Mr. Robert Archer reports
NEWRANGE RECEIVES OPTION PAYMENT FOR EL DOVIO PROJECT
Newrange Gold Corp. has received the first anniversary payment of $250,000 (U.S.) pursuant to the El Dovio option agreement from the optionor, Andean Mining Corp. Pty. Ltd. As announced in Newrange's news release of June 5, 2019, Newrange and Andean have entered into a heads of agreement for the sale of the company's wholly owned Colombian subsidiary, Corporacion Minera de Colombia (CMC), together with the El Dovio and Anori exploration projects but exclusive of the Yarumalito gold porphyry project. However, due to extra time needed to complete this agreement, the El Dovio option agreement remains in force and the amount of the first anniversary payment will be deducted from the purchase price of CMC. The companies are still working toward completing that agreement as soon as possible.
"This payment is a sign of good faith on the part of both companies as we move towards completing the sale of Newrange's Colombian subsidiary, including the El Dovio and Anori projects," stated Robert Archer, chief executive officer. "All other terms of the agreement remain the same as previously announced."
About Newrange Gold Corp.
Newrange is an aggressive exploration and development company focused on near-to-intermediate-term production opportunities in favourable jurisdictions, including Nevada, Colorado and Colombia. With numerous drill intercepts of near-surface oxide gold mineralization up to 340 grams gold per metric tonne, the company's flagship Pamlico project is poised to become a significant new Nevada discovery.
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