METALORE TO SELL EAST CEDARTREE PROJECT TO FIRST MINING GOLD CORP.
December 3, 2020, Press Release
SIMCOE, ONTARIO -- Metalore Resources Limited (TSX VENTURE:MET)
(“Metalore” or the “Company”) announces that First Mining Gold Corp. has agreed to purchase the East Cedartree Project for $3 million cash and 3 million First Mining shares. The transaction is expected to close by December 8, 2020. While the purchase of the project completes an important land package assembly for First Mining, the sale represents the opportunity for the Chilian Family and closely associated shareholders (who control over 67% of all outstanding shares of Metalore) to refocus the Company’s mineral exploration into more historically productive mining districts.
“We wish First Mining the very best with their endeavors and trust that their management will bring to light the full potential of the Cedartree – Cameron Lake Area” stated Armen Chilian, President and CEO of Metalore.
About Metalore Resources Limited
From 1965 to present, Metalore has produced over $50 million in revenues from natural gas production in Southwestern Ontario. Revenues generated from natural gas sales have enabled the Company to explore Northwestern Ontario for mineral commodities such as gold, copper, zinc, lithium, PGE’s and diamonds without dilution to its share structure (currently 1,775,035 shares outstanding). The Company remains actively involved in joint venture exploration with Greenstone Gold Mines (Premier Gold Mines Limited and Centerra Gold Inc.) on the Brookbank gold properties, Thunder Bay mining district, and looks forward to new opportunities in 2021.
For further information contact:
Armen Chilian P.Geo. President /CEO
(519) 428 – 2464 email@example.com
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