Business
Wesgold Acquires 11% of Cordoba Property, with Option to Increase to 51%
VANCOUVER, April 2, 2012 /CNW/ - Wesgold Minerals Inc. (TSX-V: WSG) is pleased to announce ...
About this update from Cordoba Minerals Corp.
[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, April 2, 2012 /CNW/ - Wesgold Minerals Inc. (TSX-V: WSG) is\n pleased to announce that it has completed its acquisition of an initial\n 11% interest in the Cordoba porphyry copper-gold property in Colombia\n from Minatura International LLC.  The purchase price of $4.03 million\n was paid by cash payments totaling $2.03 million to Minatura, and the\n forgiveness of the $2.0 million loan provided to Minatura in July\n 2011.  In addition, Minatura has been issued warrants to purchase up to\n 5.0 million shares of Wesgold.\n\n\nWesgold now has the option to acquire an additional 40% interest (for a\n total of 51%) in the Cordoba Property by expending $15.0 million on\n exploration of the Property and paying to Minatura an additional $2.0\n million within 2.5 years.  $5.0 million of the exploration expenditures\n is a firm commitment.  The warrants issued to Minatura are only\n exercisable once the Company has incurred the $5.0 million expenditure.\n\n\nIf Wesgold acquires the full 51% interest, Minatura will have a one-time\n right to sell its remaining 49% interest in the Cordoba Property to the\n Company in consideration for shares in the Company.  The issuance of\n these shares would be subject to approval by Wesgold's shareholders.\n\n\nThe Property\n\n\nThe Cordoba Property consists of four granted mining concession\n contracts, one pending contract and five applications for a total of\n 25,790 hectares located in the Municipality of Puerto Libertador, in\n the Department of Cordoba, about 200 km north of Medellin, Colombia. \n The Property covers under-explored marine volcano-sedimentary rocks and\n felsic to intermediate intrusives with multiple artisanal gold miners\n extracting gold from the broad based stockwork zones within the\n Property.\n\n\nSimon Ridgway, Chairman of Wesgold, comments, \"Following several months\n of legal and technical due diligence, Wesgold has forged ahead with the\n acquisition of an interest in this large and exciting property\n package.  Due diligence sampling has confirmed the potential for the\n Cordoba Property to host world class porphyry-style copper-gold\n deposits. We are now in the process of assembling the technical team to\n realize that potential.\"\n\n\nQualified Person \n\n\nHarmen Keyser, P.Geol. (NWT), the President of the ...