Cangold Signs Letter of Intent for Option to Acquire Advanced-Stage Gold Project in Mexico
16 1월 2014 - 11:00PM
Marketwired
Cangold Signs Letter of Intent for Option to Acquire Advanced-Stage
Gold Project in Mexico
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan 16, 2014) -
CANGOLD LIMITED (TSX-VENTURE:CLD) (the "Company") announces that it
has signed a Letter of Intent whereby Cangold will be granted an
option to acquire from Vista Gold Corp. ("Vista"), up to a 100%
interest (subject to certain underlying royalties) in the mining
rights to the Guadalupe de los Reyes Project in Sinaloa,
Mexico.
The Guadalupe de los Reyes Project comprises 6,302 hectares,
covering a past-producing district dating back to 1772. A
Preliminary Economic Assessment ("PEA") carried out on the project
by Tetra Tech for Vista on March 4, 2013 estimated an Indicated
resource of 6.8 million tonnes at a grade of 1.73g/t gold and
28.71g/t silver (380,100 oz gold and 6,315,300 oz silver) as well
as an Inferred resource of 3.2 million tonnes at a grade of 1.49g/t
gold and 34.87g/t silver (155,200 oz gold and 3,639,000 oz silver)
at a cut-off grade of 0.50 g Au per tonne.
"We are very pleased to enter into this Letter of Intent with
Vista for the advanced-stage Guadalupe de los Reyes Project,"
stated Robert Archer, President & CEO of Cangold. "With a
significant compliant resource and a PEA already in place, and
excellent exploration upside, we look forward to advancing the
project further. It is our stated goal to turn Cangold into a
junior gold producer and our management team has the expertise to
carry this out."
Cangold is considering the resource in the PEA to be a
historical estimate as Cangold's qualified person has not done
sufficient work to classify the estimate as a current mineral
resource for Cangold, as per NI 43-101 requirements. Assuming
Cangold signs the option agreement for the Guadalupe de los Reyes
Project, the Company will update the resource within the time frame
required. Mineral resources that are not mineral reserves do not
have demonstrated economic viability. The PEA includes Inferred
mineral resources that are considered too speculative geologically
to have the economic considerations applied to them that would
enable them to be categorized as mineral reserves, and there is no
certainty that the preliminary economic assessment will be
realized.
The 2013 PEA envisaged an open pit operation, while Cangold is
considering a combined open pit and underground approach with a
higher grade. Following the signing of a formal Option Agreement,
the Company plans to undertake a complete review of all previous
work, update the resource, conduct additional baseline studies and
diamond drilling, and advance the project to the pre-feasibility
stage.
Terms of the option call for Cangold to pay to Vista a total of
US$5,000,000 in staged payments over three years (a total of
$1,000,000 in the first year) in order to acquire a 70% interest in
the project. Cangold may then purchase the additional 30% by making
a positive production decision and paying to Vista US$3,000,000
plus an escalator payment based upon the price of gold and the
number of NI 43-101 Measured and Indicated gold equivalent ounces
over and above those in the March 2013 PEA, at the time of the
decision. Should Cangold elect not to place the project into
production, Vista will have the option to buy back the original 70%
for US$5,000,000 plus a similar escalator payment.
In keeping with the proposed option and anticipated level of
activity, the Company is pleased to announce the appointment of
Erick Bertsch to the position of Manager, Investor Relations. Mr.
Bertsch has 20 years of experience in the mining industry and has
held Investor Relations and Corporate Communications roles for
Stratton Resources, Great Panther Silver and the Hunter Dickinson
Group of companies.
Robert Brown, P. Eng., Director and VP Exploration for Cangold
is the Qualified Person for the Company. He has reviewed the
technical information referenced above and has approved this news
release.
Cangold Limited is a junior exploration company engaged in the
exploration and development of gold projects in Mexico and Canada.
The Company owns a 100% interest in the past-producing Argosy Gold
Mine in northwestern Ontario and the prospective Plomo Gold Project
in Sonora State, Mexico.
ON BEHALF OF THE BOARD
Robert A. Archer, P. Geo., President & CEO
Cangold LimitedErick Bertsch604 638 8967604 608
1744info@cangold.cawww.cangold.ca
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