West Vault Closes Gold and Silver Stream Transaction With Sprott
VANCOUVER, BRITISH COLUMBIA, March 1, 2021 – West Vault Mining Inc. (WVM:TSXV, OTCQX:WVMDF) (“West Vault” or the “Company”) announces the closing of a gold and silver Purchase and Sale Agreement (the “Stream Agreement”) with Sprott Private Resource Streaming and Royalty Corp. (“Sprott”) for 1.41% of all refined gold and silver (the “1.41% Stream”) to be produced for the life of mine from the 100% owned and permitted Hasbrouck Gold Project, located southwest of Tonopah, Nevada. The Stream Agreement for the 1.41% Stream was first announced by the Company on February 22, 2021.
Under the terms of the Stream Agreement, Sprott has paid the Company an advance purchase deposit of US $6.0 million (the “Advance Deposit”). An additional purchase deposit of US $1.0 million (the “Additional Deposit”) is to be paid to the Company within 10 days of the announcement of a Board-approved construction decision for the Hasbrouck Gold Project. Sprott may elect to add the Hill of Gold property to the Stream Agreement by paying a final purchase deposit of US $300,000 within 60 days of paying the Additional Deposit. In addition to the amortization of aggregate purchase deposits received by the Company, a cash transfer price payable upon delivery of refined gold and silver to Sprott has been set at 20% of the market value per ounce of metal, as quoted by the London Bullion Market Association on the date of delivery.
About West Vault Mining Inc.
Located and secure in Nevada, the Hasbrouck Gold Project is permitted for construction and operations. West Vault is focused on maximizing shareholder value for its 100% interest in the Hasbrouck Gold Project. After closing the Stream Agreement today and receipt of the Advance Deposit, the Company holds cash on hand in excess of US $7.0 million.
On behalf of West Vault Mining Inc.
“R. Michael Jones”
Chief Executive Officer
For further information please see the Company’s website at www.westvaultmining.com or contact us by email at [email protected].
R. Michael Jones
(604) 685 8311 / [email protected]
Disclaimer for Forward-Looking Information
This press release may contain forward-looking information or forward-looking statements (collectively "forward-looking information") within the meaning of applicable securities laws. Forward-looking information is typically identified by words such as: “believe”, “expect”, “anticipate”, “intend”, “estimate”, “postulate” and similar expressions, or are those, which, by their nature, refer to future events. Forward-looking information in this news release includes, without limitation, the announcement of a Board-approved construction decision for the Hasbrouck Gold Project. Although West Vault believes that such information as set out in this press release is reasonable, it can give no assurance that such expectations and estimates will prove to be correct. The Company cautions investors that any forward-looking information provided by the Company is not a guarantee of future results or performance, and that actual results may differ materially from those in forward-looking information as a result of various factors, including the following: risks related to the novel coronavirus (COVID-19) global health pandemic, other global epidemics, pandemics or public health crises; the state of the financial markets for the Company's equity securities; the state of the market for gold or other minerals that may be produced generally; significant increases in any of the machinery, equipment or supplies required to develop and operate a mine; a significant change in the availability or cost of the labor force required to operate a mine; a significant increases in the cost of transportation for the Company’s products; variations in the nature, quality and quantity of any mineral deposits that may be located; and the Company's ability to obtain any necessary permits, consents or authorizations required for its activities, to raise the necessary capital or to be fully able to implement its business strategies and other risks associated with the exploration and development of mineral properties. The reader is referred to the Company's public filings for a more complete discussion of such risk factors and their potential effects which may be accessed through the Company's profile on SEDAR at www.sedar.com.
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