Canadian junior mining company
Caldas Gold Corp. (TSX-V: CGC) announced this week that it had entered into a definitive Precious Metals Purchase Agreement with
Wheaton Precious Metals International Ltd. (a subsidiary of Wheaton Precious Metals Corp.) on CGC’s Marmato Project located in Colombia.
The Marmato Project comprises an existing operating mine and the Marmato Deeps Zone development, both of which are covered by the Precious Metals Stream. Scotiabank acted as financial advisor to Caldas Gold.
Through an upfront $110 million (USD) deposit, Wheaton International will purchase 6.5% of the gold production and 100% of the silver production from the Marmato Project until 190,000 ounces of gold and 2.15 million ounces of silver have been delivered, after which the stream drops to 3.25% of the gold production and 50% of the silver production for the life of mine.
Caldas Gold also owns 100% of the Juby Project, an advanced exploration-stage gold project located within the Shining Tree area in the southern part of the Abitibi greenstone belt about 100 km south-southeast of the Timmins gold camp.