Business
South Atlantic Gold Announces Memorandum of Understanding Signed with Ceara State, Brazil
(TheNewswire) Kelowna, British Columbia – TheNewswire - July...
About this update from South Atlantic Gold, Inc.
[{"type":"text","content":"South Atlantic Gold Announces Memorandum of Understanding Signed with Ceara State, Brazil\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Kelowna, British Columbia –\n \n \n \n \n TheNewswire -\n \n \n \n \n July 22, 2022\n \n \n \n - SOUTH ATLANTIC GOLD INC.\n(TSXV:SAO)\n \n (“\n \n South\nAtlantic”\n \n or the “\n \n Company”\n \n ) is pleased to announce that it has entered into a\nMemorandum of Understanding Agreement (“MOU” or the\n“Agreement”) with the government of Cear\n \n á\n \n State, Brazil to support South Atlantic in the advancement and\ndevelopment of the Pedra Branca Project, located in Cear\n \n á\n \n State, Brazil.\n \n \n \n Douglas Meirelles\n \n , CEO stated,\n \n “This signed MOU with the state\ngovernment of Cear\n \n \n á\nrepresents a pledge to\n \n \n assist, promote and aid the financing for the development of\nCear\n \n \n á\n \n \n ’s first gold mine. Although our\nshort-term exploration programs remain unaffected and while we work on\nthe proper licensing and permitting, this pledge represents a\nsignificant step in the Pedra Branca region and, more specifically, a\nsignificant leap forward in the development of our asset.\n \n \n \n \n “With this unprecedented Agreement\nin the state of Cear\n \n \n á\n \n \n , South Atlantic will\nwork to advance its permits and unlock a non-dilutive indicative\nfunding of R$ 120 million ($30 million) which will come from various\nsources and programs with governmental agencies, ranging from\ntax-exemption programs to direct funding from economic development\nfunds, all of which can ultimately add to and minimize future dilutive\nfinancing of exploration and development activities of our asset Pedra\nBranca.”\n \n \n \n \n Highlights of the Memorandum of\nUnderstanding\n \n \n \n \n \n The government of Cear\n \n á\n \n pledges to support the\nCompany with permitting, license reviews and financial and benefits\nprograms that would advance the construction of a small-scale mining\noperation at Pedra Branca.\n \n \n \n \n The Company pledges to work cooperatively to encourage economic growth\nin the communities surrounding the project area through sustainable\nESG programs, local human resources development and local su...