SAN FRANCISCO, Nov. 19, 2019 (GLOBE NEWSWIRE) -- Newrange Gold Corp.'s (NRG:TSX.V; NRGOF:OTC) focus is squarely on Nevada, where it acquired the high-grade Pamlico gold project in 2016. The company is in the process of monetizing its Colombian assets to fund Pamlico's exploration and recently announced the sale of its Yarumalito gold project to GoldMining Inc., while retaining a 1% NSR royalty.
Company mentioned: Newrange Gold Corp.
"This now paves the way for us to conclude the sale of Newrange's subsidiary and remaining projects in Colombia," Newrange CEO Bob Archer said. "The combined proceeds from both transactions will provide significant non-dilutive funds for exploration on the company's flagship Pamlico Project."
The company expects the sale of its subsidiary and Yarumalito to bring in between $2 and $3 million—both deals are a mix of cash and shares—over the next 12 to 18 months.
The company made its move into Nevada, where Robert Carrington, the co-founder and chairman of Newrange, who is Nevada born and raised, was able to option the Pamlico project through a family connection. "It encompasses an old mining district that goes back to the late 1800s. At that time, it was known as one of the highest-grade gold districts in Nevada," Archer explained.
Pamlico is on the Walker Lane Trend, a northwest-southeast oriented trend that is home of many historical and current gold and silver mines, and has produced more than 53 million ounces of gold and 519 million ounces of silver. Nevada is known as "Elephant Country," and is the world's fifth largest gold producer and rated the top jurisdiction for investment on the Fraser Institute's 2018 mining company survey.
Continue reading this article: Looking for Gold in Elephant Country
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The full disclosure is provided at the article's end: Looking for Gold in Elephant Country