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MANTARO PRECIOUS METALS CORP. ANNOUNCES TERMINATION OF OPTION AGREEMENT ON GOLDEN HILL PROPERTY AND RESIGNATION OF DIRECTOR
MANTARO PRECIOUS METALS CORP. ANNOUNCES TERMINATION OF OPTION AGREEMENT ON GOLDEN HILL PROPERTY A...
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[{"type":"text","content":"\n \n \n \n MANTARO PRECIOUS METALS CORP. ANNOUNCES TERMINATION OF OPTION AGREEMENT ON GOLDEN HILL PROPERTY AND RESIGNATION OF DIRECTOR\n \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 \n Canada NewsWire\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n Aug. 28, 2023\n \n /CNW/ -\n \n MANTARO PRECIOUS METALS CORP.\n \n (TSXV: MNTR) (OTCQB: MSLVF) (FSE: 9TZ) (\"Mantaro\" or the \"Company\") announces that it has received a notice of termination from\n \n Luis Fernando Kinn Cortez\n \n (the \"Optionor\") terminating the option agreement dated\n \n August 23, 2021\n \n (the \"Option Agreement\") among the Company, Mineral Golden Hill S.R.L. (\"MGH\") and the Optionor. Under the terms of the Option Agreement, the Company had the right to earn up to an 80% interest in the Golden Hill Property. Concurrent with the delivery of the notice of termination, Mr. Kinn Cortez also resigned as a director of the Company.\n \n \n \n \n Darren Hazelwood\n \n , Chief Executive Officer of the Company states\n \n \"\n \n The current junior capital markets made it difficult to raise the capital necessary to meet the cash payments due under our\n \n Golden Hill\n \n property option agreement. Our focus will now be to complete a financing to carry out a drill campaign on the high-grade Santas Gloria Silver Property located in\n \n Peru\n \n . With drill permits issued and drill pads already constructed, we will be able to carry out a drill campaign shortly after the necessary capital is raised.\n \n \n \n \n Even with the loss of Golden Hill, we continue to hold exploration concessions in the Bolivia Shield. In\n \n June 2023\n \n , we acquired a 100% interest in two highly prospective licenses, being the East Trend and Media Sur properties, in the San Ramon Greenstone belt. These properties have minimal holding costs and we are looking forward to carrying out an initial exploration program and entering into potential partnerships on these properties.\"\n \n \n \n Under the Option Agreement, the Company will retain a 2% net smelter royalty on the Golden Hill Property, which may ...