TSX-V: MKO; OTCQX: MAKOF
VANCOUVER, BC, April 1, 2021 /CNW/ - Mako Mining
Corp. (TSX-V: MKO) (OTCQX: MAKOF) ("Mako" or the "Company") is
pleased to announce that it has now completed the sale of 100% of
the shares of Marlin Gold Mining Ltd. to GR Silver Mining Ltd., as
previously announced in its press release dated February 1, 2021. Mako has received
C$50,000 in cash and a 1% net smelter
returns royalty on all concessions currently owned by Oro Gold de
Mexico, S.A. de C.V. ("Oro
Gold"), and is no longer responsible for approximately US$9.8 million in unpaid concession taxes,
including US$5.2 million related to
the core concessions, which accrued on the concessions owned by
Oro Gold. Mako remains
entitled to any net proceeds received from the lawsuit Mako and
Oro Gold filed against their
insurers and re-insurers in connection with damages to the
La Trinidad property from
Hurricane Willa. Mako remains responsible for the costs of
this litigation and responsible for all costs related to the
closure plan and certification.
Akiba Leisman, Chief Executive
Officer of Mako states that, "the sale of our Mexican operations is
an important milestone for the Company. We are now 100%
focused on bringing our San Albino gold project in northern
Nicaragua into commercial
production, as well as running an extensive exploration program on
our 188 square kilometer land package. As a result of the
sale, we expect to recognize a substantial increase in working
capital on the reversal of certain liabilities, which is expected
to improve and simplify the Company's balance sheet. I would
like to congratulate the team at GR Silver Mining on this
acquisiton and wish them the best on their significantly expanded
concession package in southern Sinaloa,
Mexico."
On behalf of the Board,
Akiba
Leisman
Chief Executive Officer
About Mako
Mako Mining Corp. is a publicly listed gold mining, development
and exploration firm. The Company is developing its high-grade San
Albino gold project in Nueva
Segovia, Nicaragua. Mako's
primary objective is to bring San Albino into production quickly
and efficiently, while continuing exploration of prospective
targets in Nicaragua.
Forward-Looking Information: Certain
statements contained herein may be considered "forward-looking
information" within the meaning of applicable securities laws.
Forward-looking information can be identified by words such as,
without limitation, "propose", "estimate", "project", "believe",
"anticipate", "intend", "expect", "plan", "predict", "may" or
"should" or variations thereon or comparable terminology. The
forward-looking information contained herein reflects the Company's
current beliefs and expectations, based on management's reasonable
assumptions as of the date hereof, and includes, without
limitation, the Company's expectation that it will be
successful in its lawsuit against its insurers and re-insurers;that
the Company will bring San Albino into production quickly and
efficiently, while continuing to explore prospective targets in
Nicaragua;
and that, as a result of the sale, the Company
expects to recognize a substantial increase in working capital on
the reversal of certain liabilities, which is expected to improve
and simplify the Company's balance sheet. Such
forward-looking information is subject to a variety of risks and
uncertainties which could cause actual events or results to differ
materially from those reflected in the forward-looking information,
including the risk that the Company is not successful in its
lawsuit against its insurers and re-insurers and is required to pay
costs of the litigation; changes in plans and parameters related to
San Albino and the Company's exploration prospectus in Nicaragua; the increase in working capital on
the reversal of certain liabilities, and the impact this has on the
Company's balance sheet, is not as substantial as expected; and
other risks and uncertainties as disclosed in the Company's public
disclosure filings on SEDAR at www.sedar.com. Such information
contained herein represents management's best judgment as of the
date hereof, based on information currently available and is
included for the purposes of providing investors with information
regarding the Company's current expectations in connection with
such matters, and may not be appropriate for other
purposes. Mako does not undertake to update any forward-looking
information, except in accordance with applicable securities
laws.
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.
SOURCE Mako Mining Corp.
