Ethos Gold agreement for Savant Lake property

2020-10-22 14:56 MT - Property Agreement

The TSX Venture Exchange has accepted for expedited filing documentation an option agreement dated Sept. 1, 2020, between the company and New Dimension Resources Ltd., whereby the company is acquiring a 70-per-cent interest in certain mining claims in Ontario, known as the Savant Lake gold project. Consideration is as follows:

• On signing, $50,000 cash and two million common shares;
• On Sept. 20, 2021, $50,000 cash, two million shares and $500,000 in work commitments;
• On Sept. 20, 2022, $50,000 cash, two million common shares and $1-million in work commitments;
• On Sept. 20, 2023, $50,000 cash, two million common shares and $500,000 in work commitments.

Additionally, in the event that a mineral resource in excess of one million ounces of gold is defined on the property, Ethos will make payments to New Dimension of $50,000 cash and two million common shares of Ethos.

For further information, please refer to the company's news release dated Sept. 21, 2020.

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