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Magellan Gold Corporation enters into agreement to sell 100% of Silver District project in Arizona
Magellan Gold Corporation enters into agreement to sell 100% of Silver District project in Arizona.
About this update from Magellan Copper And Gold Corp.
[{"type":"text","content":"RENO, NV / ACCESSWIRE / January 13, 2020 / Magellan Gold Corporation (OTCQB:MAGE) ("Magellan" or the "Company") today announced it has entered into a binding Letter of Intent to sell 100% of its Silver District project in La Paz County, Arizona, to NV Gold Corporation (TSXV: NVX, US: NVGLF) for cash, NVX shares, and a minimum work commitment over a five-year period.Highlights of the Silver District Binding LOI Terms:Magellan grants NV Gold the exclusive right to purchase an undivided 100% right, title and interest in and to the Property and the Property Data in consideration of NV Gold completing the following payments and work commitments:Time for PaymentCashUS$SharesShares CDN$Work CommitmentCDN$Binding LOI$25,000120 Day Due Diligence / Exclusivity PeriodDefinitive Agreement (DA)$75,000350,000 1st Year Anniversary of DA $75,000$50,0002nd Year Anniversary of DA$25,000 $75,000$50,0003rd Year Anniversary of DA$25,000 $100,000$50,0004th Year Anniversary of DA$25,000 $125,000$50,0005th Year Anniversary of DA$25,000 $150,000$25,000"The planned sale of the Silver District will allow us to focus on our near-term production opportunities in Mexico with our primary emphasis on obtaining financing for our Santa Maria mine project," said David Drips, President & CEO of Magellan.John Power, Magellan interim CFO, added that "NV Exploration has a world-class technical team that can quickly advance the Silver District and unlock its substantial potential. We look forward to the value of our equity participation in NVX growing with its success over the coming years."Closing of the Transaction is subject to various conditions, including, without limitation, satisfaction of any regulatory requirements and receipt of the approval of the TSX Venture Exchange. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. All shares issued related to the transaction requires the statutory hold period of four months plus a day from the date they are issued.About Magellan Gold CorporationMagellan Gold Corporation (OTCQB: MAGE) is focused on the exploration and development of precious metals. Magellan controls three projects: Option on the Santa Maria mine is located 3...