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Vancouver, British Columbia--(Newsfile Corp. - April 11, 2025) - Eminent Gold Corp. (TSXV: EMNT) (OTCQB: EMGDF) (FSE: 7AB) (the "Company" or "Eminent") is pleased to announce that it has exercised its option to acquire 100% ownership of the 168 optioned claims that it does not already own on the Hot Springs Range Project ("HSRP"), located in Humboldt County, Nevada (Figure 1 and 2). This achievement represents a defining step forward in the Company's Nevada-focused gold exploration strategy, with HSRP reflecting strong geological parallels to the prolific 50-million-ounce Getchell Trend1.
The Hot Springs Range Project in its entirety is comprised of 419 unpatented lode mining claims, covering approximately 3,500 hectares (Figure 3) and approximately 15km across the Eden Valley.
Eminent has fulfilled all of its obligations under the terms of the March 2020 Option Agreement with Milliard Geological Consulting (the "Option Agreement").
Key Terms of the Option Agreement:
- Five-year Option Term: Eminent had up to five years to fulfill the terms of the agreement to acquire 100% interest in the property.
- Cumulative Payments: The agreement required USD $136,140 in cash payments, the issuance of 1,650,000 common shares, and a final USD$1,500,000 payment, which may be satisfied by Eminent through the issue of common shares.
- Net Smelter Royalty (NSR): The Optionor retains a 2% NSR, which Eminent may purchase in 0.1% increments for USD $100,000 each, up to a maximum of 1%.
Eminent made an annual share issuance of 500,000 shares, and elected to satisfy the final cash payment through the issue of 5,832,941 common shares. The final cash payment of USD$1,500,000 was deemed converted to Canadian dollars at an exchange rate of CDN$1.4015 for each US$1.00. The shares were issued at a deemed price of CDN$0.3604 per share. The shares issued are subject to a hold period in Canada until August 12, 2025.
Paul Sun, President and CEO of the Company commented:
"The acquisition of full ownership of the Hot Springs Range Project represents a pivotal milestone in advancing its early success and unlocking the immense potential we see in this venture. With multiple geological features identified as analogous to deposits within the prolific, parallel Getchell Gold Trend, the project holds significant promise for discovering a new Carlin-style deposit. The results from the first drill hole have validated our thesis, and with the second drill hole pending, ongoing drilling continues to strengthen our confidence in this opportunity."
Figure 1. Eminent Project Location Map
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1937/248190_4e147c87f4e62891_002full.jpg
Figure 2. Location Map of HSRP project relative to the Getchell Trend.
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/1937/248190_4e147c87f4e62891_003full.jpg
Figure 3. Eminent HSRP Claims Boundary Map
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https://images.newsfilecorp.com/files/1937/248190_4e147c87f4e62891_004full.jpg
2. Nevada Gold Mines. (2021, May 20). Investor Day Presentation. Barrick Gold Corporation.
ON BEHALF OF THE BOARD OF DIRECTORS
Paul Sun
CEO & Director
For further information, please contact:
Eminent Gold Corp.
Phone: +1 604-505-7751
Email: [email protected]
Website: www.eminentgoldcorp.com
Twitter: @eminent_gold
LinkedIn: www.linkedin.com/company/eminent-gold-corp/
About Eminent Gold
Eminent Gold is a gold exploration company focused on creating shareholder value through the exploration and discovery of world-class gold deposits in Nevada. Its multidisciplinary team has had multiple successes in gold discoveries and brings expertise and new ideas to the Great Basin. The Company's exploration assets in the Great Basin include: Hot Springs Range Project, Gilbert South, and Celts.
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.
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements made in this news release include the anticipated completion of the private placement and the use of proceeds from the private placement. Although Eminent Gold Corp. believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, including the assumption that records and reports of historical work are accurate and correct, such statements are not guarantees of future performance, are subject to risks and uncertainties, and actual results or realities may differ materially from those in the forward-looking statements. Such material risks and uncertainties include, but are not limited to, the Company's ability to raise sufficient capital to fund its obligations under its property agreements going forward, to maintain its mineral tenures and concessions in good standing, to explore and develop the Company's projects or its other projects, to repay its debt and for general working capital purposes; changes in economic conditions or financial markets; the inherent hazards associates with mineral exploration and mining operations, future prices of gold, silver and other metals, changes in general economic conditions, accuracy of mineral resource and reserve estimates, the ability of the Company to obtain the necessary permits and consents required to explore, drill and develop the Company's projects and if obtained, to obtain such permits and consents in a timely fashion relative to the Company's plans and business objectives for the projects; the general ability of the Company to monetize its mineral resources; and changes in environmental and other laws or regulations that could have an impact on the Company's operations, compliance with environmental laws and regulations, aboriginal title claims and rights to consultation and accommodation, dependence on key management personnel and general competition in the mining industry. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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