VANCOUVER, BC – (The NewsWire – April 18, 2024) STELLAR AFRICAGOLD INC. (TSXV: SPX) (the “Company” or “Stellar”) announces that the Company has sold the Namarana Gold Project, Mali.
Sale of Stellar Pacific Mali Sarl and Namarana Gold Project
The Company has concluded an arm’s length sale of it’s 100% owned Malian subsidiary, Stellar Pacific Mali SARL. Stellar Pacific Mali SARL is the sole owner of the Namarana Gold Project, the only project being developed by Stellar AfricaGold Inc. in Mali. The sale price for Stellar Pacific Mali SARL was Twenty-five Million (Franc CFA 25,000,000) West African Francs (“CFA”), approximately C$52,000.
The sale of Stellar Pacific Mali SARL including the Namarana Gold Project is an Exempt Disposition pursuant to TSX Venture Exchange policy 5.3, Section 3.1(i).
Commentary
“I am pleased to report on the sale of Stellar’s Mali subsidiary and the Namarana Gold Project” said Stellar President François Lalonde. “I wish to thank our Malian employees and contractors who have worked alongside with us over the years, but this opportunity came at the right time and the sale of this non-core Mali asset will enable management to focus its attention and Stellar’s financial resources on the continued exploration of its core asset, the Tichka Gold Project in Morocco.”
About Stellar AfricaGold Inc.
Stellar AfricaGold Inc. is a Canadian precious metal exploration company listed on the TSX Venture Exchange symbol TSX.V: SPX, the Tradegate Exchange TGAT: 6YP1 and the Frankfurt Stock Exchange FSX: 6YP1.
Stellar’s principal exploration project is its advancing gold discovery at the 82 square kilometre Tichka Est Gold Project in Morocco.
The Company is head officed in Vancouver, British Columbia. The Company also has a representative office in Casablanca, Morocco.
Stellar’s President and CEO J. François Lalonde can be contacted at 514-994-0654 or by email at lalondejf@stellarafricagold.com
Additional information is available on the Company’s website at www.stellarafricagold.com.
On Behalf of the Board
J. François Lalonde
President & Director
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.
Disclaimer & Forward-Looking Statements:
This release contains certain “forward-looking information” under applicable Canadian securities laws concerning the Arrangement. Forward-looking information reflects the Company’s current internal expectations or beliefs and is based on information currently available to the Company. In some cases forward-looking information can be identified by terminology such as “may”, “will”, “should”, “expect”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “projects”, “potential”, “scheduled”, “forecast”, “budget” or the negative of those terms or other comparable terminology. Many of these assumptions are based on factors and events that are not within the control of the Company, and there is no assurance they will prove to be correct or accurate. Risk factors that could cause actual results to differ materially from those predicted herein include, without limitation: that the business prospects and opportunities of the Company will not proceed as anticipated; changes in the global prices for gold or certain other commodities (such as diesel, aluminum and electricity); changes in U.S. dollar and other currency exchange rates, interest rates or gold lease rates; risks arising from holding derivative instruments; the level of liquidity and capital resources; access to capital markets, financing and interest rates; mining tax regimes; ability to successfully integrate acquired assets; legislative, political or economic developments in the jurisdictions in which the Company carries on business; operating or technical difficulties in connection with mining or development activities; laws and regulations governing the protection of the environment; employee relations; availability and increasing costs associated with mining inputs and labour; the speculative nature of exploration and development; contests over title to properties, particularly title to undeveloped properties; and the risks involved in the exploration, development and mining business. Risks and unknowns inherent in all projects include the inaccuracy of estimated reserves and resources, metallurgical recoveries, capital and operating costs of such projects, and the future prices for the relevant minerals.
