Megumagold to acquire 203 mining claims in N.S.

Jan 31, 2020

2020-01-31 00:10 ET – News Release

Mr. Regan Isenor reports

MEGUMAGOLD CORP. ANNOUNCES GOLDENVILLE GOLD DISTRICT ACQUISITION PRODUCING MAJOR EXPANSION OF GOLDENVILLE-AREA HOLDINGS

Megumagold Corp. has entered into a purchase and sale agreement to acquire 203 mining claims adjacent to and on strike with Megumagold’s Greater Goldenville gold project in Nova Scotia, Canada.

“Megumagold delivers a substantial investment proposition for our shareholders and is at the forefront of gold exploration in Nova Scotia. Our corporate-owned mining rights in the Goldenville Gold District are unrivaled in scale, something which is further bolstered by today’s acquisition. We are excited about the potential for Megumagold within the Goldenville Gold District and equally elsewhere across our dominant gold exploration holdings in Nova Scotia,” stated Theo van der Linde, President of Megumagold.

Prior to the Acquisition, Megumagold held 240 mining claims. Following the Acquisition, the Company’s contiguous and on-trend district-scale tenure holdings in the Goldenville Gold District will increase from 240 mining claim licenses to 443 mining claim licenses thereby materially scaling up the Company’s operating base and exploration portfolio in the area by approximately 85%.

Subsequent to the Acquisition, Megumagold is also pleased to confirm that it is the largest claim owner in the Goldenville Gold District.

Terms

The additional claims purchased in the Acquisition were acquired from an arm’s-length vendor at a cost approximately equal to mining license fees paid to the Government of Nova Scotia. A 2% gross royalty was granted on the claims in connection with the purchase.

About Megumagold Corp.

Megumagold Corp. (CSE:NSAU) is a Canadian junior gold exploration company engaged in the business of acquiring, exploring and developing natural resource properties. The Company has centered its exploration focus on the developing Meguma formation of Nova Scotia. As a result, the Company has assembled a strategically positioned, district-scale tenure position of 107,114 hectares within the Meguma Gold District. For additional information, please visit the Company’s website: http://www.Megumagold.com.

We seek Safe Harbor.

https://megumagold.com/