Silver Crown Royalties Reaches an Agreement With Elk Gold Mining in Respect of Gold Mountain Royalty
26 July 2024 - 5:00PM
Silver Crown Royalties Inc. (“
Silver Crown”,
“
SCRi”, the “
Corporation”, or the
“
Company”) is pleased to announce that it
has entered into an agreement (the “
Letter
Agreement”) with Elk Gold Mining Corp. (“
Elk
Gold”), a wholly owned subsidiary of Gold Mountain Mining
Corp. (“
GMTN”), to amend the payment terms of its
royalty agreement dated May 11, 2023 (the “
Royalty
Agreement”) for the fourth quarter of 2023 and the first
and second quarters of 2024. Pursuant to the terms of the Letter
Agreement, Elk Gold paid an initial $10,000 cash payment to Silver
Crown on July 25, 2024. Additionally, Elk Gold and GMTN have agreed
to pay Silver Crown the remaining $121,483.86 that will be payable
to SCRi pursuant to the terms of the Royalty Agreement as of July
30, 2024, in cash on or before September 30, 2024. SCRi expects
regular quarterly royalty payments to resume on October 30, 2024.
Peter Bures, Silver Crown’s Chief Executive
Officer, commented: “We are pleased to acknowledge this resolution
with Elk Gold regarding the royalty payments that are due to the
Company. This arrangement reflects a strong mutual commitment to
good faith and reinforces our belief in maintaining a positive and
long-term relationship with our valued partners. We look forward to
continuing our collaboration and achieving mutual success.”
ABOUT SILVER CROWN ROYALTIES
INC.
Founded by industry veterans, SCRi is a publicly
traded, revenue-generating silver-only royalty company focusing on
silver as byproduct credits. SCRi aims to minimize the economic
impact on mining projects while maximizing returns for
shareholders. SCRi presently has two sources of revenue and
continues to build on this foundation, targeting additional
operational silver-producing projects.
For further information, please contact:
Silver Crown Royalties
Inc.Peter BuresChairman and CEO Telephone: (416) 481-1744
Email: pbures@silvercrownroyalties.com
FORWARD-LOOKING STATEMENTS
This release contains certain “forward looking
statements” and certain “forward-looking information” as defined
under applicable Canadian and U.S. securities laws. Forward-looking
statements and information can generally be identified by the use
of forward-looking terminology such as “may”, “will”, “should”,
“expect”, “intend”, “estimate”, “anticipate”, “believe”,
“continue”, “plans” or similar terminology. The forward-looking
information contained herein is provided for the purpose of
assisting readers in understanding management’s current
expectations and plans relating to the future. Readers are
cautioned that such information may not be appropriate for other
purposes. Forward-looking statements and information include, but
are not limited to, statements with respect to Elk Gold and GMTN’s
agreement to pay Silver Crown the remaining $121,483.86 that will
be payable to SCRi pursuant to the terms of the Royalty Agreement
as of July 30, 2024, in cash on or before September 30, 2024; and
SCRi’s expectation that regular quarterly royalty payments to
resume on October 30, 2024. Forward-looking statements and
information are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions that, while believed
by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Forward-looking information is subject to known and
unknown risks, uncertainties and other factors that may cause the
actual actions, events or results to be materially different from
those expressed or implied by such forward-looking information,
including but not limited to: the impact of general business and
economic conditions; the absence of control over mining operations
from which SCRi will purchase gold and other metals or from which
it will receive royalty payments and risks related to those mining
operations, including risks related to international operations,
government and environmental regulation, delays in mine
construction and operations, actual results of mining and current
exploration activities, conclusions of economic evaluations and
changes in project parameters as plans continue to be refined;
accidents, equipment breakdowns, title matters, labor disputes or
other unanticipated difficulties or interruptions in operations;
SCRi’s ability to enter into definitive agreements and close
proposed royalty transactions; the inherent uncertainties related
to the valuations ascribed by SCRi to its royalty interests;
problems inherent to the marketability of gold and other metals;
the inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses; industry conditions,
including fluctuations in the price of the primary commodities
mined at such operations, fluctuations in foreign exchange rates
and fluctuations in interest rates; government entities
interpreting existing tax legislation or enacting new tax
legislation in a way which adversely affects SCRi; stock market
volatility; regulatory restrictions; liability, competition, the
potential impact of epidemics, pandemics or other public health
crises on SCRi’s business, operations and financial condition, loss
of key employees. SCRi has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated or intended.
There can be no assurance that such statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers are advised not to place undue reliance on forward-looking
statements or information. SCRi undertakes no obligation to update
forward-looking information except as required by applicable law.
Such forward-looking information represents management's best
judgment based on information currently available.
This document does not constitute an offer to
sell, or a solicitation of an offer to buy, securities of the
Company in Canada, the United States or any other jurisdiction. Any
such offer to sell or solicitation of an offer to buy the
securities described herein will be made only pursuant to
subscription documentation between the Company and prospective
purchasers. Any such offering will be made in reliance upon
exemptions from the prospectus and registration requirements under
applicable securities laws, pursuant to a subscription agreement to
be entered into by the Company and prospective investors. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
the reader is cautioned not to place undue reliance on
forward-looking statements.
CBOE CANADA DOES NOT ACCEPT
RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS
RELEASE.