Nexus Gold Enters Letter of Intent for Potential Sale of Interest in Gold Project in Burkina Faso, West Africa

Ad blocking detected

Thank you for visiting CanadianInsider.com. We have detected you cannot see ads being served on our site due to blocking. Unfortunately, due to the high cost of data, we cannot serve the requested page without the accompanied ads.

If you have installed ad-blocking software, please disable it (sometimes a complete uninstall is necessary). Private browsing Firefox users should be able to disable tracking protection while visiting our website. Visit Mozilla support for more information. If you do not believe you have any ad-blocking software on your browser, you may want to try another browser, computer or internet service provider. Alternatively, you may consider the following if you want an ad-free experience.

Canadian Insider Ultra Club
$500/ year*
Daily Morning INK newsletter
+3 months archive
Canadian Market INK weekly newsletter
+3 months archive
30 publication downloads per month from the PDF store
Top 20 Gold, Top 30 Energy, Top 40 Stock downloads from the PDF store
All benefits of basic registration
No 3rd party display ads
JOIN THE CLUB

* Price is subject to applicable taxes.

Paid subscriptions and memberships are auto-renewing unless cancelled (easily done via the Account Settings Membership Status page after logging in). Once cancelled, a subscription or membership will terminate at the end of the current term.

Return to homepage

(TheNewswire)



Vancouver, Canada – TheNewswire - October 1, 2019 - Nexus Gold Corp. (“Nexus” or the “Company”) (TSXV:NXS) (OTC:NXXGF) (FSE:N6E) is pleased to announce that it has entered into a letter of intent with Kruger Gold Corp. (“Kruger”), a privately-held arms’-length company, pursuant to which the parties will review a transaction in which the Company will assign its interests in one or more of its gold exploration projects located in Burkina Faso, West Africa, to Kruger, in consideration for a series of cash payments. 

Under the terms of the letter of intent, Kruger will conduct a due diligence review of historical data compiled on the target concessions to determine whether to proceed with the assignment.  Following completion of the review, the parties will finalize the terms of the assignment, following which Kruger will assume responsibility for work being conducted at the target concession. 

“This is an important development for Nexus, and we are pleased Kruger is expressing serious interest in acquiring one of our projects in Burkina Faso,” said President and CEO, Alex Klenman.  “We feel monetizing some of our portfolio is a strategically important objective for Nexus.  By adding incubation and project generation to the mix, we can both move projects forward, and generate revenue at the same time.  Cash flow, even in relatively small amounts, helps mitigate dilution while the Company continues to develop its flagship projects,” continued Mr. Klenman.

Completion of any assignment to Kruger remains subject to a number of conditions, including, but not limited to: satisfactory completion of due diligence by Kruger, negotiation of definitive agreements in respect of the assignment, the restructuring of payment obligations owing to the underlying owners of the concessions, and ongoing royalty obligations, on terms acceptable to the Company, and the receipt of any required regulatory approvals.  An assignment cannot be completed until these conditions are satisfied, and there can be no assurance that a transaction will be completed at all.

Nexus Gold currently controls nine gold exploration projects located across Canada and West Africa.  The Company is focusing on the development of several core assets while seeking joint-venture, earn-in, and strategic partnerships for other projects in its growing portfolio.

About the Company

Nexus Gold is a Canadian-based gold development company with an extensive portfolio of active exploration projects in West Africa and Canada. The Company’s West African-based portfolio totals over 560-sq kms (56,000+ hectares) of land located on active gold belts and proven mineralized trends, while it’s 100%-owned Canadian projects include the McKenzie Gold Project in Red Lake, Ontario, the New Pilot Project, located in British Columbia's historic Bridge River Mining Camp, and three prospective gold-copper projects (3,300-ha) in the Province of Newfoundland.

For more information please visit www.nexusgoldcorp.com.

On behalf of the Board of Directors of

NEXUS GOLD CORP.

Alex Klenman

President & CEO

604-558-1920

[email protected]
www.nexusgoldcorp.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. This news release may contain forward-looking statements. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially because of factors discussed in the management discussion and analysis section of our interim and most recent annual financial statement or other reports and filings with the TSX Venture Exchange and applicable Canadian securities regulations. We do not assume any obligation to update any forward-looking statements, except as required by applicable laws.

Copyright (c) 2019 TheNewswire - All rights reserved.