Mr. Mike England reports
SKY GOLD CORP. AMENDS PROPERTY OPTION AGREEMENTS FOR THE HORNE AND LAURIE PROPERTIES, IN NORTHWESTERN ONTARIO
Sky Gold Corp. has made amendments to the property option agreements for the acquisitions of a 100-per-cent interest in each of the Horne property and the Laurie property, both of which border the Eureka gold zone (EGZ), located in the Dawson Road lots, straddling the Trans-Canada Highway, approximately 50 kilometres west of the city of Thunder Bay in Northwestern Ontario (see the news release dated April 12, 2023).
In consideration of an aggregate total 2.3 million common shares to be issued to the vendors, the cash obligations under the option agreements will be reduced by an aggregate total of $50,000 (original: $450,000; amended: $400,000), and the overall exploration expenditures are confirmed at $500,000 (previously: $800,000) with the annual amounts deferred for certain years, with portions of the first and second year expenditure obligation deadlines deferred to the third and fourth years.
The rest of the original option terms remains unchanged. Shares issued under the amending agreements will be subject to a four-month hold period commencing from issuance.
The amendments to the transactions are subject to TSX Venture Exchange approval.
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