Gelum Resources Reports on ML Claims
Press Release
Vancouver, British Columbia, – Gelum Resources Ltd. (“Gelum” or the “Company”) (CSE: GMR, OTCQB: ) reports that pursuant to its news release dated March 8, 2022, it has entered into a termination and settlement agreement dated March 1, 2024 with the optionors (the “Optionors”) under the Option Agreement dated January 31, 2022. In 2023, the Company failed to file work completed or pay claim fees in respect of the ML Claims and as a result the claims were forfeited, following which the obligations of Option Agreement could not be performed. The Company’s MD&A for the year ended April 30, 2023 describes the forfeit and the impairment expense recorded.
The settlement arises from the forfeiture of the claims and Company’s inability to perform its obligations under the Option Agreement and, the Company and the Optionors have agreed to settle and release all matters through the issuance of shares. The remaining cash payments (otherwise owing under the terms of the original Option Agreement) totalling $300,000 will be settled in Gelum shares at a deemed price of $0.12 per Gelum share (2,500,000 Gelum shares) and the remaining required share issuance payments under the original Option Agreement, totalling $225,000 in Gelum shares, will be issued at $0.30 per Gelum share (750,000 Gelum shares) that being the deemed price per Gelum share under the original Option Agreement.
About Gelum Resources Ltd.
Gelum Resources is a Company led by seasoned management and advisors in the mining and financial sectors. The Company’s objective is to define a multi-million-ounce economic gold deposit on the 9028-hectare Eldorado Gold Project, located within the Bralorne-Bridge River gold district, only 190 kilometres north of Vancouver and 74 km northwest of the town of Lillooet, B.C. The Bralorne mines historically exploited the largest, highest-grade, longest-producing lode-gold deposit in B.C.
Management is proud to have developed an excellent working relationship with the Bridge River Indian Band (Xwísten) the project is within the St’at’imc territory (Traditional Territory) in which Xwísten and its members assert, hold and exercise constitutionally protected Aboriginal Title and Rights (“Indigenous Title and Rights”).
For further information about the Company and its exploration portfolio, please refer to Gelum Resources latest Corporate Presentation.
Follow Gelum Resources online in the links below for additional updates:
On Behalf of the Board of Directors
Hendrik van Alphen, Director
For further information about Gelum, please contact:
Hendrik van Alphen (henk@hvana.com) or Marla Ritchie (marla@gelumresources.com)
Phone: 604 484-1228
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