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Empress Royalty Increases Gold Royalty On Manica Project
VANCOUVER, BC / ACCESSWIRE / January 17, 2022 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPY...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Royalty Increases Gold Royalty On Manica ProjectVANCOUVER, BC / ACCESSWIRE / January 17, 2022 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (\"Empress\" or the \"Company\") is pleased to announce it has increased its royalty on the Manica gold project in Mozambique (\"Manica\" or the \"Project\") by providing an additional US$1M in funding, resulting in a total royalty of 3.375% (the \"Royalty\").\"The Manica project is a great investment for Empress, we are excited to have increased the size of the Royalty and look forward to receiving revenue from Manica in the second quarter of 2022,\" stated Alexandra Woodyer Sherron, CEO and President of Empress Royalty. \"We believe Empress is positioned for rapid growth and increased shareholder value in the coming year.\"THE INVESTMENT & TRANSACTIONOn January 17, 2022, Empress increased its royalty from 2.25% to 3.375% by paying an additional US$1M under the previously executed Royalty Purchase Agreement (see April 21, 2021, news release). The Royalty is on gold sales from the Manica project operated by Mutapa Mining & Processing LDA (\"MMP\"), up to a total of 95,000 oz of gold. Thereafter, the royalty percentage will be reduced to 1.125% and shall continue into perpetuity.THE PROJECTMMP has advised Empress that the Manica project development phase is nearing completion and is scheduled for commissioning in the second quarter of 2022.Manica is located in the Odzi-Mutare-Manica Greenstone Belt of Mozambique and comprises of several deposits on Xtract Resources Plc's mining concession licence 3990C, which includes four deposits, being Fair Bride, Guy Fawkes, Boa Esperanza, and Dots Luck.Please see our February 22, 2021 and April 21, 2021 news releases on Empress' website (www.empressroyalty.com) for further details on the project and the Royalty.Image 1. Progress at Manica Gold ProjectABOUT EMPRESS ROYALTY CORP.Empress is a new royalty and streaming creation company focused on providing investors with a diversified portfolio of gold and silver investments. Since listing in December 2020, Empress has built a portfolio of 17 precious metal investments and is actively investing in mining companies with development and production stage projects who require additional non-dilutive capital. The Company has strategic partnerships with Endeavour Financial and Terra Capital whic...