20:04:51 EST Fri 26 Feb 2021
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Highgold Mining Inc
Symbol HIGH
Shares Issued 52,751,128
Close 2021-02-22 C$ 1.24
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Highgold acquires properties surrounding Munro-Croesus

2021-02-22 18:13 ET - News Release

Mr. Darwin Green reports


Highgold Mining Inc. has acquired three mineral properties surrounding the company's Munro-Croesus gold project, located in the greater Timmins region, Ontario. The acquisitions are part of a continuing effort by the company to assemble and consolidate claims at Munro-Croesus (see news release dated Dec. 14, 2020) that are now up to 32 square kilometres (3,187 hectares) in size. The project is adjacent to Highway 101 in the heart of the Abitibi greenstone belt, Canada's premier gold mining jurisdiction, with over 200 million ounces of historical gold production.

"In the past year, we have completed 10 separate property acquisitions surrounding Munro-Croesus for a tenfold increase in the size of the project area," commented president and chief executive officer Darwin Green. "The continuing assembly and consolidation of these claims has allowed Highgold to establish one of the dominant landholdings in this highly prospective and productive region of the greater Timmins gold camp."

Deal terms

Highgold, through its wholly owned subsidiary, entered three separate agreements with various arm's-length vendors to acquire an aggregate of 12 single-cell mining claims, three patented mining claims and one leasehold property consisting of four mining claims covering a total area of approximately four square kilometres (398 hectares) in the Timmins region, Ontario. In consideration of the acquisitions and subject to TSX Venture Exchange acceptance, as applicable, the company has made, or agreed to make, cash payments in the aggregate amount of $200,000 and $150,000 (U.S.) to the vendors and issued an aggregate of 60,000 common shares of the company to the vendors. Pursuant to the agreements, the acquired properties are subject to certain net smelter return royalties, a portion of which may be purchased back by the company.

About Highgold Mining Inc.

Highgold is a mineral exploration company focused on high-grade gold projects located in North America. Highgold's flagship asset is the high-grade Johnson Tract gold (zinc-copper) project located in accessible south-central Alaska, United States, that contains an indicated resource of 2.14 million tonnes grading 10.93 grams per tonne gold equivalent (AuEq) for 750,000 ounces AuEq and an additional inferred resource of 580,000 tonnes grading 7.16 g/t gold equivalent for 134,000 ounces AuEq (see technical report titled "Initial Mineral Resource Estimate for the Johnson Tract Project, Alaska," dated June 15, 2020) along with excellent exploration potential indicated by several other prospects over a 12-kilometre strike length. The company also controls a portfolio of quality gold projects in the greater Timmins gold camp, Ontario, Canada, that includes the Munro-Croesus gold property, which is renowned for its high-grade mineralization, and the large Golden Mile and Golden Perimeter properties. Highgold's experienced board and senior management team are committed to creating shareholder value through the discovery process, careful allocation of capital and environmentally/socially responsible mineral exploration.

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