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Minsud completes a restructuring of the Minas de Pinto Option
Minsud completes a restructuring of the Minas de Pinto Option Canada NewsWire TO...
About this update from Minsud Resources Corp.
[{"type":"text","content":"\n\n\n\nMinsud completes a restructuring of the Minas de Pinto Option\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\nTORONTO, May 8, 2020\n\n\n\nTSX-V: MSR \n TORONTO, May 8, 2020 /CNW/ - Minsud Resources Corp. (TSX-V: MSR) (\"Minsud\" or the \"Company\") is pleased to announce that it has completed a restructuring and second addendum to the Minas de Pinto Option Agreement.\nOn May 6, 2014, Minsud announced that its Argentine subsidiary, Minera Sud Argentina S.A. (\"MSA\"), acquired a 50% beneficial interest in a trust that owns the Minas de Pinto properties (the \"MDP Trust\") comprising part of Minsud's Chita Valley project, with the remaining 50% subject to an option agreement granted in favor of MSA for a total consideration of US$ 1,335,000.\nAs a result of the renegotiation with Minas de Pinto owners, now the parties have entered into a Transfer Agreement, where the Minas de Pinto owners have transferred to MSA an additional 15% beneficial interest in the MDP Trust for total consideration of US$ 400,000, payable in 8 biannual instalments of US$ 50,000 each, starting on May 7, 2020 until November 7, 2023.\nAdditionally, the parties entered into a second addendum to the Minas de Pinto Option Agreement to purchase the remaining 35% interest in the MDP Trust by paying US$ 935,000 on or before April 7, 2024. Such Option includes tenure of the mining properties and the exclusive right to explore and prospect on the Minas de Pinto properties. \nAbout the Minas de Pinto Property:\nThe Minas de Pinto properties group is made up of the following mining concessions: Arqueros, San Marcos, Estrellita, Paulita, Paulita II, Pierina II, Pierina III, San Pablo, San Urbano and Rosita II, covering a surface of 2,445 hectares in the eastern part of the Chita Valley Project, adjacent to the Chita property.\nAbout Minsud Resources Corp.:\nMinsud is a mineral exploration company focused on exploring its flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San Juan, Argentina. The Company also holds a 100% owned portfolio of selected early stag...