VANCOUVER, British Columbia, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Scorpio Gold Corporation (“Scorpio Gold” or the “Company”) (TSX-V: SGN) announces that it has received a bonus cash payment from Orla Mining of CAD $1,500,000 (The “Bonus Payment”).
As reported in the Company’s press release dated March 5, 2014, Scorpio Gold completed the sale of certain mineral properties in Nevada (the “Pinion Properties”), to an affiliate of Gold Standard Ventures Corp. (“Gold Standard”). The Pinion Properties are located in Elko County, at the southern end of the prolific Carlin Trend.
As part of the transaction, Gold Standard agreed to pay Scorpio Gold bonus cash consideration of between CAD$1,500,000 and CAD$3,000,000 on a sliding scale if the Pinon Property or Gold Standard are sold for an aggregate transaction value of between Cdn.$100,000,000 and Cdn.$300,000,000 or greater. On August 12, 2022, Orla Mining completed the acquisition of Gold Standard, triggering the Bonus Payment.
For further details regarding the Gold Standard transaction, see the press release of the Company dated March 5, 2014.
ON BEHALF OF THE BOARD
SCORPIO GOLD CORPORATION
Chris Zerga
President and Chief Executive Officer
Tel: (775) 753-4778
Email: czerga@scorpiogold.com
Website: www.scorpiogold.com
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.