Business
Mako Mining Expands its Mineral Concessions in Nicaragua
Mako Mining Expands its Mineral Concessions in Nicaragua Canada NewsWire VANCOUV...
About this update from Mako Mining Corp.
[{"type":"text","content":"\n\n\n\nMako Mining Expands its Mineral Concessions in Nicaragua\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\nCanada NewsWire\nVANCOUVER, Dec. 17, 2019\n\n\n\nTSX-V: MKO\n VANCOUVER, Dec. 17, 2019 /CNW/ - Mako Mining Corp. (TSX-V: MKO) (\"Mako\" or the \"Company) is pleased to announce the purchase of the Potrerillos exploration and exploitation concession (\"Potrerillos Concession\") formerly owned by a subsidiary of Condor Gold Plc (\"Condor\") for US$600,000.\nThe Potrerillos Concession comprises 12 square kilometers of sub surface mineral rights and is contiguous to and along strike from Mako's San Albino gold project in Nueva Segovia, Nicaragua (\"San Albino\"). Please see attached map.\nThe Potrerillos Concession is valid until December 2031 with the ability to renew for an additional 25 years, and was explored by Condor between 2007 and 2009, with a number of channel samples taken on trenches and former mine adits. \nAkiba Leisman, Chief Executive Officer of Mako states that, \"this is an important acquisition for Mako.  Recent drilling indicates that the Potrerillos Concession is along strike and down dip of San Albino.  Now that we have access to this concession, we plan to immediately begin exploration work to evaluate our ability to expand San Albino.\"\nTransaction Highlights\nCondor has signed an irrevocable undertaking that, subject to the approval of the Nicaraguan Ministry of Mines and Energy (\"MEM\") by December 2020, it shall transfer (the \"Transfer\") to Nicoz Resources, S.A. the Potrerillos Concession.  Transfer documents have been filed with MEM.\nWithin five days of the Transfer being approved by MEM, taxes of up to US$90,000 shall become due to the fiscal authorities in Nicaragua, being 15% of the agreed consideration value of US$600,000, which Mako and Condor have agreed to bear equally. To this extent, US$600,000 in cash has been paid by a subsidiary of Mako to Condor and US$45,000 has been placed into an escrow account by each of Mako and Condor with a third party agent, to be released and paid out upon approval of the...