First Mining Gold is pleased to announce that it has completed the previously announced transaction with Metalore Resources pursuant to which First Mining has acquired the East Cedartree claims from Metalore, filling in a strategic piece in First Mining’s land holdings near the Cameron Gold Project located 80 km southeast of the city of Kenora in northwestern Ontario.
Under the Transaction, as consideration for the acquisition of the East Cedartree claims, First Mining has paid Metalore $3,000,000 in cash, and has issued 3,000,000 shares of First Mining to Metalore (such shares are subject to a statutory hold period of four months plus one day from closing). The East Cedartree claims contain an existing mineral resource estimate that was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects and encompass a highly favourable geological setting for new gold discoveries in close proximity to the existing known deposits at the Company’s Cameron and West Cedartree properties.
The East Cedartree claims are located between First Mining’s Cameron claim block, which includes the “Cameron Gold Deposit” that hosts the current mineral resource on the property, and First Mining’s West Cedartree claim block which includes the Dubenski and Dogpaw deposits. The acquisition of the East Cedartree claims therefore consolidates First Mining’s land holdings into a single contiguous block and adds a further 3,200 hectares to the 49,600 hectares that First Mining already holds in the district.
