Business
Lupaka Gold Eliminates Invicta Gold Project Royalty
Vancouver, British Columbia--(Newsfile Corp. - August 23, 2017) - Lupaka Gold Corp (TSXV: LPK)...
About this update from Lupaka Gold Corp.
[{"type":"text","content":"Lupaka Gold Eliminates Invicta Gold Project RoyaltyVancouver, British Columbia--(Newsfile Corp. - August 23, 2017) - Lupaka Gold Corp (TSXV: LPK) (FSE: LQP) (\"Lupaka Gold\" or the \"Company\") is pleased to announce that the Company has successfully negotiated an early payout of a production royalty on its Invicta property. The royalty was held by Franco-Nevada Corporation and included quarterly payments totalling US$800,000 which were to commence upon the start of commercial production and continue for 16 quarters. Payout and filing of the royalty termination documents has resulted in elimination of all existing charges against the Invicta mining concessions. Simultaneously, the Company filed mortgage documents related to the US$7 Million PLI Huarura Holdings LP financing (\"PLI Financing Agreement\") announced by the Company's on May 16, 2017. Notification of acceptance of the filing of this mortgage in favour of PLI is a prerequisite condition to the Company's receipt of the third and final tranche of the PLI financing.\"Completion and filing of the various documents related to moving forward with the Invicta project has been progressing relatively quickly and smoothly recently and we look forward to starting work on site within a few weeks.\" stated Gordon Ellis, CEO. \"With the anticipated near term start of production the elimination of the Invicta royalty reduces related future cash flow drain during operations.\"Neither the TSX Venture Exchange nor its Regulation Service Provider (as the term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy of this news release.About Lupaka GoldLupaka Gold is a Peru-focused gold explorer and developer with geographic diversification and balance through its interest in asset-based resource projects spread across three regions of Peru.Invicta Gold Project - the Company's 100%-owned Invicta Gold Project is a well-developed, poly-metallic gold-copper underground deposit located approximately 120 kilometres by road north of Lima. Management expects to commence production in 2017 by using third-party mining contractors and utilizing the adit and workings completed by previous owners. Extraction of mineralized rock would be focused on accessing Invicta's Measured and Indicated resource estimates, which are comprised of:Measured - 131,000 tonnes gr...