The Company also provides an update on its
exploration and gold brokerage activities
MONTREAL, April 12, 2018 /CNW Telbec/ - TOMAGOLD
CORPORATION (TSXV: LOT) ("TomaGold" or the "Corporation")
is pleased to announce that it has consolidated its position in the
Monster Lake area with the acquisition of 64 additional claims, of
which 36 claims are adjacent to the east of the Monster Lake East
property (forming the Monster Lake East property) and 28 claims are
adjacent to the west of the Monster Lake property (forming the
Monster Lake West property). In consideration for these claims, the
Corporation issued 300,000 common shares to a prospector.
"With the promising results obtained from the Monster Lake
resource estimate (see press release dated March 28, 2018) and the discovery of the copper
anomaly on Monster Lake East, it was important for us to proceed
with this acquisition," said David
Grondin, President and Chief Executive Officer of
TomaGold.
Geophysical survey on Monster Lake East
On the Monster Lake East property, TomaGold conducted a partial
airborne survey in the area of the large copper geochemical anomaly
identified by a government survey, and cut a 20-kilometre grid of
lines, including a 4-kilometre baseline. The Corporation has
recently completed a detailed PP survey through Abitibi Geophysics
to explore the anomaly to a depth of 300
m and expects to have the survey results over the next few
weeks.
Gold brokerage and line of credit
The Corporation has completed a second transaction of 306 ounces
of gold and is currently conducting a third transaction. In
addition, negotiations are continuing with several groups to
finalize the planned financing through a line of credit or a loan,
which will allow TomaGold to increase the volume and frequency of
transactions.
The acquisition of the claims is subject to approval by the
regulatory authorities.
The technical content of this press release has been reviewed
and approved by Claude P. Larouche, Eng., a qualified person as defined
by National Instrument 43-101.
About TomaGold Corporation
TomaGold Corporation is a
Canadian mineral exploration company engaged in the acquisition,
assessment, exploration and development of gold mineral properties.
To optimize its chances of discovery and minimize its exploration
risk, TomaGold aims to develop high-grade gold properties with
major mining companies. It currently has joint venture agreements
with IAMGOLD Corporation for the Monster Lake project, with
Goldcorp Inc. for the Sidace Lake property, and with Goldcorp Inc.
and New Gold Inc. for the Baird property. TomaGold has interests in
six gold properties in northern Quebec: Monster Lake, Winchester,
Lac-à-l'Eau-Jaune, Monster Lake East, Obalski and Lac Cavan near
the Chibougamau mining camp. It
also holds a 39.5% interest in the Sidace Lake property and a 24.5%
in the Baird property near the Red
Lake mining camp in Ontario. Finally, it has an option to acquire
a 70% interest in the Hazeur property, at the southern edge of the
Monster Lake group of properties.
The Corporation is also engaged in gold brokerage activities in
South America through its
subsidiary, TomaSouth Corporation.
www.tomagoldcorp.com
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accuracy of this news release. The statements in this news release
that are not historical facts are "forward-looking statements".
Readers are cautioned that any such statements are not guarantees
of future performance, and that actual developments or results may
vary materially from those described in such "forward-looking"
statements.
SOURCE Corporation TomaGold