VANCOUVER, BC, Feb. 11,
2025 /CNW/ - P2 Gold Inc. ("P2" or
the "Company") (TSXV: PGLD) (OTCQB: PGLDF) reports that it has paid
US$100,000 to Waterton Nevada
Splitter, LLC ("Splitter"), an affiliate of Waterton Precious
Metals Fund II Cayman, LP, in respect of the final payment due to
Splitter relating to the acquisition of the gold-copper Gabbs
Project (see P2 news releases of February
13, 2024 and March 3,
2024).
"We have now fulfilled all of our obligations to Waterton in
respect of the acquisition of Gabbs, and with the payment from the
sale of the Ball Creek Claims, we are funded through the coming
year and into the next," commented Joe
Ovsenek, President and CEO of P2. "What's more, with
the increase in metal prices, under the Company's preliminary
economic assessment announced on May 22,
2024 and described in the Gabbs Technical Report dated
May 17, 2024 (available under the
Company's profile on SEDAR+ at www.sedarplus.com), Gabbs has an
internal rate of return of 43.3% and net present value at a 5%
discount rate of US$1.2 billion at
today's spot metal prices of $2,909
gold, $32 silver and $4.22 copper. We look forward to providing
further updates as we advance Gabbs."
Qualified Person
Ken McNaughton, M.A.Sc., P.Eng.,
Chief Exploration Officer, P2 Gold, is the Qualified Person, as
defined by National Instrument 43-101, responsible for the Gabbs
Project. Mr. McNaughton has reviewed, verified, and approved
the scientific and technical information in this news release.
About P2 Gold Inc.
P2 Gold is a mineral exploration and development company focused
on advancing its gold-copper Gabbs Project on the Walker Lane Trend
in Nevada. A positive preliminary economic assessment has
outlined a long-life, mid-size mine at Gabbs with annual average
production of 104,000 ounces gold and 13,500 tonnes copper over a
14.2-year mine life. The Gabbs Project has excellent
infrastructure with access via paved Hwy 361, and power and water
on site. Additional metallurgical testing is commencing
shortly, and a water permit is expected in the second quarter of
this year. All zones on the property remain open and
additional exploration targets, near surface and at depth, are
drill ready.
Neither the TSX Venture Exchange (the "Exchange") nor its
Regulation Services Provider (as that term is defined in the
policies of the Exchange) accepts responsibility for the adequacy
or accuracy of this release.
Forward Looking Information
This press release contains "forward-looking information" within
the meaning of applicable securities laws that is intended to be
covered by the safe harbours created by those laws.
"Forward-looking information" includes statements that use
forward-looking terminology such as "may", "will", "expect",
"anticipate", "believe", "continue", "potential" or the negative
thereof or other variations thereof or comparable terminology. Such
forward-looking information includes, without limitation,
information with respect to the Company's expectations, strategies
and plans for its Gabbs Project including the Company's planned
expenditures and exploration activities.
Forward-looking information is not a guarantee of future
performance and is based upon a number of estimates and assumptions
of management at the date the statements are made, including
without limitation, the estimated internal rate of return and net
present value at a 5% discount rate of the Gabbs Project, as well
as the other assumptions disclosed in this news release.
Furthermore, such forward-looking information involves a
variety of known and unknown risks, uncertainties and other factors
which may cause the actual plans, intentions, activities, results,
performance or achievements of the Company to be materially
different from any future plans, intentions, activities, results,
performance or achievements expressed or implied by such
forward-looking information, including without limitation, the
estimates and assumptions contained in the Gabbs Technical Report
dated May 17, 2024, and risks
associated with mineral exploration, including the risk that actual
results and timing of exploration and development will be different
from those expected by management. See "Risk Factors" in the
Company's annual information form for the year ended December 31, 2023, dated March 21, 2024 filed on SEDAR at www.sedar.com
for a discussion of these risks.
The Company cautions that there can be no assurance that
forward-looking information will prove to be accurate, as actual
results and future events could differ materially from those
anticipated in such information. Accordingly, investors should not
place undue reliance on forward-looking information.
Except as required by law, the Company does not assume any
obligation to release publicly any revisions to forward-looking
information contained in this press release to reflect events or
circumstances after the date hereof.
SOURCE P2 Gold Inc.
