Nubian extends Yandoit acquisition closing date
2020-08-25 11:17 ET – News Release
Mr. Martin Walter reports
NUBIAN EXTENDS YANDOIT CLOSING
Further to Nubian Resources Ltd.’s press release of May 28 regarding the acquisition of the Yandoit gold project, situated in the historic Daylesford gold corridor of central Victoria, Australia, the company and the vendor, BSB Mining Pty. Ltd., have entered into an extension of 30 days for completion of the definitive documents. Closing of the acquisition is now expected to occur on or before September 19, 2020 and is subject to, among other things, the receipt of all necessary approvals and all conditions having been satisfied or waived with respect to the terms of the LOI including the approval of the TSX Venture Exchange.
“The due diligence process and preparation of definitive documents will be finalized in the near term,” stated Martin Walter, President & CEO of Nubian, who added, “The extension was agreed between the parties as the transaction has required additional steps to undertake the formation Nubian’s new Australian corporate structure.”
Located about 39 km northeast of the city of Ballarat and 100 km northwest of Melbourne, the advanced-stage Yandoit Gold Project is in a region that has seen punctuated periods of hard rock and alluvial gold mining over the past 160 years. Local geological environments are very similar to that seen in the higher activity Bendigo (e.g., Fosterville Mine, 70 km to the northeast), Castlemaine, and Malmsbury gold corridors located to the north and northeast. Sustained higher gold prices and recent success in understanding the gold depositional geology by Kirkland Lake Gold at its Fosterville Gold Mine has caused a modern day gold rush in the region.
Technical information in this news release has been reviewed and approved by Dr. Scott Jobin-Bevans (P.Geo.), a Director of Nubian, who is a Qualified Person under the definitions established by the National Instrument 43-101.
About Nubian Resources
Nubian Resources Ltd. is a public traded precious and base metals exploration company listed on the TSX Venture Exchange. The Company is managed by a team of experienced mining and geological professionals. In May 2020, Nubian entered into an agreement to acquire and develop the Yandoit Gold Project in central Victoria, Australia and in July 2020, Nubian entered into an agreement to acquire Stavely Mineral Limited’s Fosterville East project and its Lefroy and Matthina projects in Tasmania. Nubian’s main asset is the Esquilache Silver Project located within the Tintaya porphyry copper belt of southern Peru.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
We seek Safe Harbor.
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