VANCOUVER, British Columbia, March 16, 2020 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces the Company has entered into an amending agreement (the “Amending Agreement”) to amend the terms of the option agreement between the Company and Latin Metals Inc. (“Latin Metals”) dated August 12, 2019 (the “Agreement”), pursuant to which the Company has the option to acquire a 100% interest in the past-producing gold / silver Mina Angela property. The Mina Angela property is situated in the Somuncura Massif of southern Argentina and is comprised of 44 individual claims. It covers 200 km² and is located approximately 50 km east-southeast of Patagonia’s 100% owned Calcatreu gold project.
Pursuant to the Amending Agreement, Patagonia has extended the period by which it must enter into a definitive agreement to acquire the Mina Angela property (the “Definitive Agreement”) by six months. In consideration of the granting of such option extension, Patagonia has agreed to pay Latin Metals US$100,000, US$50,000 of which is in consideration for the option extension and the balance of US$50,000 will be treated as a partial prepayment of the US$250,000 that Patagonia anticipates paying to Latin Metals on the signing of the Definitive Agreement by September 12, 2020.
About Patagonia Gold
Patagonia Gold Corp. is a mining and development company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 350 properties in several provinces of Argentina and Chile and is one of the largest landholders in the Province of Santa Cruz, Argentina.
For more information, please contact:
Dean Stuart
T: 403 617 7609
E: dean@boardmarker.net
Christopher van Tienhoven, Chief Executive Officer
Patagonia Gold Corp
T: +54 11 5278 6950
E: cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain forward-looking statements, including, but not limited to, expectations as to the acquisition of a 100% interest in the Mina Angela property, entry into the Definitive Agreement, expectations as to future amounts owing under the Definitive Agreement and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases, have been used to identify these forward-looking statements. These statements reflect management’s current beliefs and are based on information currently available to management as at the date hereof.
Forward-looking statements involve significant risk, uncertainties and assumptions. Many factors could cause actual results, performance or achievements to differ materially from the results discussed or implied in the forward-looking statements. These factors should be considered carefully and readers should not place undue reliance on the forward-looking statements. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure readers that actual results will be consistent with these forward-looking statements. The Company assumes no obligation to update or revise them to reflect new events or circumstances, except as required by law.
Neither the 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.
