Casa Minerals Announces Closing of Option Agreement to Acquire Congress Gold Mine

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[{"type":"text","content":"Casa Minerals Announces Closing of Option Agreement to Acquire Congress Gold MineVancouver, British Columbia--(Newsfile Corp. - June 4, 2021) - Casa Minerals Inc. (TSXV: CASA) (OTC Pink: CASXF) (FSE: 0CM) (the \"Company\" or \"Casa\") is pleased to announce that it has closed its option agreement to acquire up to a 90% interest in the Congress Gold Mine, located in west-central Arizona, USA.The Congress Gold Mine is located three miles north of Congress in the Martinez Mining District of Yavapai County, Arizona. The property consists of 14 Patented Mineral Properties with approximately 260 acres area. Commencing in or about 1887, the Congress mine operated at intervals until 1992 and at one time supported a full scale mining and milling operation and the small town of Congress. It has the distinction of being Arizona's largest gold-silver mine with production of about 500,000 ounces of gold.On closing of the option agreement, Casa paid US $45,000 to the owners of the Congress Gold Mine (the \"optionors\") and issued a total of 1,125,000 common shares to the optionors (which shares will be subject to restrictions on resale for a period of four months from the date of issue). In order to exercise the option to acquire a 90% interest in the Congress Gold Mine, Casa will be required to make the following additional payments: (i) US $45,000 within one year of acceptance of the TSX Venture Exchange, (ii) 1,125,000 common shares within one year of acceptance of the TSX Venture Exchange, and (iii) incurring $2,000,000 in exploration expenditures over the next three years. The optionors will retain a 1.5% NSR of which one third may be purchased for $2,500,000. If a potentially viable NI43-101 mineral reserve is developed, the Company will make payments of US$500,000 per every 100,000 oz of gold in reserve up to a maximum of US$10,000,000. Ownership of surface rights to a depth of 40 feet from surface are excluded from the purchase agreement.As previously announced on May 20, 2021, the Company completed the initial tranche of the private placement financing by issuing a total of 16,400,000 units of the Company (each a \"Unit\") at a price of $0.125 per Unit for total proceeds of $2,050,000. Each Unit consists of one common share of the Company (a \"Share\") and one transferrable Share purchase warrant (a \"Warrant\"). Each Warrant will en...

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