News Release – Mr. Dev Randhawa reports
ROCKWEALTH RESOURCES CORP. ENTERS INTO EXCLUSIVITY AGREEMENT WITH REALGOLD RESOURCES CORP.
Rockwealth Resources Corp. has entered into an exclusivity agreement with Realgold Resources Corp. whereby the company will have until Oct. 17, 2019, to conduct due diligence on Realgold, with a view to negotiating the terms of a letter of intent and, if applicable, a definitive agreement in order to complete a transaction with Realgold regarding its properties.
About Realgold Resources Corp.
Realgold has assembled an extensive land portfolio in the Kyrgyz republic that includes 16 projects in 28 licences covering 274,124 hectares within the highly prolific Tien Shan gold belt. The Carlin-type potential in southwestern Kyrgyz republic was recognized by Doug Kirwin, Realgold’s president and chief executive officer, and ground was subsequently acquired by staking.
The Tien Shan belt is an extensive 2,500-kilometre-long east-west-trending geological province containing over 200 million ounces of gold and is host to several giant gold deposits, including the world’s single largest operating gold mine (Muruntau in Uzbekistan) to the west and the giant Kumtor mine in eastern Kyrgyzstan to the east end of the belt. Carlin type deposits are the most important source of gold in the United States and the Tien Shan belt within the Kyrgyz Republic is now recognized as hosting the second-largest confirmed Carlin terrain in the world. Realgold licences cover 90 per cent of newly recognized and unexplored Carlin type gold belt.
Recent exploration successes on Realgold’s properties include:
- A drill hole discovery of high-grade gold mineralization at Uluktau including 21 m at 33.7 g/t Au from surface;
- A new discovery of significant Carlin-type gold mineralization at Alai including 22 m at 3.6 g/t in surface hand-trench in silicified carbonaceous sediments and Jasperoid and including a hand sample that returned 50 g/t Au.
The company is pleased to announce that it intends to complete a non-brokered private placement of up to five million common shares at a price of 20 cents per share for gross proceeds of up to $1-million.
The private placement is subject to TSX Venture Exchange approval and all securities are subject to a four-month hold period. Finders’ fees may be payable in connection with the private placement, all in accordance with the policies of the TSX Venture Exchange and applicable securities laws.
The proceeds from the private placement will be used for due diligence costs related to the potential transaction, costs to maintain its existing projects in good standing, other deal sourcing initiatives, and general corporate and working capital purposes.
Further details regarding the potential transaction will be provided in a future news release, if and when the company and Realgold execute a letter of intent in respect thereof. There can be no assurance that the potential transaction will be completed.
The scientific and technical information contained in this news release as it relates to Realgold has been reviewed and approved by Ross McElroy, a qualified person as defined in National Instrument 43-101 — Standards of Disclosure for Mineral Projects.
We seek Safe Harbor.