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Mako Mining Announces Completion of Sale of its Mexican Operations to GR Silver Mining
Mako Mining Announces Completion of Sale of its Mexican Operations to GR Silver Mining ...
About this update from Mako Mining Corp.
[{"type":"text","content":"\n \n \n \n Mako Mining Announces Completion of Sale of its Mexican Operations to GR Silver Mining\n \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 Canada NewsWire\n \n \n \n \n \n \n TSX-V: MKO;\n \n \n \n \n OTCQX: MAKOF\n \n \n \n \n \n VANCOUVER, BC\n \n ,\n \n April 1, 2021\n \n /CNW/ -\n \n Mako Mining Corp.\n \n (TSX-V: MKO) (OTCQX: MAKOF) (\"Mako\" or the \"Company\") is pleased to announce that it has now completed the sale of 100% of the shares of Marlin Gold Mining Ltd. to GR Silver Mining Ltd., as previously announced in its press release dated\n \n February 1\n \n , 2021.  Mako has received\n \n C$50,000\n \n in cash and a 1% net smelter returns royalty on all concessions currently owned by Oro Gold de\n \n Mexico\n \n , S.A. de C.V.  (\"Oro Gold\"), and is no longer responsible for approximately\n \n US$9.8 million\n \n in unpaid concession taxes, including\n \n US$5.2 million\n \n related to the core concessions, which accrued on the concessions owned by\n \n Oro Gold\n \n .  Mako remains entitled to any net proceeds received from the lawsuit Mako and\n \n Oro Gold\n \n filed against their insurers and re-insurers in connection with damages to the\n \n La Trinidad\n \n property from Hurricane Willa.  Mako remains responsible for the costs of this litigation and responsible for all costs related to the closure plan and certification.\n \n \n \n \n \n \n \n \n \n \n Akiba Leisman\n \n , Chief Executive Officer of Mako states that, \"the sale of our Mexican operations is an important milestone for the Company.  We are now 100% focused on bringing our San Albino gold project in northern\n \n Nicaragua\n \n into commercial production, as well as running an extensive exploration program on our 188 square kilometer land package.  As a result of the sale, we expect to recognize a substantial increase in working capital on the reversal of certain liabilities, which is expected to improve and simplify the Company's balance sheet.  I would like to congratulate the team at GR Silver Mining on this acquisiton and wish them ...