West Red Lake Gold completes acquisition of Rowan Property

West Red Lake Gold Mines has closed the acquisition to increase its ownership in the Rowan Property from 72% to 100% by purchasing the remaining 28% interest from Evolution Mining. The Rowan Property is the most advanced property within the West Red Lake Gold Project, a 3,100-hectare area consisting of three properties. The Rowan Property is located north of Red Lake and borders Evolution’s Red Lake gold complex. In consideration for the Acquisition, the Company paid CAD $250,000 and issued 3,645,000 common shares of WRLG to Evolution. Evolution will retain a 2.5% NSR on the Rowan Property. The Company also issued an aggregate of 182,250 common shares to certain third parties as a success fee. On closing, Evolution holds a 6.53% interest in West Red Lake Gold. Insiders and Evolution hold an aggregate of 39.15% of the issued and outstanding common shares of the Company, including Frank Giustra who holds 18.10% and Accilent Capital Management Inc. which holds 13.56%. All securities issued in connection with the Acquisition and success fees are subject to a four month and one day statutory hold period expiring on July 9, 2023.