Lincoln Gold and Eros Resources Provide Update on Bell Mountain Gold Project Transaction
Rhea-AI Summary
Lincoln Gold Mining and Eros Resources have extended the deadline for their Bell Mountain gold project transaction to November 15, 2024. The acquisition, initially agreed upon in November 2023, is still subject to several conditions, including the completion of a Preliminary Economic Assessment (PEA) and final approval from the TSX Venture Exchange. A draft PEA was completed on August 7, 2024, by Welsh Hagen Associates and is currently under review. The transaction involves Lincoln's proposed acquisition of Eros' Bell Mountain gold project in Churchill County, Nevada. Both companies are working towards satisfying the remaining conditions to complete the deal.
Positive
- Draft Preliminary Economic Assessment (PEA) for the Bell Mountain gold project completed on August 7, 2024
Negative
- Transaction deadline extended multiple times, now to November 15, 2024
- Transaction still subject to several conditions, including TSX Venture Exchange approval
News Market Reaction
On the day this news was published, LNCLF declined NaN%, reflecting a moderate negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
VANCOUVER, BC / ACCESSWIRE / August 16, 2024 / Lincoln Gold Mining Inc. ("Lincoln") (TSXV:LMG) and Eros Resources Corp. ("Eros") announce that Lincoln and Eros continue to work towards satisfying the remaining conditions to completing Lincoln's proposed acquisition of Eros' Bell Mountain gold project, located in Churchill County, Nevada (the "Transaction").
The Transaction is governed by a purchase agreement dated November 3, 2023, as amended on January 8, 2024, March 15, 2024, May 31, 2024 and August 15, 2024 between Lincoln, Lincoln Resource Group Corp. (a wholly-owned subsidiary of Lincoln), Eros, and Bell Mountain Exploration Corp. (a wholly-owned subsidiary of Eros). Pursuant to the amending agreement dated August 15, 2024, the parties have agreed to extend the outside date of the Transaction to November 15, 2024.
Completion of the Transaction remains subject to a number of conditions, including the preparation of a Preliminary Economic Assessment (the "PEA") for the Bell Mountain gold project, a financial plan which outlines Lincoln's anticipated expenses in the first six months following closing of the Transaction and final approval of the TSX Venture Exchange. Welsh Hagen Associates completed a draft PEA on August 7, 2024, which is currently under review by Lincoln and Eros.
For comprehensive details on the Transaction, please refer to Lincoln's news releases dated August 10, 2023, October 27, 2023, November 6, 2023, January 5, 2024, March 15, 2024 and May 14, 2024, available on SEDAR+ at www.sedarplus.ca, or www.lincolnmining.com and Eros' news releases dated August 10, 2023, November 12, 2023 and May 6, 2024, available on SEDAR+ at www.sedarplus.ca, or www.erosresourcescorp.com.
About Lincoln
Lincoln Gold Mining Inc. is an advanced-stage gold mine exploration and development company holding a
About Eros
Eros Resources Corp. is a Canadian public company listed on the Toronto Venture Exchange. The Company's business objective is the identification, acquisition, and exploration of advanced-stage projects with a North American focus. In addition, the Company plans to make strategic investments with a global focus on a diverse commodity base. Eros management's expertise supports this strategy.
For further information, please contact:
Paul Saxton
President and CEO, Lincoln Gold Mining Inc.
Tel: (604) 688-7377
Email: saxton@lincolnmining.com
EROS Resources Corp.
Tom MacNeill
President and Chief Executive Officer
Phone: 306-653-2692
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.
SOURCE: Lincoln Gold Mining Inc.
View the original press release on accesswire.com
FAQ
What is the new deadline for the Bell Mountain gold project transaction between Lincoln Gold Mining and Eros Resources?
What are the main conditions remaining for the completion of the Bell Mountain gold project transaction?
When was the draft Preliminary Economic Assessment (PEA) for the Bell Mountain gold project completed?
Where is the Bell Mountain gold project located?
