Scorpio Gold Signs Letter of Intent to Acquire the Kinross Manhattan Project Properties, Nye County Nevada

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[{"type":"text","content":"Scorpio Gold Signs Letter of Intent to Acquire the Kinross Manhattan Project Properties, Nye County NevadaVANCOUVER, BC / ACCESSWIRE / July 20, 2020 / Scorpio Gold Corporation (\"Scorpio Gold\" or the \"Company\") (TSXV:SGN) is pleased to announce the signing of a letter of intent (the \"LOI\") with Round Mountain Gold Corporation (\"RMGC\") and KG Mining (Round Mountain) Inc. (\"KGM\"), collectively the \"Sellers\", to acquire 100% interest in the Manhattan Project Properties (the \"Property\") in Nye County, Nevada (the \"Transaction\"). The Property is comprised of 22 patented claims and 219 unpatented claims situated adjacent and proximal to the Company's Goldwedge property. Negotiations are ongoing regarding three of the unpatented claims in the land package being offered in which Kinross has a production water well with existing infrastructure located on site. The three claims may ultimately be removed from the land package acquired by Scorpio Gold.Scorpio Gold's President, Chris Zerga, comments, \"This acquisition will give Scorpio Gold complete land control around the Goldwedge facility, providing the opportunity to expand surface operations and the potential for expanding underground mining and exploration. It also consolidates a large land position along the Reliance Fault Zone, which has significant exploration potential for high-grade gold targets at the intersections of the Reliance structure and ring faulting related to the Manhattan Caldera. We look forward to completing the transaction and acquiring the extensive exploration data package on the Property.\"Consideration for the Transaction is US$250,000 as follows payable at closing: (i) US$100,000 cash, and (ii) US$150,000 in common shares of Scorpio Gold priced at a 10% discount to the 10-day volume weighted average price on the TSX Venture Exchange (with the applicable 10-day period consisting of 10 consecutive trading days immediately preceding the date on which the Transaction (i) is publicly disclosed or (ii) closes, whichever comes first), subject to any minimum pricing requirement by the exchange. Among the terms and conditions as outlined in the LOI, the Transaction is subject to an existing 1.0% net smelter returns royalty covering the patented and unpatented claims and a reserved 2% net smelter returns royalty on all minerals produced and sold from the ...

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