St. James Gold Corp. (the Company) (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3) is pleased to announce that it has entered into agreements with Florin Resources Inc. (“Florin”) to amend the terms of the option and joint venture agreement (the “Option Agreement”) to acquire an interest in the Florin Gold Project covering 22,000 contiguous acres in the historic Tintina Gold Belt in the Yukon Territory, Canada (the “Florin Gold Project”), previously announced by the Company on April 6, 2021.

The Option Agreement remains subject to the final approval of the TSX Venture Exchange (the “TSXV”). Material amendments made to the Option Agreement include the following:

  • the Company’s first option, exercisable upon aggregate cash payments of $8,400,000 and aggregate share issuances of 4,200,000 common shares in the capital of the Company (“Common Shares”) to Florin, and incurring $20,000,000 of expenditures on the property within four years of the approval of the transaction by the TSXV (the “Effective Date”), will now result in the Company acquiring a 51% interest in the Florin Gold Project, rather than a 49% interest;

  • under certain conditions the Company may elect to satisfy the $2,100,000 payment due on the first anniversary of the Effective Date in Common Shares rather than cash;
  • the expenditure requirements to exercise the first option now include a minimum of 5,000 metres in core drilling prior to the first anniversary of the Effective Date, rather than 10,000 metres;
  • if the Company exercises the first option and intends to exercise the second option, the Company shall issue 2,000,000 Common Shares to Florin; to exercise the second option the Company must complete a bankable feasibility study within three years;
  • the Company’s third option to acquire the remaining 15% net carried interest in the Florin Gold Project has been removed from the Option Agreement; and
  • the obligation to issue bonus Common Shares to Florin upon completion of a technical report identifying a specified threshold of gold in any mineral resources category has been removed from the Option Agreement.

The description of the foregoing is a summary only and is subject to the detailed provisions of the Option Agreement, as amended. The Option Agreement and a copy of the amendments are available for viewing on the Company’s profile on the System for Electronic Document Analysis and Retrieval (“SEDAR”) at www.sedar.com.

For Full Release: https://www.globenewswire.com/news-release/2021/06/08/2243187/0/en/ST-JAMES-GOLD-CORP-TSX-V-LORD-AMENDS-OPTION-AGREEEMNT.html

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St. James Gold Corp. (TSX-V: LORD) Commences Diamond Drill Program at Florin Project, Yukon Territory, Canada

St. James Gold Corp. (TSXV: LORD) (OTCQB: LRDJF) (FSE: BVU3), St. James Gold Corp. (the “Company”) is pleased to announce that diamond drilling has commenced at the road- accessible, Florin Gold Project located in Mayo District, Yukon Territory, Canada (the “Florin Gold Project” – Figure 1). The Company is planning to complete a minimum of 7,000 metres of diamond drilling on the Florin Gold Project from now until mid-September aimed at expanding the 2.47-million-ounce inferred gold resource (170,993,000 tonnes grading 0.45g/t Au with a 0.30g/t Au cut-off) which sits on the northwest striking Jethro Fault (see the Company news releases dated April 9, 2021 and June 8, 2021)...