VANCOUVER, British Columbia, Feb. 14, 2019 (GLOBE NEWSWIRE) -- Core Gold Inc. ("Core Gold" or the "Company") (TSXV: CGLD, OTCQX: CGLDF) is pleased to announce that further to its news release on September 4th, 2018, the Company’s local Ecuadorian subsidiary, Elipe S.A. (“Elipe”), has successfully removed all liens over its concessions.  

The Company’s 100%-owned projects held through Elipe are the following: Dynasty Goldfield, Linderos, Copper Duke and Zaruma. As the liens on these assets have now been successfully removed, Core Gold is in a position to divest of its non-core concessions and the Board of Directors of the Company would like to announce its strategic decision to divest the non-core concessions. The Company is open to reviewing opportunities to monetize the value of these assets.

Prior to September 2016, under the previous management team of the Company, due to unpaid royalties, taxes, wages and accounts payables, the Company’s assets held in Elipe were put under liens from the Ecuadorian government and therefore the Company could not sell these assets until the liens were removed. As part of the new management team’s progress since taking over, the Company has fulfilled its commitment to pay off government related payables such as royalties, taxes, payroll remittances, and other accounts payables in order to remove the liens and fully restore the Elipe subsidiary to good standing. On September 4th, 2018, Elipe was reactivated, which enabled the Company to regain control of its assets. Further payments were made to satisfy various government related payables since September 2018, and the Company has now received the official documents that confirm the liens on the concessions owned by Elipe have been removed.

Keith Piggott, CEO of Core Gold, commented, “We are pleased to announce that all liens associated with the Company’s concessions under our subsidiary Elipe have now been officially removed. Since we took over from the previous management team at Dynasty Metals & Mining Inc. in September 2016, we have made significant progress within the country of Ecuador in order to restore Elipe back to good standing. This milestone is critical in advancing the Company forward to recapitalize its balance sheet with non-dilutive asset sales. While these liens were in place, we were unable to sell our non-core concessions at Dynasty Goldfield, Linderos, Copper Duke and Zaruma. As a result of the liens removal, we have officially decided to divest our non-core concessions through asset sales in 2019 to enable the Company to strengthen its balance sheet with non-dilutive funding and focus on the continuous improvement of our core operations and exploration plans. We are confident that these non-core assets will attract both local and international interest due to the current strong interest in the Ecuadorian mining sector.”  

About Core Gold Inc.

The Company is a Canadian based mining company involved in the mining, exploration and development of mineral properties in Ecuador. The Company is currently focused on gold production at its wholly-owned Dynasty Goldfield project. Mineral is treated at the Company’s wholly-owned Portovelo treatment plant. The Company also owns other significant gold exploration projects including the Linderos and Copper Duke area in southern Ecuador all of which are on the main Peruvian Andean gold-copper belt extending into Ecuador.

For further information please contact:

Keith Piggott, CEO
Suite 1201 – 1166 Alberni Street
Vancouver, B.C.  V6E 3Z3
Phone: +1 (604) 345-4822
Email: info@coregoldinc.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

https://globenewswire.com/news-release/2019/02/14/1725416/0/en/Core-Gold-Announces-Removal-of-Concession-Liens-at-Subsidiary-Elipe-S-A-and-Decision-to-Divest-Non-Core-Concessions.html