Aris Mining Corporation (Aris Mining) (TSX:ARIS) (NYSE-A: ARMN) and McFarlane Lake Mining Limited (McFarlane) (CSE:MLM) (OTC:MLMLF) are pleased to announce the signing of a definitive asset purchase agreement (the Agreement) for the sale of Aris Mining's Juby Gold Project and related interests in Ontario, Canada. The total consideration is valued at US$22 million, payable as outlined below.

The Juby Gold Project is an exploration-stage gold project located in the Shining Tree area of Ontario's Abitibi greenstone belt. The transaction includes Aris Mining's 100% interest in the Juby Gold Project and its 25% joint venture interest in the adjacent Knight property.

Under the terms of the Agreement, Aris Mining will receive total consideration of US$22 million, comprised of:

US$10 million in cash, payable on closing;
common shares of McFarlane, representing the balance of the consideration payable up to a maximum of 19.9% of its post-financing share capital, issued at the price of McFarlane's concurrent equity financing, and issuable on closing; and
an additional payment, if required to reach the total US$22 million purchase price, payable within 12 months of closing in either cash or additional shares (subject to Aris Mining holding in aggregate no more than 19.9% of McFarlane's share capital), at McFarlane's option.

Completion of the transaction is conditional on McFarlane raising at least US$10 million in gross proceeds from a concurrent financing and other customary closing conditions, including required regulatory and third-party approvals, with the transaction expected to close within 90 days. Aris Mining will hold a first-ranking security interest over the Juby Gold Project until full payment of the purchase price is received.

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