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Candente Gold Ratifies Agreement with El Oro Municipality for Re-Processing Historic Tailings
(via TheNewswire) Vancouver, British Columbia / TheNewswire / January 31, 2019. Cand...
About this update from Xali Gold Corp.
[{"type":"text","content":"Candente Gold Ratifies Agreement with El Oro Municipality for Re-Processing Historic Tailings(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / January 31, 2019. Candente Gold Corp. (TSXV:CDG) (\"Candente Gold\" and/or the \"Company\") is pleased to announce that its Mexican subsidiary, Minera CCM El Oro Jales S.A. de CV has renewed the option, originally signed in 2013 and both re-newed and revised in 2017. This agreement allows the Re-Processing of the tailings deposit derived from the Mexico Mine, part of the San Rafael Vein in the El Oro District. The New Tailings Agreement signed in 2017, is to be ratified every three years, when the Municipality elects a new President and Council Members. There was no change to any previous terms in the Ratified Agreement. \n\n \n \nThe Ratified Agreement, called the 'Ratificacion del Convenio de Usufructo del Terreno Denominado Los Jales Tiro Mexico, (the \"Ratified Tailings Agreement\"), provides Candente Gold with the right to recover all available gold and silver from the tailings deposit and pay to the Municipality of El Oro an 8% Net Profits Interest (\"NPI\"). Candente Gold also retains the first US$1.5M from the 8%NPI payable to the Municipality. \n\n \n \nThe Ratified Tailings Agreement is directly related to a Tourism Agreement, which allows the Municipality of El Oro to operate tourism activities in part of the San Juan tunnel and the Providencia Shaft which are historic workings controlled by Minera CCM S.A. de CV as part of the El Oro mineral property. The State of Mexico has contributed significant financing of this tourism project which is part of their larger initiative to promote tourism and mining together throughout Mexico. \n\n \n \nThe Mexico Mine tailings are located several kilometres apart from both the San Juan tunnel and Providencia shaft and the tourism activities in these facilities would not impact the development of the tailings. \n\n \n \nAbout Candente Gold\n\n\n \nCandente Gold's flagship asset is El Oro, a district scale gold project encompassing a well-known prolific high grade gold dominant silver epithermal vein system in Mexico. The project covers 20 veins with past production and more than 57 veins in total, from which approximately 6.4 million ounces of gold and 74 million ounces of silver were reported to have been produced from ju...