Golden Goliath Sells Mexican Exploration Assets

Rhea-AI Summary

Golden Goliath Resources (TSXV: GNG) (OTC: GGTHF) has announced the sale of its Mexican exploration assets to a Fresnillo plc subsidiary. The deal includes various concessions sold for USD$75,000 (50% paid on signing, 50% upon Mexican authority registration) and royalties for USD$25,000. Additional concessions will be sold for USD$50,000 pending certain conditions. The company is now focusing on its Ontario gold properties - Wish Ore near Sault Ste Marie and Dixie Road near Red Lake's Kinross Great Bear deposit - along with four REE projects in Quebec.

Positive

• Sale of Mexican assets generates USD$150,000 in total proceeds
• Reduction in carrying costs through asset divestment
• Increased working capital from asset sale

Negative

• Complete exit from Mexican market reducing geographical diversification

Vancouver, British Columbia--(Newsfile Corp. - October 28, 2024) - Golden Goliath Resources Ltd. (TSXV: GNG) (OTC Pink: GGTHF) (FSE: GGZA) ("Golden Goliath") is pleased to report that it has sold its remaining Mexican exploration assets to a subsidiary of Fresnillo plc. Various concessions were sold for USD$75,000, half paid on signing and the balance to be paid when registered with the Mexican authorities. Further, various royalties were sold for USD$25,000. In addition, Golden Goliath has agreed to sell to Fresnillo plc certain additional concessions for USD$50,000, upon completion of certain conditions.

Golden Goliath CEO Paul Sorbara said, "Golden Goliath is focussed on the exploration of its two 100% owned gold properties in Ontario; Wish Ore, near Sault Ste Marie, and our Dixie Road project, located just south of the Kinross Great Bear deposit south of Red Lake. Golden Goliath also has four REE projects in Quebec. We are reducing carrying costs and gaining working capital by divesting of our assets in Mexico."

On behalf of the Board of Directors
Paul Sorbara, MSc PGeo (retired)
CEO, Golden Goliath Resources Ltd.

About Golden Goliath

Golden Goliath Resources Ltd. is a junior exploration company listed on the TSX Venture Exchange (symbol GNG). The Company is focused on exploring and developing the gold and silver potential of properties in the Red Lake District of Ontario.

To find out more about Golden Goliath visit our website at www.goldengoliath.com.

Cautionary Statements Regarding Forward-Looking Information

Certain statements included herein may constitute "forward-looking statements". All statements included in this press release that address future events, conditions or results, including in connection with exploration activity, future acquisitions and any financing, are forward-looking statements. These forward-looking statements can be identified by the use of words such as "may", "must", "plan", "believe", "expect", "estimate", "think", "continue", "should", "will", "could", "intend", "anticipate" or "future" or the negative forms thereof or similar variations. These forward-looking statements are based on certain assumptions and analyses made by management in light of their experiences and their perception of historical trends, current conditions and expected future developments, as well as other factors they believe are appropriate in the circumstances. These statements are subject to risks, uncertainties and assumptions, including those mentioned in the Company's continuous disclosure documents, which can be found under its profile on SEDAR (www.sedarplus.ca). Many of such risks and uncertainties are outside the control of the Company and could cause actual results to differ materially from those expressed or implied by such forward-looking statements. In making such forward-looking statements, management has relied upon a number of material factors and assumptions, on the basis of currently available information, for which there is no insurance that such information will prove accurate. All forward-looking statements are expressly qualified in their entirety by the cautionary statements set forth above. The Company is under no obligation, and expressly disclaims any intention or obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by applicable law.

FOR MORE INFORMATION CONTACT:
Golden Goliath Resources Ltd.
J. Paul Sorbara, M.Sc., P.Geo
President & CEO
Phone: +1 (604) 682-2950 Email: jps@goldengoliath.com

Neither 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227992

FAQ

How much did Golden Goliath (GGTHF) sell its Mexican assets for?

Golden Goliath sold its Mexican assets for a total of USD$150,000, comprising USD$75,000 for concessions, USD$25,000 for royalties, and USD$50,000 for additional concessions pending conditions.

What are Golden Goliath's (GGTHF) main assets after selling Mexican properties?

After the Mexican asset sale, Golden Goliath retains two gold properties in Ontario (Wish Ore near Sault Ste Marie and Dixie Road near Red Lake) and four REE projects in Quebec.

Who purchased Golden Goliath's (GGTHF) Mexican exploration assets?

Fresnillo plc's subsidiary purchased Golden Goliath's Mexican exploration assets.