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Radius Gold Receives US$700,000 from Pan American Silver for Earn-in on Amalia Project, Mexico
(TheNewswire) Vancouver, British Columbia – TheNewswire ȁ...
About this update from Radius Gold Inc.
[{"type":"text","content":"Radius Gold Receives US$700,000 from Pan American Silver for Earn-in on Amalia Project, Mexico\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Vancouver, British Columbia –\n \n \n TheNewswire – June 13, 2022 -\n \n \n Radius\nGold Inc. (TSXV:RDU)\n \n \n (“Radius” or “the\nCompany”)\n \n \n is pleased to announce that in order\nto earn its option for 65% of the Amalia property in Mexico, Pan\nAmerican Silver Corp. (NASDAQ,TSX: PAAS)\n \n \n (“Pan American Silver”) has made the final US$700,000\noption cash payment to Radius Gold.\n \n \n \n \n The terms of the definitive option agreement were\nannounced in\n \n \n \n \n the Company’s press\nrelease dated July 30, 2018\n \n \n \n \n . Among\nother commitments, Pan American Silver was required to make scheduled\ncash payments in an aggregate amount of US$1.5 million during the\nexpenditure period. Additionally, Pan American Silver has met and\nexceeded its expenditure obligation of US$2.0 million in exploration\non the property.\n \n \n \n \n Bruce Smith, President and CEO of Radius Gold,\ncommented: “\n \n \n \n We are very pleased to continue to work with our partner Pan\nAmerican Silver. Partnering with Pan American, one of the world’s\nlargest silver miners, requires exploration targets to demonstrate\nsignificant scale. The Amalia project continues to display the\npotential for a large scale gold silver discovery. Many high grade and\nwide gold/silver drill intercepts have been reported for San Pedro,\nCalifornia and El Cuervo targets. Many targets remain open in all\ndirections and additional drilling is warranted. The US$700,000\npayment reflects the satisfaction of our partner in the results\nobtained from infill and evaluation drilling programs. Radius looks\nforward to continued drilling and resource development at Amalia in\nthe future.”\n \n \n \n \n \n The Agreement\n \n \n \n \n Pursuant to an option agreement signed in June 2018,\nPan American Silver Corp. has the option to earn up to an initial 65%\ninterest in the Amalia Project by making cash payments to Radius\ntotalling US$1.5 million (of which US$800,000 has been previously\nreceived) and expending US$2 million on exploration over four years.\n Pan American may earn an additional 10% by advancing the property to\...