:WGC) (OTCQB:WGMCF) (the "Company" or "Winston") is pleased to announce that the Company and Bond Resources Inc. ("Bond") (CSE: BJB) have jointly entered into a Lease Agreement, with option to purchase ("the Agreement") with Montana Reclaim LLC (Lessor) over nine mining claims covering approximately 166 acres in Montana, USA, more commonly known as the Hard Cash property (the "Property"). Bond and Winston will be equal partners in the project.
Joseph Carrabba, Director of both Winston and Bond stated "The Hard Cash property in Montana offers both our shareholders tremendous value in combining the knowledge and similar interests of Winston with Bond's mission in rediscovering past producers for near term cashflow. The Hard Cash property is located approximately 3km from Winston's Paradine mill. The mill is currently processing ore from Winston's gold producing property".
About the Hard Cash Property:
The Hard Cash property consists of 9 patented claims west of the small town of Radersburg, Montana. The Hard Cash vein was mined pre-WWII on a small scale, only producing 1,007 tons of ore. 1,032 ounces of gold were recovered from the material. Samples taken from accessible workings showed mineable grades in and around the production stopes. The type of vein system is like the Winston property with the gold hosted in massive sulfides. Other geologic structures on the property have also been identified as potential exploration targets, with samples returning mineable grades from the surface.
Details of the Agreement:
Term
The Agreement shall remain in effect for an initial term of five (5) years commencing on the date on which the Agreement is signed and shall be renewable for three (3) additional five (5) year terms.
Consideration
Consideration payable to the Lessor under the Agreement is:
- an initial cash payment of US
$2,000 ; - shared monthly payments with Bond of US
$1,500 ; - annual payments by each of Bond and Winston of US
$25,000 , payable in shares of Bond and Winston respectively; and - US
$25,000 upon the expiry of each five year term.
Minimum Expenditures
In addition to the lease payments noted above, by the end of each calendar year commencing in 2021, Bond and Winston must make minimum annual expenditures on the Property of US
Option to Purchase
The Agreement includes the exclusive option to purchase the Property at any time for
Qualified Person
The scientific and technical content and interpretations contained in this news release have been reviewed, verified, and approved by Dr. Criss Capps PhD. P.Geo., an independent consultant to Bond Resources Inc. Dr. Capps is a Qualified Person as defined in National Instrument 43-101 Standards of Disclosure for Mineral Projects.
About Winston Gold: Winston is a junior mining company focused on advancing high-grade, low-cost mining opportunities into production. Towards that end, Winston has acquired the under-explored and under-exploited Winston Gold project near Helena, Montana.
About Bond Resources: Bond is a mineral resource company that holds the contractual rights to acquire the Mary K mine in the Elk City mining district of Idaho. The Company will focus on near-term production and rediscovery at the high-grade historic mine. Led by industry veterans and located in the mining friendly jurisdiction of Idaho, USA, Bond Resources combines the technical expertise of industry experts and a transparent communications model to increase shareholder value.
Winston and Bond can be considered as non-arm's length companies, in that they share certain common directors, officers and shareholders.
ON BEHALF OF THE BOARD
Murray Nye, President & CEO
FOR FURTHER INFORMATION PLEASE CONTACT:
Telephone: 1-204-989-2434
Contact: Murray Nye
The Canadian Securities Exchange (CSE) has not reviewed and does not accept responsibility for the adequacy or the accuracy of the contents of this release
This news release does not constitute an offer of sale of any of the Company's securities in the United States. Our securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "1933 Act") or any applicable state securities laws and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulations under the 1933 Act) or persons in the United States absent registration or an applicable exemption from such registration requirements. This news release does not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of our securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release may include certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to: future work to be carried on the Property; use of funds; and the business and operations of Bond. Forward-looking statements are necessarily based upon several estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. There is no assurance any of the forward-looking statements will be completed as described herein, or at all. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; operating and technical difficulties in connection with mineral exploration and development activities, lack of investor interest in financing; requirements for additional capital; future prices of gold and precious metals; changes in general economic conditions; accidents, delays or the failure to receive board, shareholder or regulatory approvals, including the required permits; results of current exploration and testing; changes in laws, regulations and policies affecting mining operations; and title disputes. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Bond Resources disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE: Winston Gold Corp.
View source version on accesswire.com:
https://www.accesswire.com/629250/Winston-Gold-Corp-Enters-Into-Joint-Venture-With-Bond-Resources-on-the-Hard-Cash-Property-in-Montana
FAQ
What is the joint venture between Winston Gold Corp and Bond Resources about?
What are the financial implications of the Lease Agreement for WGMCF?
How does the Hard Cash property benefit Winston Gold Corp?
What are the risks associated with the Hard Cash property?
When will the Lease Agreement be effective?
