MANTARO PRECIOUS METALS CORP. ANNOUNCES TERMINATION OF OPTION AGREEMENT ON GOLDEN HILL PROPERTY AND RESIGNATION OF DIRECTOR
- The termination of the option agreement on the Golden Hill Property allows the company to focus on the high-grade Santas Gloria Silver Property in Peru, where a drill campaign is planned after raising necessary capital.
- The company retains a 2% net smelter royalty on the Golden Hill Property, which may be repurchased by MGH for US $1,000,000.
- The difficulty in raising capital for the Golden Hill Property option agreement affected the company's ability to meet cash payments.
Darren Hazelwood, Chief Executive Officer of the Company states "The current junior capital markets made it difficult to raise the capital necessary to meet the cash payments due under our Golden Hill property option agreement. Our focus will now be to complete a financing to carry out a drill campaign on the high-grade Santas Gloria Silver Property located in
Even with the loss of Golden Hill, we continue to hold exploration concessions in the Bolivia Shield. In June 2023, we acquired a
Under the Option Agreement, the Company will retain a
Future exploration programs by the Company will focus on the high-grade Santas Gloria Silver Property, which is located in the Miocene epithermal gold-silver belt of
Mantaro Precious Metals Corp. is a
Information set forth in this news release contains forward-looking statements that are based on assumptions as of the date of this news release. These statements reflect management's current estimates, beliefs, intentions and expectations. They are not guarantees of future performance. The Company cautions that all forward-looking statements are inherently uncertain and that actual performance may be affected by a number of material factors, many of which are beyond the Company's control. Such factors include, among other things: risks and uncertainties relating to Company's limited operating history, the requirement to raise additional financing to commence drilling activities, the success of future exploration and drilling activities at the Santas Gloria Property, and the need to comply with environmental and governmental regulations. Accordingly, actual and future events, conditions and results may differ materially from the estimates, beliefs, intentions and expectations expressed or implied in the forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking information.
The forward-looking statements contained in this news release are made as of the date of this news release. Except as required by law, the Company disclaims any intention and assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Neither the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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SOURCE Mantaro Precious Metals Corp.