Disseminated on behalf of ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF) and may include paid advertising.
- ESGold Corp., a development-stage company committed to the acquisition, exploration, and development of high-quality mineral properties worldwide, just entered into a definitive gold and silver dore purchase agreement with Ocean Partners UK Ltd.
- Ocean Partners will purchase 100% of ESGold’s dore production, in exchange for a non-dilutive working capital facility of up to C$9 million
- Delivery of the dore will be made EXW at the Montauban Project Mine site, with Ocean Partners responsible for collection and related logistics
- The agreement was based on prevailing LBMA or COMEX market prices
ESGold Corp. (CSE: ESAU) (OTCQB: ESAUF), a development-stage company committed to acquiring, exploring, and developing high-quality mineral properties worldwide, just entered into a definitive gold and silver dore purchase agreement with Ocean Partners UK Ltd. With the agreement, Ocean Partners is set to purchase 100% of dore production from ESGold’s flagship Montauban Project. In return, ESGold will gain access to a non-dilutive working capital facility of up to C$9 million (https://ibn.fm/deTSj).
While making the announcement, ESGold’s CEO, Gordon Robb noted just how big of a milestone this is for the company, noting how it marks an evolution from a development company to a near-term producer. “Ocean Partners is an internationally respected organization with extensive experience across metals trading, mine finance, and global mining operations,” he noted. “Securing a definitive agreement with a group of this caliber significantly strengthens our production strategy and validates the progress our team has made behind the scenes,” he added (https://ibn.fm/deTSj).
The C$9 million in working capital will be available to ESGold in two tranches. The first tranche will come in at C$3 million, with the second at $6 million, subject to satisfaction of applicable conditions precedent. ESGold will retain strategic flexibility regarding timing and use of the facility, however, the agreement outlines a minimum delivery commitment totaling 50,000 ounces of gold and 1,000,000 ounces of silver over the term of the said agreement, as based on projected production scenarios and development plans (https://ibn.fm/deTSj).
Delivery will be made EXW at the Montauban Project Mine site, with Ocean Partners responsible for collection and related logistics. For ESGold, the arrangement supports operational flexibility, particularly now as the company advances mill construction, commissioning, and production ramp-up activities.
“What is particularly exciting is the stage we are now entering as a company. While we continue advancing mill construction and infrastructure toward production, we are simultaneously conducting modern exploration and geological investigation at Montauban,” Robb noted. “We are systematically and methodically advancing both sides of the production and exploration story of ESGold at the same time. With the expanded ANT survey underway, drilling preparations advancing, production equipment continuing to arrive on site, and a comprehensive district-scale geological model continuing to evolve,” he added (https://ibn.fm/deTSj).
This pricing agreement is based on prevailing LBMA or COMEX market prices. Ocean Partners will be paying for 99.8% of contained gold and 99% of contained silver, subject to standard refining charges of US$0.80 per payable ounce of gold and US$0.50 per payable ounce of silver.
For company information, visit the company’s website at www.ESGold.com.
NOTE TO INVESTORS: The latest news and updates relating to ESAUF are available in the company’s newsroom at https://ibn.fm/ESAUF
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