Gold Torrent, Inc. and CRH Funding II Pte. Ltd. Amend Lucky Shot Project Funding Agreement

BOISE, ID , Feb. 15, 2018 -- Gold Torrent, Inc. (OTCQB: GTOR) (“Gold Torrent” or the “Company”) announces that on February 9, 2018, it entered into a binding letter agreement (the “Letter Agreement”) that amends the Gold and Silver Prepayment Agreement (the “GSPA”) dated February 13, 2017, between its 70% owned subsidiary, Alaska Gold Torrent, LLC (“AGT”) and CRH Funding II Pte. Ltd. (“CRH”), in order to provide additional incentives for AGT to reach commercial production of gold at the Company’s Lucky Shot mining project in Alaska (the “Project”). 

In particular, the Letter Agreement amends the royalty rate CRH receives from the first 23,000 gold equivalent ounces produced at the Project from a flat 18% of the all gold and silver produced at the Project to percentages based on the following schedule:

· 14% if AGT reaches commercial production of gold at the Project before November 30, 2018;

· 15% if AGT reaches commercial production of gold at the Project in December 2018;

· 16% if AGT reaches commercial production of gold at the Project in January 2019;

· 17% if AGT reaches commercial production of gold at the Project in February 2019;

· 18% if AGT reaches commercial production of gold at the Project in March or April 2019;

· 19% if AGT reaches commercial production of gold at the Project in May 2019; and

· 20% if AGT reaches commercial production of gold at the Project in June 2019.

 “Instead of the standard 18% royalty rate, this amendment provides us with additional incentive with lower royalty rates to achieve gold production at the Project at the earliest possible date and adds additional time to the production delivery dates to allow the Company more time to raise the additional funds required to further develop the Project”, said Ryan Hart, President of Gold Torrent, Inc.

The Letter Agreement also adds a condition that requires AGT to have produced at least 650 gold equivalent ounces per month for two consecutive months by May 31, 2019, and to continue to be producing gold at least at that level onwards or be considered in default of its obligations under the GSPA. Further, the Letter Agreement  establishes that before AGT can draw down the $4.75 million second tranche of funding under the GSPA, the Company must raise at least $10 million  in capital to fund the development of the Project.

About Gold Torrent, Inc.    

Gold Torrent is an exploration and development company with a key project located in Alaska, USA. Gold Torrent's priority is to develop and advance the Lucky Shot Gold Project, ultimately resulting in gold production, and an increase in value for shareholders. Gold Torrent continues to pursue high-grade gold opportunities in safe mining jurisdictions. www.goldtorrentinc.com.

This press release is neither an offer to sell, nor a solicitation of offers to purchase, securities.

Forward Looking Statements:

This news release contains “forward-looking statements” within the meaning of the United States Securities laws and applicable Canadian securities legislation. Forward-looking statements include, among others, estimates of resources at the Project, plans for development of the Project and plans for additional sources of funding. These statements are based on current expectations, estimates, forecasts, and projections about Gold Torrent's exploration projects, the industry in which Gold Torrent operates and the beliefs and assumptions of Gold Torrent's management. Words such as "expects," "anticipates," "targets," "goals," "projects," "intends," "plans," "believes," "seeks," "estimates," "continues," "may," variations of such words, and similar expressions and references to future periods, are intended to identify such forward-looking statements. Forward-looking statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond our control, including such factors as the results of exploration activities and whether the results continue to support continued exploration activities, unexpected variations in ore grade, types and metallurgy, volatility and level of commodity prices, the availability of sufficient future financing, potential changes to royalties and taxes imposed by the Alaska government and other matters   as disclosed in the reports we have filed with the Securities and Exchange Commission. Readers are cautioned that forward-looking statements are not guarantees of future performance and that actual results or developments may differ materially from those expressed or implied in the forward-looking statements. Any forward-looking statement made by us in this release is based only on information currently available to us and speaks only as of the date on which it is made. We undertake no obligation to publicly update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise.

CONTACT:
Ryan Hart
[email protected] 
960 Broadway Ave., Suite 530
Boise, Idaho 83706
Office: 1-208-343-1413