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Goldplay enters into LOI to acquire district-scale concession package in the Rosario Mining District, Mexico
Goldplay enters into LOI to acquire district-scale concession package in the Rosario Minin...
About this update from Gr Silver Mining Ltd.
[{"type":"text","content":"\n\n\n\nGoldplay enters into LOI to acquire district-scale concession package in the Rosario Mining District, Mexico\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\nCanada NewsWire\nVANCOUVER, Dec. 17, 2019\n\n\n\nVANCOUVER, Dec. 17, 2019 /CNW/ - Goldplay Exploration Ltd. (TSXV: GPLY, FRANKFURT: GPE, OTCQB: GLYXF) (\"Goldplay\" or the \"Company\"), is pleased to announce that it has entered into a Letter of Intent (\"LOI\") with Mako Mining Corp. (\"Mako\"), the sole shareholder of Marlin Gold Mining Ltd. (\"Marlin\"), pursuant to which it was granted the right to acquire 100% of the shares of Marlin (the \"Marlin Shares\"). Marlin is a private British Columbia company, 100% controlled by Mako. Marlin owns, amongst other assets, Oro Gold de Mexico, S.A. de C.V. (\"Oro Gold\"), a Mexican company that owns the La Trinidad mine facilities (\"La Trinidad\"), currently being decommissioned (Figure 1). Oro Gold also controls 100% of nine concessions (the \"Concessions\") totaling 104,094.5 ha located adjacent to Goldplay's existing portfolio in the historic Rosario gold-silver Mining District, Sinaloa, Mexico (Figure 2). \nUnder the LOI, Goldplay was granted the exclusive right to acquire 100% of the Marlin Shares until December 31, 2020. Goldplay is now moving forward with its legal, financial and technical due diligence review of Marlin, Oro Gold, La Trinidad and other assets owned by Marlin. Upon completion of due diligence, if Goldplay is satisfied with same, the parties expect to then negotiate the terms of a definitive agreement in relation to this acquisition. The Company will provide shareholders with updates on the status of this transaction when material information becomes available.\nThe terms of the transaction are subject to negotiation and will include a nominal cash payment to Mako and the issuance of a small NSR royalty to Mako on the Concessions currently owned by Oro Gold. Goldplay will assume all remaining tax liabilities of Oro Gold. Mako will be responsible for reclamation activities at La Trinidad and associated costs until it receives approval fr...