The TSX Venture Exchange has accepted for filing documentation the asset purchase and sale agreement dated April 24, 2023, between the company and an arm's-length buyer. Pursuant to the terms of agreement, the company will sell to the purchaser certain fee lands, unpatented mining claims, facilities, improvements and other property interests located in Pershing county in Nevada, commonly referred to as the Springer mine. In consideration for the purchase and sale, the purchaser will remit to the company an aggregate consideration of $4.5-million (U.S.), comprising: (i) $25,000 (U.S.) previously paid upon signing of the agreement; (ii) $1,975,000 (U.S.) cash upon closing of the transaction; and (iii) a mineral production royalty equal to 10 per cent of the net milling returns from all minerals processed at the mill until an aggregate of $2.5-million (U.S.) in production royalty payments have been paid to the seller.

The purchaser will pay a finder's fee to an arm's-length finder, consisting of a cash payment equal to 5 per cent of the total funds received from the purchase of the property.

Insider/pro group participation:  none

For further information, please reference the company's news releases dated April 24, 2023, and May 23, 2023.