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Calissio Resources Completes Sale of the San Pedro Copper Mine in Mexico for USD$14.6 Million
Calissio Resources Completes Sale of the San Pedro Copper Mine in Mexico for USD$14.6 Million.
About this update from Calissio Resources Group Inc
[{"type":"text","content":"\n\n\n\nCalissio Resources Completes Sale of the San Pedro Copper Mine in Mexico for USD$14.6 Million\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nCalissio Resources Completes Sale of the San Pedro Copper Mine in Mexico for USD$14.6 Million\nPR Newswire\nLAS VEGAS, July 24, 2015\n\n\n\nLAS VEGAS, July 24, 2015 /PRNewswire/ -- Calissio Resources Group, Inc. (OTC: CRGP) announced today that the Company entered in to an agreement with Milagros Del Cobre Mineria S.A. de C.V. (\"MMC\") whereby Calissio Resources Group, Inc. sold 100% of its interest in San Pedro Mine (\"San Pedro\"). The total purchase price of USD$14,600,000 will be paid by the assumption of debt and in shares of stock of Milagros Del Cobre Mineria S.A. de C.V. and USD$7,360,000 in cash to be paid no later than February 22, 2016. Calissio will continue to hold a 49% security interest in San Pedro until such time as the purchase price is paid in full by MMC. The agreement includes a full release of the Company and its affiliates from all potential claims and liabilities related to San Pedro, and allows Calissio to retain possession of all owned machinery located at San Pedro.\n\nDivesture of the San Pedro Mine will increase shareholder value by providing the Company a significant opportunity to move forward with its master plan at the Company's flagship property, La Jovita Mine. Adam Carter stated, \"Our shareholders will gain tremendously because our investment at La Jovita has the significant potential to realize a first-rate long term return on investment. The sale of San Pedro presented itself and as a company, management and the Board of Directors voted it was in the Company's best interest to sell San Pedro and focus a large portion of our efforts at La Jovita Copper Mine, which has been a goal of ours for some time now.\"    \n\nCalissio also announced that it is in the process of signing an agreement with a respectable engineering and mining firm in Mexico to build facilities and provide high-caliber expertise to place La Jovita Mine into full production. Calissio is also in the...