Candente Gold Announces Purchase of Remaining 30% Interest in El Oro Project from Goldcorp Subsidiary
January 26, 2017
Vancouver, British Columbia / TheNewswire / January 26th, 2017. Candente Gold Corp. (TSXV:CDG) ("Candente Gold" or "the Company") is pleased to report that it has entered into a Purchase and Sale Agreement (the "Agreement") pursuant to which it will acquire the remaining 30% interest in the El Oro Project (the "El Oro Project") in Mexico (the "Transferred Interest") from Desarrollos Mineros San Luis, S.A. de C.V. ("DMSL"), a subsidiary of Goldcorp Inc. ("Goldcorp"). Upon closing of the acquisition of the Transferred Interest, the Company will hold 100% interest in the El Oro Project as it had previously earned a 70% interest in the El Oro Project from Goldcorp.
As consideration for the acquisition of the Transferred Interest, Candente Gold has agreed to issue to DMSL (or its nominee) an aggregate of 5,000,000 common shares of Candente Gold (the "Shares"), with 1,000,000 Shares to be issued concurrently with the acquisition of the Transferred Interest and with further tranches of 1,000,000 Shares to be issued to DMSL (or its nominee) on the four successive anniversary dates of the Agreement, with Candente Gold having the right but not the obligation to issue any or all of such 4,000,000 Shares in advance of such anniversary dates in its sole discretion.
About Candente Gold
Candente Gold's flagship asset is the El Oro Project, a district scale gold project encompassing a well known prolific high grade gold-silver (average 1:10 ratio) 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 just two of these veins (Ref. Mexico Geological Service Bulletin No. 37, Mining of the El Oro and Tlapujahua Districts. 1920, T. Flores)
Joanne C. Freeze, P.Geo., Director, President and CEO, and Sean I. Waller, P.Eng. and Vice President, are Qualified Persons as defined by National Instrument 43-101 for the project discussed above. Ms. Freeze and Mr. Waller have reviewed and approved the contents of this release.
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.
This news release may contain forward-looking information (as such term is defined under Canadian securities laws) including but not limited to the potential for discovery in the El Oro district and other statements that are not historical facts. While such forward-looking information is expressed by Candente Gold in good faith and believed by Candente Gold to have a reasonable basis, they address future events and conditions and are therefore subject to inherent risks and uncertainties including those set out in Candente Gold's MD&A. Factors that cause the actual results to differ materially from those in forward-looking information include, without limitation, gold prices, results of exploration and development activities, regulatory changes, defects in title, availability of materials and equipment, timeliness of government approvals, potential environmental issues, availability of capital and financing and general economic, market or business conditions. Candente Gold expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except in accordance with applicable securities laws.
On behalf of the Board of Candente Gold Corp.
"Joanne Freeze" P.Geo.
President & CEO
For further information please contact:
Manager, Investor Relations
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