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Alturas and Auryn accelerate option purchase of Sombrero Concessions
(via TheNewswire) Toronto, Ontario - TheNewswire - September 3 rd , 2020 - Alturas...
About this update from Alturas Minerals Corp.
[{"type":"text","content":"Alturas and Auryn accelerate option purchase of Sombrero Concessions(via TheNewswire)\n\n \nToronto, Ontario - TheNewswire - September 3rd, 2020 - Alturas Minerals Corp (TSXV:ALT) (\"Alturas\") and Auryn Resources Inc. (TSXV:AUG) (OTC:GGTCF) (\"Auryn\") (collectively the \"Parties\") are pleased to announce that Auryn's Peruvian subsidiary Sombrero Minerales S.A.C. (\"Sombrero Minerales\") has entered into an addendum (the \"Addendum\") to the original option agreement signed on June 28, 2016 (the \"Original Agreement\") in respect of Alturas' 100% owned, 4,600 hectare, copper-gold Sombrero property mining concessions located 340 kilometers SE of Lima in southern Peru (\"Sombrero Property\"). \n\n\n \nUnder the terms of the Original Agreement, Alturas had granted to Auryn the exclusive assignable right and conditional option (the \"Option\") to acquire up to 100% interest in the Sombrero Property. \n\n\n \nUnder the Addendum the Parties have amended the terms under which Auryn can acquire the remaining 20% interest in the Sombrero Property. Auryn will pay to Alturas the following consideration: (i) one million one hundred thousand (1,100,000) common shares of Auryn (\"Auryn Shares\") having an agreed value of C$2.90 each; (ii) a cash payment of CDN$625,000; and (iii) approximately CDN$189,120 owed by Alturas to Auryn will be forgiven. \n\n\n \nMiguel Cardozo, President and CEO of Alturas commented: \"The Company welcomes this agreement with Auryn, as it is consistent with our ongoing strategy. The agreement with Auryn brings in additional funds that will help Alturas to focus on new opportunities that are currently being evaluated\".\n\n\n \nFor further information on Alturas Minerals, please contact Mr. Miguel Cardozo at: Phone: + 51-1- 476-1410 (Lima, Peru) or (416) 363-4900 (Toronto, Canada)\n\n\n \nAbout Sombrero\n\n\n \nThis project consists of the Sombrero properties, comprising 4,600 hectares optioned by Auryn Resources. The copper-gold Sombrero mining concessions are located 340 kilometers SE of Lima in southern Peru and are hosted in the Andahuaylas-Yauri belt. This belt is interpreted to be on the north-western margins of this Eocene-Oligocene aged copper-gold porphyry and skarn belt that hosts the Las Bambas, Haquira, Los Chancas, Cotambambas, Constancia, Antapaccay and Tintaya deposits. \n\n\n \nAbout Alturas Mineral...