Deep-South Resources Intends to Acquire 75% of the Inal Property Neighboring the Kinross Tasiast Gold Mine in Mauritania

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[{"type":"text","content":"Deep-South Resources Intends to Acquire 75% of the Inal Property Neighboring the Kinross Tasiast Gold Mine in Mauritania(via TheNewswire)\n \n \nVancouver, B.C., Canada / TheNewswire / August 23, 2017 - Deep-South Resources Inc. (\"Deep-South\" or \"the Company\") (TSX-V: DSM) is pleased to announce that it has signed a letter of agreement (the \"Letter of Agreement\") to acquire from Suricate SARL (\"Suricate\"), 75% of the INAL project, neighboring the Kinross Tasiast gold mine situated in the northwest of Mauritania. \n\n \n \nUpon completion of a satisfactory due diligence, Deep-South shall acquire a 75% beneficial interest in the INAL project in consideration for a cash payment of \n\n\n \nUS $ 20,000.00 and the issuance of 500,000 common shares of Deep-South. The respective interests of both Parties will be held into a joint-venture company (Holdco).\n\n\n \nFurthermore, Deep-South shall incur the following payments and shares issuance to Suricate: \n\n\n \nOn Cash Payments Shares Issuance\n\n\n \nFirst Anniversary of Closing Date US$ 100,000 250,000\nSecond Anniversary of Closing Date US$ 100,000 250,000\nThird Anniversary of Closing Date US$ 100,000 250,000\n\n\n\n \nIn addition to the above mentioned consideration, pursuant to the Letter of Agreement Suricate is entitled to a production bonus of US $ 1 million to be paid on the first day of commercial production commencement;\n\n\n \nDeep-South shall finance all the exploration expenditures up to a production decision. Upon the day of a commercial production decision, Suricate shall contribute its share of the eventual mine development. Deep-South intends to hire Suricate to act as its representative in Mauritania for a period of 24 months from the Closing Date at a rate of US$2,500 per month.\n\n\n \nUpon closing, Sparrowhawk Gold Limited, a geological consulting company, has analyzed the project and upon closing will receive a compensation of US $ 3,500 and 50,000 common shares of Deep-South. After the first anniversary of the Letter of Agreement, Deep-South shall retain the services of Sparrowhawk for the 3 subsequent years of the project for a cash compensation of US $ 10,000 per year and the issuance of 30,000 common shares per year .\n\n \n \nThe Letter of Agreement, and the transactions contemplated therein, including the shares issuance are subject to approval b...

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