Business
Radius Gold options Guatemala gold/silver properties to Volcanic Gold Mines
(via TheNewswire) June 1, 2020 - TheNewswire - Vancouver, Canada...
About this update from Radius Gold Inc.
[{"type":"text","content":"Radius Gold options Guatemala gold/silver properties to Volcanic Gold Mines(via TheNewswire)\n \n \nJune 1, 2020 - TheNewswire - Vancouver, Canada - Radius Gold Inc. (TSXV:RDU) (OTC:RDUFF) is pleased to announce that it has granted to Volcanic Gold Mines Inc. (TSXV:VG) an exclusive option to earn a 60% interest in Radius's Holly-Banderas gold/silver properties located in eastern Guatemala. \n\n\n \nUnder the terms of the option, which are subject to TSX Venture Exchange approval, Volcanic can earn a 60% interest in the Holly and Banderas Properties (details of the Properties are available on Radius's website) by spending US$7.0 million on exploration of the Properties within 48 months from the date drilling permits are granted. An initial US$1.0 million must be spent on exploration within 12 months of receiving the required drill permits, including a minimum 3,000m of drilling. Following the successful completion of a minimum C$3 million financing, Volcanic will make a cash payment to Radius of C$100,000 to initiate the option. Upon completion of the exercise of the option, Volcanic will enter into a standard 60/40 joint venture with Radius in order to further develop the Properties.\n\n\n \nVolcanic will also have the exclusive right for 24 months following the execution of the option to evaluate the other property interests of Radius in eastern Guatemala and to enter into an agreement to acquire an interest in any of such other properties on reasonable mutually agreed upon terms.\n\n\n \nSimon Ridgway, President and CEO of Radius, commented, \"The potential of this region of Guatemala for significant gold/silver discoveries is proven. The country now has a pro-mining government that sees value in creating employment for its people. Now is the right time for Radius to bring in Volcanic's focused, well financed, well managed exploration team to make the discoveries that will create wealth for all the stakeholders in this region of Guatemala.\" \n\n\n \nRadius Gold Inc.\n\n\n \nRadius has a portfolio of projects located in Mexico, United States and Guatemala which it continues to advance, utilizing partnerships where appropriate in order to retain the Company's strong treasury. At the same time, management is seeking out additional investment and project acquisition opportunities across the globe.\n\n \n \nRADIUS GOLD INC.\n\n \n...