VICTORIA, BC, March 3, 2017 – GoldON Resources Ltd. (“GoldON” or the “Company”) (TSX-V: GLD) is pleased to announce it has closed a transaction to sell its Paterson Lake property to Avalon Advanced Materials Inc. (“Avalon”). The seven-claim, 1,008 hectare property is located adjacent to the north and west of Avalon’s Separation Rapids Lithium Project in Ontario’s Kenora Mining Division.
Pursuant to the asset purchase agreement, GoldON sold a 100% interest in the Paterson Lake claims in return for 500,000 common shares of Avalon. The shares are subject to a 4-month hold period expiring on July 2, 2017.
“The sale of our Paterson Lake claims makes sense for both companies and provides us with some residual exposure to lithium through Avalon’s development work at Separation Rapids,” said Mike Romanik, President of GoldON. “The sale is also on plan with our effort to monetize non-core assets, strengthen our balance sheet, limit dilution, and remain focused on discovery-stage gold exploration projects in northwestern Ontario.”
About GoldON Resources Ltd.
GoldON Resources is an exploration company geographically focused on the prolific mining belts of Ontario, Canada. All of its projects are in good standing and include the drill-ready Slate Falls gold-silver-VMS property and the Rainy Gold project that adjoins New Gold’s Rainy River mine where first production is targeted for fall-2017.
For more information contact Michael Romanik.
ON BEHALF OF THE BOARD
Signed “Michael Romanik”
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