Business
Aura Announces Closing of Sale of 80% Interest in Its East Taviche Project
Ottawa, Ontario--(Newsfile Corp. - April 17, 2019) - Aura Resources Inc. (TSXV: AUU) ("Aura" o...
About this update from West Point Gold Corp.
[{"type":"text","content":"Aura Announces Closing of Sale of 80% Interest in Its East Taviche ProjectOttawa, Ontario--(Newsfile Corp. - April 17, 2019) - Aura Resources Inc. (TSXV: AUU) (\"Aura\" or the \"Company\") announces that, it has completed the sale of an 80% interest in its East Taviche project, located in Oaxaca Mexico, to Minaurum Gold Inc. (\"Minaurum\") and its Mexican subsidiary for the following consideration:the issuance of 100,000 common shares in the capital of Minaurum;re-imbursement of all East Taviche project concession fees paid by Aura during 2018 and payment of the remaining concession fees to bring the property into good standing until January 31, 2019, resulting in the Company receiving US$39,452 on closing; andthe issuance of an additional 100,000 common shares in the capital of Minaurum upon receipt of all relevant approvals and consents required to be obtained for the commencement of exploration and drilling activities at the East Taviche project.Additionally, Aura has granted to Minaurum an exclusive option to acquire the remaining 20% of the project for a total purchase price of CDN$1,000,000. Until exercise of that option, Aura's 20% interest is free-carried with no obligation to co-fund project costs and will not be subject to dilution (together, with the sale of the 80% interest in the East Taviche project described above, the \"Transaction\"). As announced on January 29, 2019, the Transaction was completed pursuant to the terms of a definitive agreement made as of January 25, 2019 among the Company, its Mexican subsidiary and Minaurum and its Mexican subsidiary.Minaurum will act as operator of the project having exclusive authority and control over the direction and management of the business and operations of the East Taviche project.Minaurum received TSX Venture Exchange approval of this transaction on February 12, 2019.Aura initiated involvement with the Taviche project during 2006 and has operated the project since 2010. Both Aura and Minaurum recognize that the property holds good potential for the further discovery of silver and gold along the prospective Mezcal structure. Robert Johansing, CEO of Aura stated, \"We are very pleased to have Minaurum advance the Taviche project. Minaurum is a regional explorer focused on the exploration and development of high-grade gold and silver projects in Mexico and is led by ex...