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Masivo Silver Corp. V.MASS

Alternate Symbol(s):  GNYPF

Masivo Silver Corp. is a Canadian junior silver and gold mining exploration company based in Vancouver, Canada. The Company is focused on advancing its exploration projects in the State of Nevada, United States, and in the State of Sinaloa, Mexico. Its projects include El Colomo, La Higuerita, La Nueva Victoria, Sinaloa Opportunities and Nevada. The El Colomo Property is made up of four claims for a total of 18,018 hectares. The Company's mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day. It has an option agreement with Jackpot Minerals LLC (Jackpot) granting the Company the right to earn a 100% interest in and to the Property in Elko County, Nevada. The Company has drilling operations at the Boston Mine high-grade gold, silver and copper project (Nevada). It has an option agreement to acquire an undivided 100% interest in and to the La Noria Dorado silver-gold-copper project, located in the Sierra Madre gold corridor, Sinaloa, Mexico.


TSXV:MASS - Post by User

Bullboard Posts
Post by niceindyon Jul 22, 2020 10:01am
191 Views
Post# 31301272

First Mining no longer holds any properties in Mexico

First Mining no longer holds any properties in MexicoSorry in the last post image didn't show up.

Below extract is from FIRST MINING GOLD CORP. Q1, 2020 financial report.
 
"Recent Developments
 
On April 28, 2020, the Company entered into a share purchase agreement with a thirdparty private company (the “Purchaser”) pursuant to which the Purchaser acquired all of the issued and outstanding shares of 0924682 B.C. Ltd. and 1089568 B.C. Ltd., two  whollyowned  subsidiaries  of the  Company  that  hold  all  of  the  shares  of  two Mexican  companies  that  own  all  of  the Company’s Mexican mineral properties. As a result, the Purchaser has acquired all 11 Mexican mineral properties that were previously held by the Company, for nominal cash consideration, and granted the Company a 2% NSR on 10 of the 11 mineral properties. The Purchaser has the right to buyback 1% of each of these 10 NSRs by paying US$1 million to the Company for each NSR in respect of which the buyback right is exercised. As of the date of this transaction with the Purchaser, First Mining no longer holds any mineral properties in Mexico, and  this will allow  the Company  to  focus its capital and resources on its Canadian mineral properties."

It states as of April 28, 2020, First Mining no longer holds any mineral properties in Mexico. Does that mean Gainey Capital Corp agreement with FIRST MINING GOLD CORP for Las Margaritas Gold Project, Mexico was terminated? Given that now Gainey Capital Corp does not have any rights on that property they didn’t released any news? Well they could have following news:

Gainey Capital Corp. is pleased to announce that because of non-fulfillment of FIRST MINING GOLD CORP agreement conditions we have lost all rights on Las Margaritas gold project in Durango, Mexico.
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