Gold Terra Grants Options

Rhea-AI Summary

Gold Terra Resource Corp. (YGTFF) announced the approval of a stock option grant allowing the purchase of up to 1,000,000 shares at $0.20 each. These options will be exercisable for five years with a vesting schedule of 25% every six months. The Yellowknife City Gold project spans 800 sq. km, situated near critical infrastructure. The company is focusing on the Campbell shear and the Con Mine Option, which has historically produced 6.1 Moz of gold. A drilling program is set to commence in mid-January 2023.

Positive

• Grant of stock options for 1,000,000 shares at $0.20 potentially incentivizes employees and consultants.
• Strategic focus on the Campbell shear and Con Mine Option, both historically significant gold production areas.
• Proximity to infrastructure supports exploration and operational efficiency.

Negative

• Stock options issuance may dilute existing shareholder value.

VANCOUVER, BC / ACCESSWIRE / December 30, 2022 / Gold Terra Resource Corp. (TSXV:YGT)(Frankfurt:TX0)(OTCQX:YGTFF) ("Gold Terra" or the "Company") announces that the Board of Directors have approved a grant of stock options under the Company's stock option plan to its officers, employees, and consultants to purchase up to an aggregate of 1,000,000 treasury shares at $0.20.

The options are exercisable at a price of $0.20 per share for a period of 5 years and are subject to the policies of the TSX Venture Exchange and the Company's stock option plan which includes a vesting period beginning six months after issue for 25% of the options, and 25% every six months following.

About Gold Terra's Yellowknife City Gold Project
The Yellowknife City Gold ("YCG") project encompasses 800 sq. km of contiguous land immediately north, south, and east of the City of Yellowknife in the Northwest Territories. Through a series of acquisitions, Gold Terra controls one of the six major high-grade gold camps in Canada. Being within 10 kilometres of the City of Yellowknife, the YCG is close to vital infrastructure, including all-season roads, air transportation, service providers, hydro-electric power, and skilled tradespeople. Gold Terra is currently focusing its drilling on the prolific Campbell shear, where 14 Moz of gold has been produced, and most recently on the Con Mine Option property (6.1 Moz produced at 16 to 20 g/t Au between 1938 and 2003) since November 2021. The Company is planning to start its drill program on the Con Mine Option in mid-January, as drilling preparation, and ice road are in progress.

The YCG lies on the prolific Yellowknife greenstone belt, covering nearly 70 kilometres of strike length along the main mineralized shear system that host the former-producing high-grade Con and Giant gold mines. The Company's exploration programs have successfully identified significant zones of gold mineralization and multiple targets that remain to be tested which reinforces the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

Visit our website at www.goldterracorp.com.

For more information, please contact:
Gerald Panneton, Chairman & CEO
gpanneton@goldterracorp.com

Mara Strazdins, Manager of Investor Relations
Phone: 1-778-897-1590 | 604-689-1749 ext 102
Strazdins@goldterracorp.com

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

Cautionary Note Regarding Forward-Looking Information
Certain statements made and information contained in this news release constitute "forward-looking information" within the meaning of applicable securities legislation ("forward-looking information"). Generally, this forward-looking information can, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof.

All statements other than statements of historical fact may be forward-looking information. Forward-looking information is necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information. In particular, this news release contains forward-looking information on the Company's objective of re-establishing Yellowknife as one of the premier gold mining districts in Canada.

There can be no assurance that such statements will prove to be accurate, as the Company's actual results and future events could differ materially from those anticipated in this forward-looking information as a result of the factors discussed in the "Risk Factors" section in the Company's most recent MD&A and annual information form available under the Company's profile at www.sedar.com.

Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. The forward-looking information contained in this news release is based on information available to the Company as of the date of this news release. 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. All of the forward-looking information contained in this news release is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof. Except as required under applicable securities legislation and regulations applicable to the Company, the Company does not intend, and does not assume any obligation, to update this forward-looking information.

SOURCE: Gold Terra Resource Corp

View source version on accesswire.com:
https://www.accesswire.com/733690/Gold-Terra-Grants-Options

FAQ

What is the stock option grant by Gold Terra Resource Corp. on December 30, 2022?

Gold Terra granted options to purchase 1,000,000 shares at $0.20 each, exercisable for five years.

What is the Yellowknife City Gold project related to YGTFF?

The Yellowknife City Gold project spans 800 sq. km and is situated near major infrastructure, focusing on high-grade gold production.

When is Gold Terra's drilling program scheduled to start?

The drilling program on the Con Mine Option is planned to begin in mid-January 2023.

How many ounces of gold has been produced at the Con Mine Option?

The Con Mine Option has historically produced 6.1 million ounces of gold.