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GoldMining Enhances Value of the Crucero Gold Project, Peru by Reducing Third-Party Royalty
GoldMining Enhances Value of the Crucero Gold Project, Peru by Reducing Third-Party Royalty ...
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[{"type":"text","content":"\n \n \n \n GoldMining Enhances Value of the Crucero Gold Project, Peru by Reducing Third-Party Royalty\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 \n VANCOUVER, BC\n \n \n ,\n \n \n April 29, 2024\n \n \n /CNW/ - GoldMining Inc. (the \"\n \n Company\n \n \" or \"\n \n GoldMining\n \n \") (TSX: GOLD) (NYSE American: GLDG) is pleased to announce that the Company, through a wholly owned subsidiary, has completed a transaction with Compañía de Minas Buenaventura S.A.A. (\"\n \n Buenaventura\n \n \") to reduce an existing third-party royalty (the\n \n \"Royalty\n \n \") on its 100% owned Crucero gold project (\"\n \n Crucero\"\n \n or the \"\n \n Project\n \n \"),\n \n Peru\n \n .\n \n \n \n Highlights:\n \n \n \n \n The Royalty was granted by a previous operator that acquired the Project in 2008 and was based on a sliding scale that reached a maximum 5% net smelter return (\"\n \n NSR\n \n \") for gold prices above\n \n USD$800\n \n per ounce.\n \n \n \n \n The Company paid\n \n US$70,000\n \n to Buenaventura to amend and reduce the Royalty to a 3% NSR.\n \n \n \n \n The Company can further reduce the Royalty to a 1% NSR by making an additional payment of\n \n US$200,000\n \n , at any time over the next 10 years.\n \n \n \n \n Alastair Still\n \n , CEO, commented: \"With this transaction, we have significantly reduced an overly burdensome royalty and enhanced the potential value of the Crucero property. This helps position us to continue advancing our disciplined strategy of unlocking value from our diversified portfolio of resource-stage gold and gold-copper projects in the Americas.\"\n \n \n The Crucero Project is located 150 km northeast of the city of Juliaca in the Department of Puno, in southeastern Peru.  Mineral resource estimates for the Project include 30.65 million tonnes grading 1.01 g/t gold for 0.99 million ounces indicated and an additional 35.78 million tonnes grading 1.00 g/t gold for 1.15 million ounces inferred\n \n 1\n \n . The Project has had significant historical investment and...