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(Vancouver, July 28, 2022) – Artemis Gold Inc. (TSX-V: ARTG) (“Artemis” or the “Company”) is pleased to announce that, further to its previous news release dated May 24, 2022, the Company has executed a Master Lease Agreement for the equipment lease facility (the “Facility”) with Caterpillar Financial Services Limited (“Cat Financial”) associated with the primary and ancillary mining fleet for the Blackwater Project (“Blackwater” or the “Project”) in Central British Columbia, Canada.
The Facility with Cat Financial provides for up to $140 million in equipment financing, with amounts associated with the primary fleet repayable over a six-year period and on terms consistent with the assumptions contained within the Company’s 2021 Feasibility Study technical report entitled “Blackwater Gold Project NI 43-101 Technical Report on Updated Feasibility Study” dated September 10, 2021. Utilization of the Facility remains subject to certain conditions precedent.
Steven Dean, Chairman and CEO commented, “The execution of the Master Lease Agreement with Cat Financial represents another important milestone as the Artemis team works to systematically derisk the development of the Blackwater project. This agreement is a step forward in the continuing collaboration between Artemis and Caterpillar. Artemis is preparing to begin major construction activities once the final BC Mines Act Permit is received, targeted in Fall 2022. This Facility provides a further, competitive low-cost source of capital for the development of the Blackwater Project.”
Jeremy Langford, FAUSIMM, a Qualified Person as defined by National Instrument 43-101, has reviewed and approved the scientific and technical information in this news release.
ARTEMIS GOLD INC.
On behalf of the Board of Directors
Chairman and Chief Executive Officer
For further information: Nicholas Campbell, VP Capital Markets, +1 (604) 558-1107.
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