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Candente Gold renews Agreement with El Oro Municipality for Re-Processing Historic Tailings
(via TheNewswire) Vancouver, British Columbia / TheNewswire / September 14, 2017. Ca...
About this update from Xali Gold Corp.
[{"type":"text","content":"Candente Gold renews Agreement with El Oro Municipality for Re-Processing Historic Tailings(via TheNewswire)\n \n \nVancouver, British Columbia / TheNewswire / September 14, 2017. 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, allowing the Re-Processing of the tailings deposit derived from the Mexico Mine, part of the San Rafael Vein in the El Oro District. The agreement is with the Municipality of El Oro in the state of Mexico.\n\n \n \nThe new agreement, called the 'Convenio de Usufructo del Terreno Denominado Los Jales Tiro Mexico, (the \"New 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% Nets Profits Interest (\"NPI\").\n\n \n \nModified terms in the New Tailings Agreement include the right to retain the first US$1.5M from the 8% of NPI payable to the Municipality. The New Tailings Agreement will also now be renewable every three years, when the Municipality elects a new President and Council Members, requiring new signatures but no changes to terms. \n\n \n \nThe New Tailings Agreement is now directly related to a second agreement with the Municipality of El Oro the 'Convenio Modificatorio al Convenio de Coordinacion Para La Administracion del Socavon \"San Juan y Tiro Providencia\" (the \"New 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 Mexi...