Business
Altamira Gold Receives C$500,000 and Completes Sale of Crepori Project
Vancouver, British Columbia--(Newsfile Corp. - December 21, 2020) - Altamira Gold Corp.'s (TS...
About this update from Altamira Gold Corp
[{"type":"text","content":"Altamira Gold Receives C$500,000 and Completes Sale of Crepori ProjectVancouver, British Columbia--(Newsfile Corp. - December 21, 2020) - Altamira Gold Corp.'s (TSXV: ALTA) (FSE: T6UP) (OTC Pink: EQTRF), (\"Altamira\" or the \"Company\") is pleased to announce that it has received the C$500,000 from Mineracao do Para Ltda. (\"MAP\") following the completion of the transfer of title regarding the Crepori gold project which is located in the state of Para. The Company has retained a 4% net smelter return royalty (\"NSR\") as part of the agreement.Highlights: Altamira has received C$500,000 in consideration for the transfer of titles regarding the Crepori gold project which is located approximately 5 kilometers north of MAP's small hard-rock gold mining operation which currently produces an estimated 4,200 ounces of gold per year The Company has been informed that MAP will start stripping cover material in the next few months with the possibility of developing a small open pit mining operation at Crepori which could provide cash flow to Altamira through the 4% NSR as early as Q2 2021Michael Bennett, President & CEO, commented, \"The completion of the sale of the Crepori project to MAP, and the receipt of C$500,000, gives Altamira necessary working capital as we work to arrange financing for the construction of a mine and processing plant at our Cajueiro gold project in Mato Grosso. Just as important is the fact that the 4% NSR which we have retained could give the Company a revenue stream as early as Q2 2021 ahead of initial production from Cajueiro which is targeted for late 2021.\"It should be noted that production decisions respecting the Crepori and Cajueiro projects as currently foreseen may not be based on feasibility studies of mineral reserves demonstrating economic and technical viability. Consequently there may be increased uncertainty as well as economic and technical risks associated with any such production decision.Crepori Gold ProjectThe Crepori project is situated in the Tapajos Gold Province approximately 100km SW of the operating underground Palito and Sao Chico gold mines. An estimated 500,000oz of placer gold was recovered from drainages in the area during the Tapajos gold rush from 1978 to 1995 and small-scale historical hard-rock mining was also conducted along two gold bearing quartz veins. In November an...