Getchell Gold raises $300,000 from Buzbuzian Capital Corp.

Getchell Gold Corp. (CSE: GTCH) (OTCQB: GGLDF) (FSE: GGA1) announced a $300,000 investment from Buzbuzian Capital Corp., a Canadian family office, in exchange for 1,000,000 units of the company.

Each unit consists of one common share and one-half of one common share purchase warrant. Each whole warrant allows Buzbuzian Capital to purchase one additional share at $0.35 per share for 24 months following the closing date.

Getchell stated it will use the proceeds for exploration activities at its Fondaway Canyon project in Nevada. All securities issued are subject to a four-month hold period under Canadian securities laws.

The Fondaway Canyon project has a preliminary economic assessment outlining a US$1 billion pre-tax net present value for an open-pit mining operation, with projected average production of 150,000 ounces of gold per year over an estimated 10-year mine life. The mineral resource comprises 999,000 indicated ounces of gold at 1.40 g/t and 1.812 million inferred ounces at 1.24 g/t.

The company noted that mineral resources are not mineral reserves and have not demonstrated economic viability. The preliminary economic assessment includes inferred and indicated mineral resources considered too speculative to be categorized as mineral reserves, and there is no certainty that the assessment results will be realized.

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