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Cerrado Gold Makes Final Payment for the Acquisition of Its Minera Don Nicolas Gold Mine in Santa Cruz, Argentina
US$5 million payment completes balance of the purchase price for MDN MDN purchase price co...
About this update from Cerrado Gold Inc
[{"type":"text","content":"Cerrado Gold Makes Final Payment for the Acquisition of Its Minera Don Nicolas Gold Mine in Santa Cruz, ArgentinaUS$5 million payment completes balance of the purchase price for MDNMDN purchase price consideration totals US$47 millionOver ~200,000 Gold Equivalent Ounces (\"GEO's\") produced at MDN since its acquisition in 2020 to year end 2024 TORONTO, ONTARIO / ACCESS Newswire / April 1, 2025 / Cerrado Gold Inc. (TSXV:CERT)(OTCQX:CRDOF) (\"Cerrado\" or the \"Company\") has paid the final US$5 million instalment of the purchase price to the vendors of the Minera Don Nicolas (\"MDN\") gold mine in Argentina (see news release dated March 17, 2020). In aggregate, the purchase price for the acquisition of MDN totalled US$47 million.Mark Brennan, Chairman & CEO commented: \"We are very pleased to have satisfied the payment terms for the acquisition of MDN. MDN's growing production along with record high gold prices continues to support the deleveraging of Cerrado's balance sheet and building a healthy financial position. MDN's cashflow generation will enable Cerrado to pursue a rigorous exploration program to expand its resources. We are convinced that MDN continues to be at the early stages of its development cycle, and we are optimistic that MDN has the potential to rival the long established operations on the Deseado Massif.\"Since closing the acquisition of MDN in April 2020, Cerrado has significantly grown the production profile from approximately 22,000 ounces to 55,000 ounces per annum and has produced more than 200,000 cumulative GEO's to year end 2024 with All-In Sustaining Costs in-line or below many of the larger operations in the Deseado Massif. Las Calandrias, MDN's Heap Leach operation continues to perform well, and is anticipated to further support Cerrado's production base through the development of an underground operation at Paloma anticipated to begin production in Q3 2025. The Company is currently preparing a robust exploration campaign for the balance of the year, targeting mine life extension from open-pit, underground and heap leach resource expansion.Assuming the completion of the acquisition of Ascendant Resources Inc., which is anticipated to close on or about May 12, 2025, and is subject to certain closing conditions, the Company's healthy financial position is expected to support development of the Lag...