OPTION AGREEMENT ON MIMINISKA LAKE & KEEZHIK LAKE

Landore Resources Limited

03 July 2024

 

Landore Resources Limited

FURTHER update regarding OPTION AGREEMENT OVER MIMINISKA LAKE

AND KEEZHIK LAKE PROPERTIES

London, United Kingdom - 3 July 2024 - Landore Resources Limited (AIM: LND) ("Landore Resources" or the "Company"), further to its previous announcements of 10 May 2021, 31 January 2023, 5 July 2023, 8 February 2024 and 28 May 2024, provides a further update with respect to its subsidiary, Landore Resources Canada Inc.'s pre-existing option agreement with Storm Exploration Inc. (a TSX-V company, formerly named Lithoquest Resources Inc.) ("Storm") over 100% of the Miminiska Lake and Keezhik Lake properties in the Thunder Bay Mining district, Northern Ontario (the "Properties") (the "Option Agreement").

The Company notes that Storm has not met the previously agreed deadline of 28 June 2024 for the next scheduled Cash Payment of CAN$262,500 and Convertible Cash Payment of CAN$525,000 pursuant to the terms of the Option Agreement.  Accordingly, the Company is currently in discussions with Storm's management with respect to a potential further extension, variation or termination of the agreement, as well as considering other options with regards to the disposal of the Properties, and a further update will be provided in due course.

The Company's strategy remains firmly committed to the further exploration and development of its 100% owned BAM Gold Project, Northwest Ontario, Canada, progress on which is being accelerated by the recent fund raise, along with the strengthening of Landore Resources' management team and its shareholder register.

- ENDS -

For further information, please contact:

Landore Resources Limited

Alexander Shaw (CEO)

Tel: [phone]

Strand Hanson Limited (Nominated Adviser and Joint Broker)

James Dance/Matthew Chandler/Robert Collins                      

Tel: [phone]

Novum Securities Limited (Joint Broker)

Jon Belliss/Colin Rowbury

Tel: [phone]

Burson Buchanan (Financial PR)

Bobby Morse ([e-mail])

Tel: [phone]

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended by virtue of the Market Abuse (Amendment) (EU Exit) Regulations 2019.

 

END