Vancouver, January 24, 2020– John Cumming, President and Chief Executive Officer of Stellar AfricaGold Inc., (TSX-V: SPX) (“Stellar” or the “Company”) announces;
Acquisition of L-K Gold Property, Quebec
Pursuant to a mineral property purchase agreement dated January 22, 2020 with Guy Galarneau Stellar has agreed to purchase the Lullwitz-Kaepelli gold property ( the “L-K Property”) comprised of 4 mineral claims totaling 231.4 hectares in the Charlevoix Area, Quebec for $5,000 and 300,000 common shares from treasury. The vendor will retain a 1.5% Net Smelter Return royalty which can be repurchased at any time for $500,000.
The acquisition is subject to acceptance by the TSX Venture Exchange as a Fundamental Acquisition by Stellar. Concurrently herewith the Company is withdrawing the request for TSX-V approval of the acquisition of Birimian Geology Exploration SARL, Côte d’Ivoire, as a Fundamental Acquisition due to timing uncertainty of the final issuance of the underlying mineral permits by the Côte d’Ivoire government. The Company will revisit the possible acquisition of Birimian Geology Exploration SARL if and when the permits are issued and other required preconditions to closing can be satisfied.
The shares of Stellar AfricaGold Inc. will remain halted at the request of the Company pending acceptance by the TSX-V of the L-K Property as a Fundamental Acquisition.
A copy of the January 24, 2020 news release is available here.
ABOUT STELLAR AFRICAGOLD INC.
Stellar AfricaGold Inc. is a Canadian gold company with offices in Vancouver, BC and Montreal, QC. Stellar President John Cumming can be contacted at 604-618-4262 or by email at cumming@stellarafricagold.com.
