CHIMATA GOLD CORP ENTERS INTO AMENDED OPTION AGREEMENT FOR THE TROILUS NORTH PROPERTY IN QUEBEC
Vancouver, BC August 13, 2018 – Chimata Gold Corp. (CSE: CAT) (“Chimata” or the “Company”) announces that it has entered into an Amendment to the Option Agreement (the “Option Agreement”) previously entered into with Emgold Mining Corporation (“Emgold”) on June 27, 2018 as announced in a press release on the same day, granting Emgold the option to acquire up to a 100% interest in the Troilus North Property (the ”Property”) from the Company (the “Amending Agreement”)
In return for CDN$200,000 to be paid by Emgold in cash to the Company – and the issuance of a total of six million (6,000,000) common shares of Emgold common stock (the “Emgold Shares”) to the Company, two million (2,000,000) of such Emgold Shares having already been issued to the Company as of this date. Chimata will reduce the original exploration expenditure requirements under the Option Agreement for the Property from CDN$750,000 to CDN$300,000. With exploration work expected to be completed on the Property in 2018, Emgold expects to satisfy 100% of such exploration requirements under the Amending Agreement, allowing Emgold to subsequently move forward with the acquisition of the Property by making the remaining share payments outlined in the Amending Agreement at the timing of Emgold’s choice, ensuring such issuance do not create, at any given time, a new control person under TSX Venture Exchange rules.
Alain Moreau, a “qualified person” as defined by NI 43-101 – Standards of Disclosure for Mineral Projects has approved the scientific and technical disclosure in this press release.
ON BEHALF OF THE BOARD
Chairman and Interim President & CEO
Further information regarding the Company can be found on SEDAR at www.SEDAR.com, or by contacting the Company directly at (604) 674-3145.
This news release may contain forward–looking statements. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. Particular risks applicable to this press release include risks associated with planned production, including the ability of the company to achieve its targeted production outline due to regulatory, technical or economic factors. In addition, there are risks associated with estimates of resources, and there is no guarantee that a resource will have demonstrated economic viability as necessary to be classified as a reserve. There is no guarantee that additional exploration work will result in significant increases to resource estimates
Neither Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release. We seek safe harbour.