Golden Tag Resources Ltd.

Golden Tag Resources Ltd.

October 15, 2015 11:55 ET

Golden Tag Resources Ltd.: Sale of Company's Interest in the Aquilon Property, James Bay, Quebec

MONTREAL, QUEBEC--(Marketwired - Oct. 15, 2015) - Golden Tag Resources Ltd. (the "Company") (TSX VENTURE:GOG) announces that it has signed an option agreement to sell its 50% interest in the Quebec Aquilon property located in James Bay Quebec to an arms-length private company. The agreed price is $1 million plus any applicable transfer costs or taxes. An initial non-refundable payment of Thirty-Seven Thousand, Five Hundred Dollars ($37,500) has been made. The remaining option payments must be made in increments of: Twenty Two Thousand Five Hundred Dollars ($22,500) payable on November 1, 2015; Forty Thousand Dollars ($40,000) payable on January 15, 2016; and a final payment of Nine Hundred Thousand Dollars ($900,000) to be paid no later than June 1, 2016. The final payment can be made at the sole discretion of the Company in cash or in form of a cash payment of Four Hundred Thousand Dollars ($400,000) and the remaining amount of Five Hundred Thousand Dollars ($500,000) in stock payment of the share capital of a proposed public company of the seller. The Company carries the Aquilon project on its books at a value of $1,010,318 which represents just under 10% of the book value of all of the Company's mineral properties. A director of the Company has advised that he has made a secured personal loan to the purchaser to help facilitate the purchase. The proceeds of the sale will be used to fund the continuing operations of the Company.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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