Bullfrog Gold (OTCQB: BFGC) (CSE: BFG) (FSE: 11B), a corporation engaged in the acquisition, exploration and development of gold and silver properties in the United States, announced that it has signed definitive agreements with Augusta Investments Inc. (“Augusta”) and certain Barrick Gold Corporation subsidiaries (“Barrick”). These agreements are connected with an earlier announcement Bullfrog made regarding acquiring rights to 1,500 acres that adjoin the company’s Bullfrog Gold Deposit from Barrick; the agreements also note that Augusta and certain individuals identified by Augusta will complete a C$22 million investment in Bullfrog. The agreements also outline various Board of Directors and company management appointments. Barrick and Augusta will become significant shareholders in Bullfrog when the transactions are finalized, which is expected during the fourth quarter of 2020, subject to customary conditions. “We are delighted to announce the signing of the definitive agreements and are encouraged by the positive market reaction to the announcement of the binding term sheet in respect of the transaction,” said Bullfrog CEO and president David Beling in the press release. “Bullfrog will be well funded to expedite the exploration and development of the Bullfrog project, and we are excited to welcome our new cornerstone shareholders, Barrick and Augusta.”
To view the full press release, visit https://ibn.fm/Wvn7w
About Bullfrog Gold Corp.
Bullfrog Gold is a Delaware corporation that currently controls the commanding land and resource positions in the Bullfrog Mine area where Barrick produced 2.3 million ounces of gold by mining and conventional milling beginning in 1989 and ending in 1999 when ore reserves were depleted. Measured and indicated 43-101 compliant resources were estimated in mid-2017 by Tetra Tech Inc. at 525,000 ounces of gold, averaging 1.02 gold g/t in base case plans of the MS and Bullfrog pits. Most of these resources are in the north extension to the Bullfrog pit. Inferred resources were estimated at 110,000 ounces of gold averaging 1.2 g/t, of which most were in the Mystery Hill area adjacent to the Bullfrog pit and where 17 additional holes were recently drilled. It is noted that the 3-year trailing average gold price is more than $200 higher than the $1,200 average price used in 2017. The resource estimates were also based on a heap leach gold recovery of 72% at a minus 3/8-inch feed size compared to the average 85% leach test recoveries recently achieved on four bulk samples sized at minus 1/16-inch. Additional technical and corporate information may be sourced at www.BullfrogGold.com.
NOTE TO INVESTORS: The latest news and updates relating to BFGC are available in the company’s newsroom at http://ibn.fm/BFGC
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