14 May 2024
Vancouver, British Columbia--(Newsfile Corp. - May 14, 2024) - Sixty North Gold Mining Ltd. (CSE: SXTY) (FSE: 2F40) (OTC Pink: SXNTF) (the "Company" or "Sixty North Gold").
Sixty North Gold is pleased to announce that it has purchased the tent camp and is acquiring other light equipment and supplies needed for the restart of mining operations. Mining crews have been engaged and are expected to be on site around the end of May 2024, once camp setup is complete. Dave Webb, President & CEO states, "We are very pleased to be moving crews into the property and driving our re-development of this very high-grade past producing gold mine. The Yellowknife gold camp hosts two mines that averaged 30 gpt gold or better, and two that averaged 15 gpt or better for a total production of over 14 million ounces of gold (Sixty North Gold NI 43-101 - August 3, 2023)."
Sixty North Gold further announces that it has arranged debt settlements with certain officers and a director of the Company, and a consultant to settle $233,000 in indebtedness for accrued management and consulting fees from the period May 1, 2023 to April 30, 2024, to be paid by the issuance and delivery of a total of 3,883,332 common shares of the Company in the aggregate, at a deemed value of $0.06 per share, plus GST. The shares will be subject to resale restrictions for a period of 4 months and a day from their date of issuance.
The Company further approved bonuses totalling $19,900 for certain officers and a director of the Company to be settled as debts for shares on the same basis as the debt settlements for the creditors noted above for a total of another 331,666 common shares at a deemed value of $0.06 per share.
The Company has also granted incentive stock options to its directors, officers, and consultants to purchase up to 2,750,000 common shares of the Company at an exercise price of $0.08 per share until May 14, 2029.