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Salazar Resources Signs Option to Acquire The Los Santos Gold Project, El Oro, Ecuador
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2021) - SALAZAR RESOURCES LIMITED ...
About this update from Salazar Resources Limited
[{"type":"text","content":"Salazar Resources Signs Option to Acquire The Los Santos Gold Project, El Oro, EcuadorVancouver, British Columbia--(Newsfile Corp. - December 3, 2021) - SALAZAR RESOURCES LIMITED (TSXV: SRL) (OTCQX: SRLZF) (FSE: CCG.F) (\"Salazar Resources\" or the \"Company\") is pleased to announce it has entered into a mining option and shareholders' agreement (\"the Definitive Agreement\") with Minera Mesaloma S.A. and other arm's length parties (collectively, the \"Optionor\"), and Santos Resources Ltd. (\"Canco\") pursuant to which Salazar Resources has the option (the \"Option\") to acquire, indirectly by way of the acquisition of shares of Canco, of up to 100% of the Los Santos gold project (comprised of the 2,215 hectare Los Santos 2.1 concession) (the \"Property\"), located in southwest Ecuador, adjacent to the Cangrejos deposits and approximately 10 km northeast of the Company's Los Osos project . The signing of the letter of intent in respect of the transaction, and the terms of the transaction, were previously announced by Salazar Resources on December 10, 2020. The TransactionPursuant to the Option, Salazar Resources can earn up to 100% of the Property by paying the total sum of US$1,950,000 in instalments, with a committed first instalment of US$150,000 (the \"First Option Exercise Payment\") due on or before the date which is 12 months after the later of: (a) June 17, 2021; or (b) the date on which the \"Certificado de No Afectacion\" permit has been granted by the Ministry of Environment of Ecuador in respect of the Property. Salazar Resources, upon making the First Option Exercise Payment to the Optionor, would earn a 26% participating interest in Canco and thereby a corresponding beneficial interest in the Property.Under the terms of the Definitive Agreement, Salazar Resources must pay, over the course of 4 years from the date of the First Option Exercise Payment, additional sums totaling US$1,800,000 to the Optionor to exercise the Option to acquire a 90% participating interest in Canco. In the event that the Definitive Agreement is terminated for any reason prior to Salazar Resources acquiring a 90% participating interest in Canco, Salazar Resources is to transfer its interest in Canco to the Optionor and assign all of its shareholder loans to the Optionor, for a purchase price of US$1.On Salazar Resources having earned a 90...