Scorpio Gold – C$1.5 Million Bonus Cash Payout From Orla Mining | National

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VANCOUVER, British Columbia, Sept. 27, 2022 (GLOBE NEWSWIRE) — Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that it has received a cash bonus from Orla Mining of CAD$1,500,000 (the “Bonus Payout”).

As disclosed in the Company’s press release dated March 5, 2014, Scorpio Gold has completed the sale of certain mining properties in Nevada (the “Pinion Properties”) to an affiliate of Gold Standard Ventures Corp. (“Gold Standard”). The Pinion properties are located in Elko County, at the southern end of the prolific Carlin trend.

As part of the transaction, Gold Standard has agreed to pay Scorpio Gold a cash premium of between C$1,500,000 and C$3,000,000 on a sliding scale if the Pinon or Gold Standard property is sold for a value of global transaction between CA$100,000,000 and CA$300,000,000. or bigger. On August 12, 2022, Orla Mining completed the acquisition of Gold Standard, triggering the bonus payment.

For more details regarding the Gold Standard transaction, see the Company’s press release dated March 5, 2014.

ON BEHALF OF COUNCIL

SCORPION GOLD CORPORATION

Chris Zerg

President and CEO

Tel: (775) 753-4778

Email: [email protected]

Website: www.scorpiogold.com

Neither the 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.

Caution Regarding Forward-Looking Statements

This press release contains forward-looking statements regarding the Company. By their nature, forward-looking statements are subject to a variety of factors that could cause actual results to differ materially from those suggested by the forward-looking statements. In addition, forward-looking statements require management to make assumptions and are subject to inherent risks and uncertainties, including, but not limited to, the Company’s ability to obtain final stock exchange approval for loans. . There is a significant risk that forward-looking statements will not prove to be accurate, that management’s assumptions may not be correct, and that actual results may differ materially from such forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements.

Generally, forward-looking statements can be identified by the use of terms such as “anticipate”, “will”, “expect”, “may”, “continue”, “could”, “estimate”, “expect”. , “plan”, “potential” and similar expressions. Forward-looking statements contained in this press release may include, but are not limited to, the final approval of the exchange of the Loans and the intended use of funds for the Loans. These forward-looking statements are based on a number of assumptions which may prove to be incorrect.

The forward-looking statements contained in this press release are made as of the date hereof or as of the dates specifically referenced in this press release, as the case may be. Except as required by law, the Company undertakes no obligation to publicly update or revise any forward-looking statements contained or incorporated in this press release. All forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

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