Gainey Capital Signs Option Agreement With First Mining Gold To Acquire The Las Margaritas Property, State Of Durango, Mexico

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[{"type":"text","content":"Gainey Capital Signs Option Agreement With First Mining Gold To Acquire The Las Margaritas Property, State Of Durango, MexicoVANCOUVER, BC / ACCESSWIRE / August 2, 2018 / Gainey Capital Corp. (TSXV: GNC) (OTC PINK: GNYPF) (\"Gainey\" or the \"Company\") is pleased to announce that it has entered into an option agreement with First Mining Gold Corp. (\"First Mining\") granting Gainey the right to earn a 100% interest in the Las Margaritas property located in the State of Durango, Mexico.The property is located approximately 140 kilometres to the southeast of Mazatlan, Sinaloa and is comprised of two mineral concessions encompassing a total of 500 hectares. As shown in the map below, the concessions lie to the north of Gainey's El Colomo project and within El Colomo's overall claim package. Location of the Las Margaritas Property relative to existing exploration properties and mines.Prior surface work on the Las Margaritas property by the Servicio Geologico Mexicano (Mexican Geological Survey) and First Mining identified a vein system extending for at least 1,500 metres along strike and averaging approximately 1 metre in width. Numerous prospect pits occur along the structure where gambusinos (Mexican prospectors) have worked the vein for high grade gold. With no evidence of prior drilling on the claims, the property represents a grassroots, high grade gold target, most likely of underground configuration.Under the terms of the four year option agreement, Gainey can elect to make either annual share or cash payments to First Mining in the following amounts: Payment Term CAD$ Aggregate Value of Gainey Common Shares (applicable Mexican VAT to be paid in cash) CAD$ Cash Payment (inclusive of applicable Mexican VAT @ 16%) Upon approval by the TSX Venture Exchange (\"TSX-V\") $75,000 in Shares N/A ($12,000 in Cash – VAT) First anniversary date of the agreement $175,000 in Shares $174,000 in Cash ($28,000 in Cash – VAT) Second anniversary date of the agreement $250,000 Shares $261,000 in Cash ($40,000 in Cash – VAT) Third anniversary date of the agreement $225,000 Shares $232,000 in Cash ($36,000 in Cash – VAT) Fourth anniversary date of the agreement $225,000 Shares $232,000 in Cash ($36,000 in Cash – VAT) In addition, as per the terms of the option agreement, Gainey will make annual cash payments to ...

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