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Golden Horse issues shares in connection with the takeover of tenement houses

Perth, Australia – (Newsfile Corp. – May 6, 2024) – Golden Horse Minerals Limited (TSXV: GHML) (“Golden Horse” or “Business“) is pleased to announce that, with reference to the press releases of August 1, 2023 and April 22, 2024, the Company has issued a total of 7,206,758 ordinary shares of the Company (“Shares“) in connection with certain previously announced tenement acquisitions in the Fraser Shear Zone, a prolific gold-producing region in Western Australia near the town of Southern Cross.

On August 1, 2023, the Company announced that it had entered into a number of transactions to acquire further tenements to enhance its landholdings in the Yilgarn mineral field in Western Australia.

Southern Cross South Project

In connection with the acquisition of tenement houses P77/4593 and E77/2829 and the remaining 10% of E77/2691, which are not yet owned by the Company, Golden Horse issued 2,982,107 Shares, which is an addition to the previously made cash payment to the seller in the amount of PLN 90,000 Australian dollars and the issuance of 2% of gross metallurgical royalties described in the Company’s press release of August 1, 2023. The Company has already fulfilled all obligations under the agreement for the sale of these tenement houses.

Copperhead Project

In connection with the acquisition of the Copperhead strategic exploration lease (P77/4357), located approximately 30 km from the town of Bullfinch in Western Australia, Golden Horse has issued 2,485,089 Shares, which is in addition to a series of previously made cash payments totaling $100,000 Australian. The company also provided a 1.5% gross royalty to the steelworks, capped at A$800,000 for such property. The remaining material obligation under the sale agreement is the payment of A$200,000 in cash on the prior ASX listing date or 1 August 2024.

Ennuin Pack

In connection with its purchase of the Ennuin Package, including tenement houses E77/2942, G77/123, L77/262, M77/450, P77/4629, P77/4630 and P77/4631, all located approximately 30 km from the town of Gil in Western Australia The Company issued 1,739,562 Shares, which is in addition to a series of previously made cash payments totaling A$150,000. The company also provided a gross mill royalty of 1.5%, capped at A$800,000, on such tenements. The remaining material obligation under the sale agreement is the payment of AUD 150,000 in cash on the prior ASX listing date or 1 August 2024.

On behalf of the Board

For more information contact:

Graeme Sloan
President/Interim CEO
Email: [email protected]
+61 8 9322 1788

Josh Conner
Chief executive officer
Email: [email protected]
+61 8 9322 1788

Media
David Tasker
Chapter One Advisors
Email: [email protected]
+61 433 112 936

Investors
Adam Davey
Canaccord Genuity Financial Limited
Email: [email protected]
+61 8 9225 2811

Mason Brown
Canaccord Genuity Financial Limited
E-mail: [email protected]
+61 8 9225 2862

Reservation

This press release may contain forward-looking statements. Such forward-looking statements may include, but are not limited to, statements regarding targets, estimates and assumptions regarding metal production and prices, operating costs and results, capital expenditures, mineral reserves and resources and expected recovery grades and rates, and are or may be based on assumptions and estimates regarding future technical, economic, market, political, social and other conditions. These forward-looking statements are based on management’s expectations and beliefs regarding future events. Forward-looking statements inherently involve subjective judgment and analysis and are necessarily subject to risks, uncertainties and other factors, many of which are beyond Golden Horse’s control. Such forward-looking statements are based on numerous assumptions regarding Golden Horse’s current and future business strategies and the political and economic environment in which Golden Horse will operate in the future, which are not guarantees or predictions of future performance. Actual results and developments may differ materially from those reflected or implied by the forward-looking statements contained in this release.

Given these uncertainties, readers are cautioned not to place undue reliance on such forward-looking statements. All Search Results and other technical information should be read in conjunction with the Competent Person Statements contained in this release (if applicable). To the maximum extent permitted by law, Golden Horse and any of its related corporate and affiliated bodies and their officers, employees, agents, associates and advisors:

  • disclaim any obligation or undertaking to release any updates or revisions to the information contained in this release to reflect any events, circumstances or changes in expectations or assumptions after the date of this release;

  • makes no representations or warranties, express or implied, as to the accuracy, reliability or completeness of the information contained in this release or as to the likelihood of fulfillment of any forward-looking statements or any events or results expressed or implied by any forward-looking statements; AND

  • disclaims all liability for these forward-looking statements (including, without limitation, liability for negligence).

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/208133