TSX-V: MSR
TORONTO, May 8, 2020 /CNW/ - Minsud
Resources Corp. (TSX-V: MSR) ("Minsud" or the "Company")
is pleased to announce that it has completed a restructuring and
second addendum to the Minas de Pinto Option Agreement.
On May 6, 2014, Minsud announced
that its Argentine subsidiary, Minera Sud
Argentina S.A. ("MSA"), acquired a 50% beneficial interest
in a trust that owns the Minas de Pinto properties (the "MDP
Trust") comprising part of Minsud's Chita
Valley project, with the remaining 50% subject to an option
agreement granted in favor of MSA for a total consideration of
US$ 1,335,000.
As a result of the renegotiation with Minas de Pinto owners, now
the parties have entered into a Transfer Agreement, where the Minas
de Pinto owners have transferred to MSA an additional 15%
beneficial interest in the MDP Trust for total consideration of
US$ 400,000, payable in 8 biannual
instalments of US$ 50,000 each,
starting on May 7, 2020 until
November 7, 2023.
Additionally, the parties entered into a second addendum to the
Minas de Pinto Option Agreement to purchase the remaining 35%
interest in the MDP Trust by paying US$
935,000 on or before April 7,
2024. Such Option includes tenure of the mining properties
and the exclusive right to explore and prospect on the Minas de
Pinto properties.
About the Minas de Pinto Property:
The Minas de Pinto properties group is made up of the following
mining concessions: Arqueros, San Marcos, Estrellita, Paulita,
Paulita II, Pierina II, Pierina III, San Pablo, San Urbano and
Rosita II, covering a surface of 2,445 hectares in the eastern part
of the Chita Valley Project, adjacent to the Chita property.
About Minsud Resources Corp.:
Minsud is a mineral exploration company focused on exploring its
flagship Chita Valley Cu-Mo- Au-Ag Project, in the Province of San
Juan, Argentina. The Company also holds a 100% owned portfolio of
selected early stage prospects, including 6,000 ha in Santa Cruz Province, Argentina.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING
INFORMATION:
This news release includes certain information that may
constitute forward-looking information under applicable Canadian
securities laws. Forward-looking information includes, but is not
limited to, statements about strategic plans, spending commitments,
future operations, results of exploration, anticipated financial
results, future work programs, capital expenditures and objectives.
Forward-looking information is necessarily based upon a number of
estimates and assumptions that, while considered reasonable, are
subject to known and unknown risks, uncertainties, and other
factors which may cause the actual results and future events to
differ materially from those expressed or implied by such
forward-looking information including, but not limited to:
fluctuations in the currency markets (such as the Canadian dollar,
Argentina peso, and the U.S. dollar); changes in national and local
government, legislation, taxation, controls, regulations and
political or economic developments in Canada and Argentina or other countries in
which the Corporation may carry on business in the future;
operating or technical difficulties in connection with exploration
and development activities; risks and hazards associated with the
business of mineral exploration and development (including
environmental hazards or industrial accidents); risks relating to
the credit worthiness or financial condition of suppliers and other
parties with whom the Company does business; presence of laws and
regulations that may impose restrictions on mining, including those
currently enacted in Argentina;
employee relations; relationships with and claims by local
communities; availability and increasing costs associated with
operational inputs and labour; the speculative nature of mineral
exploration and development, including the risks of obtaining
necessary licenses, permits and approvals from government
authorities; business opportunities that may be presented to, or
pursued by, the Company; challenges to, or difficulty in
maintaining, the Company's title to properties; risks relating to
the Company's ability to raise funds; and the factors identified
under "Risk Factors" in the Company's Filing Statement dated
April 27, 2011. There can be no
assurance that such information will prove to be accurate, as
actual results and future events could differ materially from those
anticipated in such information. Accordingly, readers should not
place undue reliance on forward-looking information. All
forward-looking-information contained in this news release is given
as of the date hereof and is based upon the opinions and estimates
of management and information available to management as at the
date hereof. The Company 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 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.
SOURCE Minsud Resources Corp.