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     495  0 Kommentare Tonogold Resources Enters into an Option Agreement to Acquire the three gold/silver Properties in Durango, Mexico

    LA JOLLA, California, Jan. 16, 2018 /PRNewswire/ -- TONOGOLD RESOURCES INC. (OTC:TNGL) (the "Company" or "Tonogold") is pleased to announce that it has entered into a binding agreement with a private Mexican company, which provides Tonogold an exclusive right (but not obligation) to acquire 100% interest in the Claudia, Promontorio and Montoros gold/silver properties located in Durango, Mexico (the "Projects") for total consideration of $7.3 million in cash. All amounts stated are in U.S. dollars unless otherwise advised.

    Principle Agreement Terms

    Tonogold has paid $100,000 for an initial 6-month option, which can be extended by 3 additional months at Tonogold's election for a further payment of $1 million prior to the expiry of the initial option period. Both amounts form part of the $7.3 million purchase price in the event the option is exercised. 

    Highlights of an Acquisition

    • Potentially adds high quality gold-silver advanced exploration projects to our pipeline in a safe and well-known mining-friendly and cost competitive jurisdiction.
    • Low cost option fee
    • Attractive acquisition value per gold equivalent ounce based on the historical resources.

    Recent History

    In December 2004, Capstone Mining Corp. ("Capstone") secured an option over various projects from Grupo Minero Bacis S.A. de C.V. including the three projects that Tonogold now has an option over. In September 2005, Capstone advised, in a news release as follows: "The following table summarizes the historic mineral resources of the projects from the records of Grupo Minero Bacis S.A. de C.V., the optionor of the projects ("Bacis"). These resource estimates have been calculated by Bacis and are reported as historical resource estimates. The Company must verify these resources before current mineral resources can be reported."

    Tonogold provides below the resource detail as it relates to the three projects, but in doing so, urges investors to use appropriate caution as Tonogold did not undertake the work necessary to verify the estimates nor their classification. Tonogold is not treating the historical resource estimates (below) as a NI 43-101 defined resource and advises that such historical estimates should not be relied upon. It is included to provide investors an  "order of magnitude" potential for the Projects.

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    Tonogold Resources Enters into an Option Agreement to Acquire the three gold/silver Properties in Durango, Mexico LA JOLLA, California, Jan. 16, 2018 /PRNewswire/ - TONOGOLD RESOURCES INC. (OTC:TNGL) (the "Company" or "Tonogold") is pleased to announce that it has entered into a binding agreement with a private Mexican company, which provides Tonogold an …