Black Dragon Gold Corp. (ASX: BDG) ('Black Dragon' or the 'Company') is pleased to provide the following activities report that outlines the progress made and reported during the December quarter of 2021.
The Company submitted the Environmental Impact Assessment ('EIA') and continues to operate at a functional level while keeping administrative and exploration costs to a minimum, as such cash at the end of the quarter stands at CAD$2.0 million
ENVIRONMENTAL IMPACT ASSESSMENT PROCESS FOR SALAVE PROJECT
The Company continues to progress its EIA for approval by the Government of the Principality of Asturias in Spain. In anticipation of the public comments, the Company has prepared a technical information dossier to assist with the expected public comments. Once all responses are submitted, a four-month review will be initiated by the Ministry of Environment, where it is possible that the Ministry will request further comments from other governmental departments to finalise their review. Subject to finalising the EIA, the Company will initiate the Urbanisation and Exploitation permit process for the Salave Gold Project and the DFS.
PLACEMENT
The Tranche 1 placement, raising AUD$1.85 million, was completed on 25 November 2021. In addition, Directors Paul Cronin and Alberto Lavandeira participated in a Tranche 2 placement, contributing a further AUD$0.58 million, reaffirming management's belief in the Black Dragon Gold achieving its aims of permitting the Salave Gold Project. For Tranche 1, Black Dragon allotted 33,035,730 ordinary shares in the form of CDIs at an issue price of $0.056 per CDI. Tranche 2 was approved at a Special General Meeting held on 10 January 2022 with 10,357,142 CDIs issued at an issue price $0.056 per CDI. All placement participants received one attaching unlisted option for every two SPP CDIs issued, with each option having an exercise price of $0.10, expiring 31 December 2023.
SECURITIES PURCHASE PLAN ('SPP')
On 17 November 2021, the Company announced that in addition to the placement, a securities purchase plan would be offered to eligible CDI holders. Eligible shareholders were able to subscribe for SPP securities from a minimum of A$2,000 up to a maximum of AUD$30,000 worth of CDIs at an issue price of AUD$0.056 per CDI. At the 10 January 2022 General Meeting shareholders approved the issue of 9,848,195 free attaching SPP Options to be issued to eligible SPP participants. Subsequent to quarter end, the Company raised a total of $1,103,000 from the SPP with a total of 19,969,414 ordinary shares in the form of CDIs issued at the same placement price of $0.056 per CDI. Each SPP participant also received one attaching unlisted option for every two SPP CDIs issued, with each option having an exercise price of $0.10, expiring 31 December 2023. A total of 9,848,195 options were allotted to SPP participants. The SPP funding together with the Tranche 1 and 2 Placements, raised a total of $3.5 million with the Company now funded to finalise a DFS and progress the permitting of Salave Gold Project. The funds raised per the placement & SPP, will primarily be directed towards advancing the +1 Moz Salave Gold Project including finalising the Environmental Impact Assessment approval by the Government of the Principality of Asturias in Spain. In addition, Black Dragon will initiate its Salave Gold Project Definitive Feasibility Study. In addition, whilst permitting of the Salave Project is being progressed, the Company will in parallel review new resource opportunities.
Contact:
Paul Cronin
Tel: +44 20 7993 0066
Email: paul.cronin@blackdragongold.com
ABOUT BLACK DRAGON GOLD
Black Dragon Gold 'BDG' is the 100% owner of one of the largest undeveloped gold projects in Europe, the Salave project. Salave is situated in the North of Spain in the province of Asturias. The Salave project has an updated Measured Mineral Resource of 1.03 million tonnes grading 5.59 g/t Au, containing 0.19 million ounces of gold; an Indicated Mineral Resource of 7.18 million tonnes grading 4.43 g/t Au, containing 1.02 million ounces of gold, plus Inferred Resources totalling 3.12 million tonnes grading 3.47 g/t Au, containing 348,000 ounces of gold. There have been no material changes to the assumptions and technical parameters on the updated Mineral Resource Estimate and the underlying assumptions continue to apply. A full technical report summarising the Mineral Resource estimate completed by CSA Global is available on the company's web site (www.blackdragongold.com) and posted on SEDAR. In addition to the current Mineral Resource, historical exploration work suggests there is the potential for additional mineralisation within Black Dragon's landholdings.
FORWARD LOOKING STATEMENTS
This news release contains forward-looking statements that are based on the Company's current expectations and estimates. Forward-looking statements are frequently characterised by words such as 'plan', 'expect', 'project', 'intend', 'believe', 'anticipate', 'estimate', 'suggest', 'indicate' and other similar words or statements that certain events or conditions 'may' or 'will' occur. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that could cause actual events or results to differ materially from estimated or anticipated events or results implied or expressed in such forward-looking statements. Such factors include, among others: the actual results of current planned exploration activities; changes in project parameters as plans to continue to be refined; possible variations in ore grade or recovery rates; accidents, labour disputes and other risks of the mining industry; delays or any inability in obtaining governmental approvals or financing and fluctuations in metal prices. There may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Any forward-looking statement speaks only as of the date on which it is made Black Dragon Gold Corp, Ground Floor, Regent House, 65 Rodney Road, Cheltenham, GL50 1HX. UK Page 5 and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.
BLACK DRAGON GOLD CORP. 
