Heliostar to Acquire Gold Portfolio of Producing Mines HIGHLIGHTS:
- Strategic Acquisition of former Argonaut Gold Assets in Mexico - transforms Heliostar into a gold producer with a robust development portfolio
- Expanded Asset Base - adds two producing mines, the San Agustin Mine and the La Colorada Mine, and two advanced development projects to Heliostar's portfolio
- Increased Resource Base - Heliostar's measured and indicated resources grow to 3.5 million ounces of gold in addition to the Cerro del Gallo historical resource. Acquisition cost of measured and indicated resources is less than US$1.80 per ounce of gold
- Improves Ana Paula Economics - eliminates up to US$20 million in contingent milestone payments on the Company's flagship Ana Paula Project
- Immediate Production and Cash Flow - financial benefits from ongoing operations immediately accrue to Heliostar's account until closing, less US$5 million in operating cash flow to FCGI prior to closing
Vancouver, British Columbia--(Newsfile Corp. - July 17, 2024) - Heliostar Metals Ltd. (TSXV: HSTR) (OTCQX: HSTXF) (FSE: RGG1) ("Heliostar" or the "Company") has entered into a binding agreement ("Acquisition Agreement") with Florida Canyon Gold Inc. ("FCGI") to acquire (the "Transaction") a 100% interest in all of FCGI's mining assets in Mexico for consideration of US$5 million. The projects being acquired were recently spun out from Argonaut Gold Inc. ("Argonaut").
Heliostar to Acquire Gold Portfolio of Producing Mines and Development Projects in Mexico for US$5M (newsfilecorp.com)