Halifax, Nova Scotia--(Newsfile Corp. - February 24, 2020) - Antler Gold Inc. (TSXV: ANTL) ("Antler") is pleased to announce that it has entered into an agreement to acquire 100% of a gold exploration license in Namibia (the "Purchase Agreement").
The license is known as EPL 7261 which measures 159.12 square kilometers and is located within the Erongo region of central Namibia near the towns of Usakos, Karibib and Omaruru. This highly prospective area hosts the nearby Historical Onguati mine, the QKR Namibia Navachab Gold Mine as well as the Karibib Regional projects of Osino Resources.
EPL 7271 is located adjacent to EPL 6162 (see Press Release dated September 10, 2019) and together provides Antler with approximately 11 kilometers of prospective strike length along the north-east trending Navachab and Onguati Members of the Karibib Formation.
Pursuant to the Purchase Agreement, Antler may acquire a 100% interest in EPL 7261 by paying the vendor, who is an arm's length party, a cash payment of C$7,000, issuing 20,000 common shares of Antler and C$5,000 of common shares of Antler based on the 10-day volume weighted average price per common share immediately prior to the date of the Purchase Agreement. Antler must also spend C$75,000 worth of exploration expenses on or before February 23, 2021.
The Purchase Agreement is subject to a 14-day due diligence period and is conditional upon TSX Venture Exchange approval.
Antler is also pleased to announce that Antler Gold Namibia (Pty), Antler's wholly owned subsidiary, has been accepted as a member of the Namibian Chamber of Mines. This highly regarded organization has a mission to represent the mining industry's interests to the Namibian Government. Dan Whittaker, Antler's CEO stated, "We're very happy to be a member of the Chamber and look forward to adding our efforts to their mission. Antler will also be attending the Honourable Tom Alweendo, Minister of Mines and Energy, Republic of Namibia's address at the 21st Annual African Mining Breakfast on March 3, 2020 at the PDAC Conference in Toronto."
This press release may contain forward-looking information, such as statements regarding the completion of the transaction, including acquisition of EPL 7261 or any other EPLs in Namibia by Antler and future plans and objectives of Antler. This information is based on current expectations and assumptions (including assumptions in connection with the continuance of the applicable company as a going concern and general economic and market conditions) that are subject to significant risks and uncertainties that are difficult to predict, including risks relating to the ability to satisfy the conditions to completion of the transaction. Actual results may differ materially from results suggested in any forward-looking information. Antler assumes no obligation to update forward-looking information in this release, or to update the reasons why actual results could differ from those reflected in the forward-looking information unless and until required by applicable securities laws. Additional information identifying risks and uncertainties is contained in filings made by Antler with Canadian securities regulators, copies of which are available at www.sedar.com.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information, please contact Daniel Whittaker, President and CEO of Antler Gold Inc., at (902) 488-4700.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/52707