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Altamira Gold Buys Back 1.75% NSR on the Crepori and Apiacas Gold Projects, Brazil
Vancouver, British Columbia--(Newsfile Corp. - June 3, 2020) - Altamira Gold Corp.'s (TSXV: ...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira Gold Buys Back 1.75% NSR on the Crepori and Apiacas Gold Projects, BrazilVancouver, British Columbia--(Newsfile Corp. - June 3, 2020) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF) (\"Altamira\" or the \"Company\") is pleased to announce that it has repurchased a 1.75% net smelter return royalty (\"NSR\") from ECI Exploration and Mining Inc. (\"ECI\") on the two claims covering its Crepori gold project in the state of Para, as well as ECI's interest in the Apiacas gold project in state of Mato Grosso, Brazil, an area covered by four mining claims.Michael Bennett. President and CEO stated \"Buying back the ECI royalties on the Crepori and Apiacas areas, eliminates a dilutive overhang on these projects and provides a more flexible optionality to create value for our shareholders in both of these project areas, while we continue to focus on advancing our Cajueiro project into production\".In consideration for the repurchase of the NSR, Altamira will issue and deliver 2,000,000 common shares of Altamira (\"common shares\") to ECI or its nominee; and issue 4,000,000 common share purchase warrants (\"warrants\") to ECI, with each warrant entitling ECI to purchase one common share of Altamira at a price of CAD$0.25 per share at its sole discretion for a period of 36 months from the date of issuance of the warrants. The transaction and the issuance of the shares and warrants contemplated by the NSR Royalty Purchase Agreement are subject to the acceptance of the TSX Venture Exchange. Any securities issued will be subject to applicable statutory hold periods for a period of four months from the date of issuance.Crepori Gold ProjectThe Crepori project is situated in the Tapajos Gold Province approximately 100km SW of the Serabi gold mine complex. An estimated 0.5Moz of placer gold was recovered from drainages in the area and small-scale historical hard-rock mining was conducted along two gold bearing quartz veins. Historic production in the Creporizinho region between 1983 and 1990 has been estimated by others at 400 kg Au per month. Apiacas Gold ProjectThe Apiacas project comprises a total of 80,000 ha and is located 50km west of Cajueiro project in the Alta Floresta Belt. The Apiacas district historically produced over 1Moz of placer gold and was the largest placer gold camp in the Alta Floresta belt. Altamir...