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Valterra Enters into a Letter of Intent with Ginguro Gold Pty Ltd to Option the Weepah Property, Nevada
Vancouver, British Columbia--(Newsfile Corp. - May 8, 2019) - Valterra Resource Corporation...
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[{"type":"text","content":"Valterra Enters into a Letter of Intent with Ginguro Gold Pty Ltd to Option the Weepah Property, NevadaVancouver, British Columbia--(Newsfile Corp. - May 8, 2019) - Valterra Resource Corporation (TSXV: VQA) (OTCQB: VRSCF) (\"Valterra\" or the \"Company\") reported today that Ginguro Gold Pty Ltd (\"Ginguro\") has signed a Letter of Intent with Valterra to acquire an 80% interest in the Weepah Property, located in Walker Lane Gold Belt, Esmeralda County, Nevada.Ginguro may acquire an 80% undivided interest in the Property free and clear of any encumbrances (subject to the Underlying Agreement with Nevada Select Royalty, Inc., a wholly-owned subsidiary of Ely Gold Royalties Inc., and the net smelter return royalties thereunder) by paying Valterra $10,000 upon execution of the Letter of Intent and incurring $1,050,000 in cumulative aggregate exploration expenditures on or in respect of the Property (\"Expenditures\") over three years as follows:US$400,000 on or before July 1, 2020US$650,000 on or before July 1, 2021US$1,050,000 on or before July 1, 2022 All payments made by Ginguro pursuant to the Underlying Agreement shall form part of the Expenditures. The Letter of Intent contemplates the execution of a formal Definitive Agreement within three months. As well, upon Ginguro's delivery of notice of exercise of the option, the parties will negotiate in good faith for a period of 90 days to structure a transaction for Ginguro's purchase from Valterra of its remaining 20% of the Property. In the event that no definitive agreement is settled and executed within such period, the parties will form a joint venture with initial ownership interests in the Property as to 80% to Ginguro and 20% to Valterra.About Ginguro Gold Pty Ltd.Ginguro is a mineral exploration company focused on identifying and exploring epithermal vein projects with high-grade gold and silver potential. The founders have extensive experience exploring for epithermal gold throughout the Ring of Fire, an area defined by tectonic activity along the margin of the Pacific Plate. The Company's initial focus will be on identifying and exploring projects in Nevada. Ginguro has chosen to focus on highly fertile gold provinces within proven first world jurisdictions that offer a combination of security and upside. Upside is in the form of overlooked prospectivity in the cas...