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Magellan Announces Termination of Niñobamba Option, Peru
Magellan Announces Termination of Niñobamba Option, Peru.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"\n\n\n\nMagellan Announces Termination of Niñobamba Option, Peru\n\n\n\n\n\nMagellan Announces Termination of Niñobamba Option, Peru\nPR Newswire\nRENO, Nevada, January 8, 2018\n\n\n\nRENO, Nevada, January 8, 2018 /PRNewswire/ --\n\nMagellan Gold Corporation (OTCQB: MAGE) (\"Magellan\" or \"the Company\") announced that effective December 31, 2017, it had agreed with Rio Silver Inc. (\"Rio Silver\") to mutually terminate the Company's option to earn an interest in Rio Silver's Niñobamba exploration property in Peru. Magellan previously announced entering into the option agreement in news releases on July 5, 2016 and October 25, 2016.\n\nIn connection with termination of the agreement, Rio Silver agreed, subject to regulatory approval and under certain conditions, to apply to the TSX Venture Exchange for an 18-month extension of 2,750,000 warrants that Magellan holds in Rio Silver stock, which otherwise would expire in February and July 2018. There can be no assurance the warrants will be extended.\n\nAlso in connection with the termination of the agreement, Magellan agreed to grant Rio Silver a right of first refusal on any sale of the 2,750,000 shares of Rio Silver stock that Magellan currently holds. The stock and warrants in Rio Silver held by the Company relate to two Cdn$75,000 private placement unit financings subscribed by the Company in 2016 and 2017.\n\nAbout Magellan Gold Corporation \n\nMagellan Gold Corporation (OTCQB: MAGE) is a US public enterprise focused on the exploration and development of precious metals. In November 2017 Magellan completed the purchase of the SDA Mill in the State of Nayarit, Mexico. Magellan also owns an advanced silver exploration property located in Arizona.\n\nThe SDA Mill is a fully operational flotation plant that also includes a precious metals leach circuit and associated assets, licenses and agreements. Currently the Company is focused on acquiring sources of high-grade gold and silver ore that can be trucked to the mill for processing. Several attractive properties have been identified and are being evaluated for potential acquisition.\n\nThe 100% owned Silver District Property in southwest Arizona comprises over 2,000 acres covering the heart of the historic Silver District. The property contains a near-surface historical drilled resource of 16 million ounc...