Toronto - Frontline Gold Corporation (TSXV: FGC) and Alturas Minerals Corp. (TSXV: ALT) ('Alturas') are pleased to announce that the TSX Venture Exchange has conditionally approved the previously announced 50/50 Joint Venture Letter of Intent on Frontline's 100% owned Copperlode Property.
In addition to the JV LOI terms summarized below Alturas will also be responsible for 50% of all current and future property expenditures on the Copperlode property. Summary of JV LOI Terms considered in the signed Letter of Intend
Alturas and Frontline will enter into a 50:50 Joint Venture Letter of Intent to acquire the joint venture interest and explore the Copperlode Property. A definitive agreement will be created in a form that is customary for transactions of this nature.
Alturas agrees to following initial payment terms to acquire a 50% interest in the Copperlode Property from Frontline: 1. i.A money cash payment of C$40,000; 2. ii.The issuance of 750,000 shares of Alturas, which is subject to receiving TSX-V exchange approval. Note the shares issued to Frontline by Alturas would be subject to a regulatory required hold period of four months and 3. iii.The agreement to fund 50% of the Orix Geoscience Inc. - Scope of Work - Copperlode Proposal ('Proposal') entered into by Frontline, details of which were announced on January 26th, 2021. Orix will undertake and provide to the Company, a compilation of the approximately 82 drillholes that have been drilled on the Copperlode property. This compilation will allow for the interpretation of assay data in a longitudinal section to provide preliminary drillhole target recommendations for the Company as it prepares for an inaugural drilling program at Copperlode in the spring of 2021.
The JV LOI terms above are not an exhaustive description of the terms and conditions, the precise details of which will be set out in definitive documentation to executed at later date. The definitive documentation will include additional terms and conditions that are customary for this type of transaction.
Cautionary Statement
The above tonnage estimates on the Copperlode 'E' Zone are historical in nature and non-compliant and have been taken from Ontario Ministry of Energy, Northern Development and Mines (MNDM) and Ontario Geological Survey (OGS) online database (Assessment Work Reports) AFRI 52K15NW0019. The Company has not verified the information regarding sampling, analytical methods, and test data underlying the information. The Company believes that the information is relevant to an appraisal of the merits of the property and forms a reliable basis upon which to develop future exploration programs. The Company will need to conduct further exploration which will include drill testing and sampling to verify historical data, and there is no guarantee that the results obtained will reflect the historical results. The mineralization reported on the adjacent properties may not be indicative of the mineralization on the Property.
Alturas is a Canadian corporation, and is the indirect parent of the Peruvian company, Alturas Minerals S.A. ('Alturas Peru') and of the Chilean company, Alturas Chile Limitada ('Alturas Chile'). Alturas Peru has been exploring various mineral projects in Peru since January 2004. Alturas interrupted its exploration activities in Chile and is focused in new business opportunities. Alturas has approximately $1.2 million in cash and cash equivalents and approximately $0.5 million in other securities, as of December 31, 2020.
About Frontline Gold Corporation
Frontline is a Canadian junior mineral exploration company. The Company's properties include the optioned gold projects in Red Lake area of Ontario, Crooked Pine Gold Project (Ontario), Paint Lake Road Gold Project (Ontario) Cameron Lake Gold Project (Ontario), the Route 109 Gold Project and the Portage River Gold Project both in the Abitibi Region of Quebec, the Confederation Lake Project which is approx. 60 kms east of the Red Area and the Menderes gold project in the Izmir province of Western Turkey. Other Canadian exploration properties include other gold property groups in Ontario, the Whitehorse Island Mining Patents (Red Lake) including NSR's within the Pickle Lake Mining Camp.
This news release contains forward-looking statements, which address future events and conditions, which are subject to various risks and uncertainties. The Company's actual results, programs and financial position could differ materially from those anticipated in such forward-looking statements as a result of numerous factors, some of which may be beyond the Company's control. These factors include: the availability of funds; the timing and content of work programs; results of exploration activities and development of mineral properties, the interpretation of drilling results and other geological data, the uncertainties of resource and reserve estimations, receipt and security of mineral property titles; project cost overruns or unanticipated costs and expenses, fluctuations in metal prices; currency fluctuations and general market and industry conditions.
Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements.
Contact:
Walter Henry
Tel: (416) 861-9090
Email: info@frontlinegold.com
Web: www.frontlinegold.com
FRONTLINE GOLD CORPORATION 
