Termination of Trilogy Option Agreement
December 10 2019 - 4:30PM
Patagonia Gold Corp. (“Patagonia” or the “Company”) (TSXV: PGDC)
announces the termination of its option agreement dated January 30,
2016, as amended, with Trilogy Mining Corporation (“Trilogy”),
American Mining Holdings Ltd., Ecovent S.A. and Minerales Cala S.A.
(the “Option Agreement”).
Pursuant to the Option Agreement, Patagonia was
granted the right to earn up to an 80% interest to Trilogy’s San
José advanced gold project in Uruguay. However, Patagonia has
elected to discontinue funding under the Option Agreement and focus
on the development of the Cap Oeste underground project and
advancement of Calcatreu.
Patagonia will pay Trilogy an amount of
US$50,000 to terminate the Option Agreement and in exchange will
receive common shares of Trilogy, that will result in Patagonia
owning 42.5% of the then issued and outstanding shares of
Trilogy.
About Patagonia Gold
Patagonia Gold Corp. is a mining and development
company listed on the TSX Venture Exchange. The Company seeks to
grow shareholder value through exploration and development of gold
and silver projects in the Patagonia region of Argentina. The
Company is primarily focused on the Calcatreu project in Rio Negro
and the development of the Cap-Oeste underground project.
Patagonia, indirectly through its subsidiaries or under option
agreements, has mineral rights to over 350 properties in several
provinces of Argentina and Chile and is one of the largest
landholders in the province of Santa Cruz, Argentina.
For more information, please
contact:
Dean StuartT: 403 617 7609E:
dean@boardmarker.net
Christopher van Tienhoven, Chief Executive
OfficerPatagonia Gold CorpT: +54 11 5278 6950E:
cvantienhoven@patagoniagold.com
FORWARD-LOOKING STATEMENTS
This news release contains certain
forward-looking statements, including, but not limited to,
statements about the Company’s focus on growing shareholder value
and the development of the Cap Oeste underground project,
advancement of the Calcatreu project, payments to be made to
Trilogy and the Company’s future plans and intentions.
Wherever possible, words such as “may”, “will”, “should”, “could”,
“expect”, “plan”, “intend”, “anticipate”, “believe”, “estimate”,
“predict” or “potential” or the negative or other variations of
these words, or similar words or phrases, have been used to
identify these forward-looking statements. These statements reflect
management’s current beliefs and are based on information currently
available to management as at the date hereof.
Forward-looking statements involve significant
risk, uncertainties and assumptions. Many factors could cause
actual results, performance or achievements to differ materially
from the results discussed or implied in the forward-looking
statements. These factors should be considered carefully and
readers should not place undue reliance on the forward-looking
statements. Although the forward-looking statements contained in
this news release are based upon what management believes to be
reasonable assumptions, the Company cannot assure readers that
actual results will be consistent with these forward-looking
statements. These forward- looking statements are made as of the
date of this news release, and the Company assumes no obligation to
update or revise them to reflect new events or circumstances,
except as required by law.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Patagonia Gold (TSXV:PGDC)
Historical Stock Chart
From Jun 2024 to Jul 2024
Patagonia Gold (TSXV:PGDC)
Historical Stock Chart
From Jul 2023 to Jul 2024