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Fury Gold Mines launches following Auryn Resources' acquisition of Eastmain Resources

Shares in the new company are expected to begin trading on the NYSE American on October 12 and on the Toronto Stock Exchange on October 13 - after Canadian Thanksgiving

Auryn Resources Inc -
A 50,000-meter drill program at the Eau Claire project in Quebec is now planned to start in early November this year

Fury Gold Mines Limited (TSE:FURY) (NYSEAMERICAN:FURY) has now been formed following completion of the previously announced deal, which sees Auryn Resources Inc (TSE:AUG) spin out its Peruvian assets (NYSEAMERICAN:AUG) and acquire Eastmain Resources Inc (TSS:ER).

Shares in Fury Gold are expected to begin trading on the NYSE American on October 12 and on the Toronto Stock Exchange on October 13 - following the Canadian Thanksgiving holiday.

READ: Auryn Resources and Eastmain Resources say shareholders back plan to form Fury Gold Mines

Fury Gold said it has also now received the net proceeds of the previously completed C$23 million subscription financing, which was conditional on completion of the transaction. Shares of Auryn will continue to trade until the market close on October 9.

The group said a 50,000-meter drill program at the Eau Claire project in Quebec is now planned to start in early November, with an update on drill targeting planned ahead of the start.

In a statement, Ivan Bebek, Fury Gold's chair said: "We are very excited about the ambitious growth plans for the company and are pleased with the level of shareholder support for the transaction and for the board of Fury Gold, which was demonstrated at our recent annual meeting.

"We are pleased to reconfirm Mike Timmins as CEO and director of Fury Gold and to welcome our other highly qualified new members to the Fury Gold board."

Timmins added: "It's a pleasure to officially welcome Eastmain shareholders to Fury Gold as we reposition them to participate in the considerable growth and discovery potential we see in the Company's Canadian gold assets. I would also like to welcome David Rivard to the technical team, he will play an important role in the planning and execution of our exploration plans as the Exploration Manager for Canada."

The group noted that Rivard has over two decades' of mineral exploration experience, mostly in Archean terrain. He was previously a senior exploration geologist with Newmont Corporation and was responsible for overseeing exploration on Newmont's Quebec-based assets, including the Eleonore mine region.

It said Ms Saga Williams has also been added to Fury Gold board of directors. She is a member of Curve Lake First Nation and is currently an elected official for her community. Williams has worked in Indigenous communities for over 20 years in government and corporate roles in the capacity of legal counsel, negotiations and governance, and as a strategic advisor, the group noted.

Eastmain’s former finance chief Joe Fazzini will not be continuing in that role at Fury but will continue to work with the firm as a consultant through the integration phase. Auryn's interim chief financial officer (CFO) Elizabeth Senez, however, will continue with Fury Gold as interim CFO.

The Canada-focused explorer, which has a footprint in three prolific mining regions, said it will aggressively grow its multi-million-ounce gold platform through project development and potential new discoveries.

Contact the author at giles@proactiveinvestors.com

Quick facts: Fury Gold Mines

Price: 1.5 CAD

TSX:FURY
Market: TSX
Market Cap: $176.63 m
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Fury Gold Mines (TSX: FURY- NYSE AMERICAN: FURY) CEO Mike Timmins joined Steve Darling from Proactive to discuss Fury’s first week of trading after the Auryn/Eastmain transaction closed. Timmins discusses the company’s current valuation and also shared some insight on the two spin out companies,...

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