Toronto, Ontario – Atlanta Gold Inc. (TSX V: ATG) announces that the Company’s wholly-owned subsidiary, Atlanta Gold Corporation (“Atlanta Gold”) has entered into a definitive agreement with 3N LLC pursuant to which Atlanta Gold will purchase a 5.58 acre property in Boise, Idaho. The purchase price of US$860,000 will be satisfied by a US$100,000 cash payment, a US$425,000 7% three-year promissory note and the issuance of common shares of the Company valued at US$335,000, to 3N LLC. The purchase is expected to close within 30 days subject to customary conditions and approval of the TSX Venture Exchange.
The 5.58 acre property is located between Highway 84 and South Federal Way, approximately 3.26 miles from Boise Airport and 5.24 miles from downtown Boise. It is currently undeveloped land with excellent highway and railroad access. The site will require infrastructure development, including utilities, and water and sewer lines. The Company intends to construct on the site three buildings providing approximately 30,000 square feet of maintenance, warehouse and office space. Upon completion, the three buildings will accommodate employees who currently work in leased facilities in the Boise area and new employees who will be providing administrative and geological support for the Company’s advanced gold project near Atlanta, Idaho.
“The new property will prove to be a sound investment in infrastructure. It affords the Company the opportunity to significantly reduce future accommodation requirements at its Atlanta project site and to increase the value of a property which is currently undeveloped”, said Bill Baird, President and CEO of the Company. “The Boise area will benefit from the direct economic impact of our project. We will be able to offer our current team members, as well as the new employees we expect to hire, a state-of-the-art work environment adjacent to first-class amenities. Idaho is a great place for our team members to live and offers us a high quality workforce.”
About the Company
Atlanta Gold Inc. (TSXV: ATG) holds through its 100% owned subsidiary, Atlanta Gold Corporation, leases, options or ownership interests in its Atlanta properties which comprise approximately 889.1 hectares located 60 air miles (90 air kilometres) north east of Boise, in Elmore County, Idaho. A long history of mining makes Atlanta very suitable for development of new mining projects. The Company is focused on advancing its core asset, Atlanta, towards mine development and production.
This news release contains forward-looking information and forward-looking statements (collectively “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, are forward-looking statements. We use words such as “may”, “intend”, “will”, “should”, “anticipate”, “plan”, “expect”, “believe”, “estimate” and similar terminology to identify forward-looking statements, including with respect to the closing of the property acquisition , the timing thereof and the construction of infrastructure thereon. Such are based upon assumptions, estimates, opinions and analysis made by management in light of its experience, current conditions and its expectations of future developments as well as other factors which it believes to be reasonable and relevant. These assumptions include those concerning the availability of adequate financing and the ability to achieve operating cost estimates. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results to differ materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements. Risks and uncertainties that may cause actual results to vary include, but are not limited to, insufficient funding or delays in raising additional financing on satisfactory terms; operational and technical difficulties which could increase operating and/or capital costs; changes in laws or regulations and the risk of obtaining necessary licenses and permits; fluctuations in resource prices and in currency exchange rates; changes in general economic conditions and in the financial markets; as well as other risks and uncertainties which are more fully described in the Company’s annual and quarterly Management’s Discussion and Analysis and in other Company filings with securities and regulatory authorities which are available at www.sedar.com. Should one or more risks and uncertainties materialize or should any assumptions prove incorrect, then actual results could vary materially from those expressed or implied in the forward-looking statements and accordingly, readers should not place undue reliance on those statements.
Readers are cautioned that the foregoing lists of risks, uncertainties, assumptions and other factors are not exhaustive. The forward-looking statements contained in this news release are made as of the date hereof and the Company undertakes no obligation to update publicly or revise any forward-looking statements contained herein or in any other documents filed with securities regulatory authorities, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
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