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Patagonia Gold Corp. Termination of Trilogy Option Agreement
VANCOUVER, British Columbia, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces the termination of its
About this update from Patagonia Gold Corp
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 10, 2019 (GLOBE NEWSWIRE) -- Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC) announces the termination of its option agreement dated January 30, 2016, as amended, with Trilogy Mining Corporation (“Trilogy”), American Mining Holdings Ltd., Ecovent S.A. and Minerales Cala S.A. (the “Option Agreement”). Pursuant to the Option Agreement, Patagonia was granted the right to earn up to an 80% interest to Trilogy’s San José advanced gold project in Uruguay. However, Patagonia has elected to discontinue funding under the Option Agreement and focus on the development of the Cap Oeste underground project and advancement of Calcatreu. Patagonia will pay Trilogy an amount of US$50,000 to terminate the Option Agreement and in exchange will receive common shares of Trilogy, that will result in Patagonia owning 42.5% of the then issued and outstanding shares of Trilogy. About Patagonia Gold Patagonia Gold Corp. is a mining and development company listed on the TSX Venture Exchange. The Company seeks to grow shareholder value through exploration and development of gold and silver projects in the Patagonia region of Argentina. The Company is primarily focused on the Calcatreu project in Rio Negro and the development of the Cap-Oeste underground project. Patagonia, indirectly through its subsidiaries or under option agreements, has mineral rights to over 350 properties in several provinces of Argentina and Chile and is one of the largest landholders in the province of Santa Cruz, Argentina. For more information, please contact: Dean StuartT: 403 617 7609E: [email protected] Christopher van Tienhoven, Chief Executive OfficerPatagonia Gold CorpT: +54 11 5278 6950E: [email protected] FORWARD-LOOKING STATEMENTS This news release contains certain forward-looking statements, including, but not limited to, statements about the Company’s focus on growing shareholder value and the development of the Cap Oeste underground project, advancement of the Calcatreu project, payments to be made to Trilogy and the Company’s future plans and intentions. Wherever possible, words such as “may”, “will”, “should”, “could”, “expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”, “predict” or “potential” or the negative or other variations of these words, or similar words or phrases,...