Business
Valterra Commences 5,000-tonne Bulk Sampling Program at Livramento Gold Project in Brazil
Vancouver, British Columbia--(Newsfile Corp. - October 13, 2020) -  Valterra Resource Co...
About this update from Paradigm Gold Corporation
[{"type":"text","content":"Valterra Commences 5,000-tonne Bulk Sampling Program at Livramento Gold Project in BrazilVancouver, British Columbia--(Newsfile Corp. - October 13, 2020) -  Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") has commenced a 5,000-tonne bulk sampling program at its Livramento gold project, located in the Poconé Mining District, Brazil.Pocone Mining Ltda, (\"PMM\") which Valterra is acquiring, subject to regulatory approval as a wholly-owned Brazilian subsidiary, has made an initial down-payment on the purchase price of the Livramento property (see NR-09-20, 17 September, 2020), and has recently made a further payment of BRL 1 million (approx. C$238,000) towards the total purchase price of BRL 20 million (US$ 3.6m). This additional payment allows Valterra to assume possession and full operational control of the Livramento gold project effective immediately. The balance of BRL 18.85 million will be paid in 4 installments over the next 18 months. To support this acquisition, the Company plans to issue up to a total of 30,000,000 units, in a non-brokered private placement at a price of $0.10 per unit for gross proceeds of Cdn $3.0M. Each unit will consist of one common share and one-half warrant, with each full warrant exercisable to purchase one common share for a period of 3 years at $0.15 (see NR-10-20). The Company will make provision for an over-allotment option (Greenshoe) to allow a purchase of up to 10% additional units beyond the number of units in this offering. Valterra has mobilized additional equipment (a second ball mill and four 25-tonne trucks) from storage and will utilize the extensive existing infrastructure at Livramento to undertake the 5,000-tonne bulk sample. This will better evaluate the grades of the existing vein system on the property and the recoveries of the existing processing facility. The total earth moving fleet that is part of this acquisition and is on site today includes: 18 trucks, 3 excavators, 3 loading shovels, 1 Caterpillar 120G grader, 1 water truck, and 1 D6 bull dozer. Livramento has an installed 30 tonne per hour mill that is in good condition and ready for commissioning to process the bulk sample in order to evaluate gold recovery and probable modifications expected to enhance recovery and mill throughput. Prospective structures and v...