Lago Dourado Announces Agreement to Sell Its Brazilian Projects
14 5월 2014 - 9:30PM
Marketwired
Lago Dourado Announces Agreement to Sell Its Brazilian Projects
TORONTO, ONTARIO--(Marketwired - May 14, 2014) - Lago Dourado
Minerals Ltd. (TSX-VENTURE:LDM) (the "Company" or "Lago Dourado")
has signed a definitive agreement (the "Agreement") relating to the
sale of its Juruena and Novo Astro Projects (the "Transaction") to
Crusader Resources Ltd. (ASX:CAS) ("Crusader"), an ASX listed
company focused on the acquisition, development and operation of
projects in Brazil. Consideration for the sale is C$650,000 cash
and up to 2,000,000 ordinary shares of Crusader ("Crusader Shares")
as outlined in further detail below. Crusader has completed its due
diligence enquiries and has sufficient cash on hand to fund the
cash consideration of the sale. Completion of the Transaction is
subject to shareholder approval and the approval of the TSX Venture
Exchange. Closing is expected to occur prior to July 31, 2014.
Forbes Gemmell, President & CEO, said, "The sale of our
Brazilian projects provides the Company with a material upfront
cash injection while the share consideration will provide ongoing
leverage to any exploration or production success that Crusader may
achieve at Juruena and Novo Astro. This is further complemented by
the excellent track record Crusader has thus far demonstrated in
Brazil. Moving forward Lago Dourado will be focused on acquiring or
joint venturing new projects in the mining space at a time when a
significant number of opportunities are presenting themselves due
to the recent downturn in the industry."
As per the Agreement, cash consideration of C$650,000 is payable
as follows:
- C$75,000 which was paid to the Company as a non-refundable
deposit; and
- C$75,000 within two days of executing the Agreement (refundable
under certain conditions); and
- C$500,000 upon completion of the Transaction.
As per the Agreement, share consideration of up to 2,000,000
Crusader Shares are issuable as follows and are subject to a
voluntary escrow of 12 months from completion:
- 500,000 Crusader Shares upon completion of the Transaction;
and
- 750,000 Crusader Shares upon definition of a JORC compliant
gold resource of at least 400,000 ounces greater than 10g/t Au in
the Indicated category within 5 years of completion; and
- 750,000 Crusader Shares upon gold production at an annual rate
of at least 20,000 ounces of gold over a 90 day period within 5
years of completion.
Under the Agreement, Crusader's Australian and Brazilian
subsidiaries will acquire 100% ownership of Lago Dourado Mineração
Ltda. ("LDM"), Juruena Mineração Ltda. ("JML") and Sunny Skies
Investment Ltd.("Sunny Skies"). LDM and JML own the mineral rights
in Brazil of the Company's Juruena and Novo Astro projects. Sunny
Skies' only asset is its interests in LDM and JML.
Additional information regarding the Transaction will be
provided in the management information circular that will be mailed
to shareholders as well as filed on SEDAR at www.sedar.com. In
order for the Transaction to proceed, at least 2/3 of the votes
cast at the shareholders meeting held to consider the Transaction
must be voted in favour of the Transaction. All of the directors of
the Company and shareholders of the Company holding 25% of the
Company's outstanding shares have agreed to vote in favour of the
Transaction.
About the Company:
Lago Dourado Minerals Ltd. is a Canadian based mineral
exploration company. The Company currently owns 100% of the Juruena
and Novo Astro gold projects in the state of Mato Grosso, Brazil.
The Juruena project consists of multiple mineralized zones,
including several high-grade zones, which coincide with a giant
gold-in-soil anomaly (+15 square kilometres). The Company has
conducted systematic exploration programs over portions of the
property including two diamond drill programs totaling 22,000
metres and one RC program totaling 6,600 metres. The Novo Astro
project, located 25 kilometres along trend from Juruena, is an
earlier stage prospect that consists of extensive artisanal
workings. Novo Astro has never previously been drill tested.
For further information about the company, please visit
www.lagodourado.com or www.sedar.com.
Forward-Looking Statements
This news release contains certain forward-looking statements
and forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of Canadian
securities laws. All statements other than statements of historical
fact are forward-looking statements. Undue reliance should not be
placed on forward-looking statements, which are inherently
uncertain, are based on estimates and assumptions, and are subject
to known and unknown risks and uncertainties (both general and
specific) that contribute to the possibility that the future events
or circumstances contemplated by the forward-looking statements
will not occur, including the closing of the Transaction. Although
Lago Dourado believes that the expectations reflected in the
forward looking statements contained in this press release, and the
assumptions on which such forward-looking statements are made, are
reasonable, there can be no assurance that such expectations will
prove to be correct. Readers are cautioned not to place undue
reliance on forward-looking statements included in this document,
as there can be no assurance that the plans, intentions or
expectations upon which the forward-looking statements are based
will occur. By their nature, forward-looking statements involve
numerous assumptions, known and unknown risks and uncertainties
that contribute to the possibility that the predictions, forecasts,
projections and other forward-looking statements will not occur,
which may cause Lago Dourado's actual performance and results in
future periods to differ materially from any estimates or
projections of future performance or results expressed or implied
by such forward-looking statements. The forward-looking statements
contained in this news release are made as of the date hereof and
Lago Dourado does not undertake any obligation to update publicly
or to revise any of the included forward-looking statements, except
as required by applicable law. The forward-looking statements
contained herein are expressly qualified by this cautionary
statement.
Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Forbes GemmellPresident and Chief Executive OfficerTel: (416)
368-5005Email: investor@lagodourado.com
Lago Dourado Minerals Ltd. (TSXV:LDM)
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